US Creditor and Debtor Requirements Resources in United States
US Creditor and Debtor Requirements Resources
The Center for Ethics in Government – UPDATED April, 2007–reflects statutes in effect as of 12/31/06
This table is intended to provide general information and does not necessarily address all aspects of this topic. Because the facts of each situation may vary, this information may need to be supplemented by consulting legal advisors. It reflects in summary form statutes in effect as of 12/31/06 or statutes set to take effect shortly thereafter.
| State/Reference | Creditor and Debtor Information Required to be Disclosed: |
| Ala. 36.25.14 |
Indebtedness to banks, S&L associations, insurance companies, mortgage firms, stockbrokers, bond firms and combined organizations (the commission may add to this list) in these categorical amounts: >$25,000 $25,001-$50,000 $50,001-100,000 $100,001-$150,000 $150,000-$200,000 $200,001-$250,000 >$250,000 |
| Alaska 39.50.030 24.60.200 |
Names, addresses of sources of loans or loan guarantees >$5,000; identities of any creditors owed >$5,000. For each loan or loan guarantee >$1,000 from a source with an interest in legislative matters, the name and address of the person making the loan or guarantee, report the amounts, terms, amount owed and whether a written agreement exists. |
| Ariz. 38-542 |
Names, addresses of creditors owed >$1,000; debtors who owe >$1,000. For controlled or dependent businesses, identify all debts owed by business >$10,000 or 30% of total business debt and all debts owed to business >$5,000 or 30 % of total indebtedness. |
| Ark. 21-8-701 |
Names, addresses of debtors who owe or creditors who are owed >$5,000. |
| Calif. Government Code Title 9 Chapter 7 Article 2 87200-87210 |
Creditors and amount categories for loans; include annual interest rate; security given; term |
| Colo. 24-6-202 24-6-203 |
Names of creditors owed >$1,000; interest rate. Source of any loan of any item of real or personal property, other than money, if value is >$50. |
| Conn. Title 1 Chapter 10 Section 1-83 |
Names, addresses of creditors owed >$10,000. This information is not public unless a significant complaint is filed. |
| Del. Title 29 Part V Chapter 58 Subchapter II Section 5813 |
Creditors owed >$1,000 for 90 days at any point in the year. |
| Fla. Title X Chapter 112.3144 112.3148 112.3149 |
Every liability worth > filer’s net worth or >$10,000 |
| Ga. | None |
| Hawaii84-17 | Names of creditors owed $3,000+ during any point in the reporting period, total loan amount and amount still owed. Amount and identity of creditor interest in an insolvent business worth $5,000+. |
| Idaho | No financial disclosure requirements |
| Ill. | None |
| Ind. | None |
| Iowa | None |
| Kan. | None |
| Ky. KRS 6.787 |
Names of creditors owed >$10,000. |
| La. | None |
| Maine Title 1 Chapter 25 Subchapter 2 Section 1016-A |
All unsecured loans of $3,000+ received during the legislative term. Supplemental statement required within 30 days of new liability. |
| Md. 15-601 15-513 |
Identity of creditor, amount owed, date incurred, terms, securities given and extent to which principal has increased or decreased over reporting period for any debt owed by filer or immediate family member to an entity doing business with the state. |
| Mass. Part IV Title I Chapter 268B Section 5 |
Names, address of creditors owed >$1,000 at any time in reporting period; original amount, amount still owed; terms; general nature of security. Name, address of creditors who forgave debt >$1,000; amount forgiven, unless the source is a relative. |
| Mich. | No financial disclosure requirements |
| Minn. | None |
| Miss. | None |
| Mo. | None |
| Mont. | None |
| Neb. 49-1493- 49-1497 |
Name, address of creditors owed $1,000+ by filer or member of immediate family. |
| Nev. 281.571- 281.581 |
Names of creditors owed $5,000+, exempting debts secured by mortgage or real property deed of trust not required to be listed under property provision and debt for which the seller retained security interest in a personal vehicle. |
| N.H. | New Hampshire has unique financial disclosure requirements. |
| N.J. Legislative Code of Ethics 2.14 (Rules) |
Amounts of liabilities and interests of filer, spouse and minor children unless they are (a) less than $15,000 and owed to a relative; (b) less than $3,000 and owed to any other person; (c) loans secured by a personal motor vehicle, or household furniture or appliances; and (d) revolving charge accounts. Amounts of all personal liabilities otherwise subject to disclosure that have been forgiven by the creditor within 12 months prior to the statement date, and name of the creditor. Name, address of all business organizations in which the member or the member’s spouse held an “interest” as defined in section 13 of P.L.1971, c.182 (C.52:13D-13); |
| N.M. | None |
| N.Y. Consolidated Laws Chapter 47 Article 4 Section 73a |
All notes and accounts receivable >$1,000 held at the end of the tax year, other than for goods or services sold; name of debtor; amount owed; type of obligation; date due; collateral. Names of creditors for all liabilities >$5,000; amount owed; collateral. |
| N.C. 138A-24 | A list of all liabilities, excluding indebtedness on the filing person’s personal residence, by type of creditor and debtor. |
| N.D. | None |
| Ohio 102.01 |
Names of creditors in the state owed >$1,000. Names of debtors who owe >$1,000. Clients of attorneys and patients of doctors exempt. |
| Okla. | None |
| Ore. 244.050 |
Names of persons who have or could have legislative interests to whom a debt >$1,000 is owed; interest rate, date of loan. |
| Pa. PCS Title 65 Chapter 11 |
Names, addresses of creditors owed >$6,500; interest rate. |
| R.I. 36-14-1 |
Creditors to whom >$1,000 owed. |
| S.C. Article 11 Section 8-13-1110 |
Names, addresses of creditors owed >$500 if the creditor is subject to regulation by the filer or has legislative interests; interest rate; original and outstanding amounts of debt; dates of any discharges of reportable debt. No amount categories are specified. |
| S.D. | None |
| Tenn. 8-50-501 |
Any adjudication of bankruptcy or discharge in the past 5 years. Any loan or combination of loans >$1,000 from same source unless it (1) is secured by a recorded security interest in collateral, bears the usual rate, and is subject to an amortization schedule or due date; or (2) it is from a partnership in which 10% interest or from a business in which >50% is owned. |
| Texas Chapter 572 |
Names of creditors, amount category of loans or leases that were >$1,000 at any point during reporting period. |
| Utah | Utah has unique financial disclosure requirements. |
| Vt. | No financial disclosure requirements |
| Va. 30-111 |
Type (choose category from many provided on form) of contingent debts >$10,000, amount categoryfor filer and separately for members of filer’s immediate family. |
| Wash. RCW 42.17.241 |
Name, address of creditors owed $500+; original amount of debt; amount still owed; terms; security. |
| W.Va. 6B-2-6 |
Names of creditors owed or who owes filer >$5,000 as of statement date. |
| Wisc. Subchapter III 19.41 |
Creditors to whom $5,000+ is owed; amount |
| Wyo. | None |
- Statutes referenced are the beginning of sections discussing financial disclosure.
- This research list states’ disclosure requirements. It does not comprehensively list bans states may have on practices other states require to be disclosed. For example, one state may ban honoraria, while another requires legislators to report any they receive. So states with broad reporting requirements shouldn’t always be considered to have stricter laws.
- Read numbers written “$5,000+” as “at least $5,000,” or “$5,000 or more.”
- Generally, states do not require filers to list debt from (1) home mortgages; (2) student loans; (3) retail transactions; (4) any other transactions occurring in the normal course of business.
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