Bill > SB723

This bill requires the Governor of Maryland to place certain financial interests into a certified blind trust or divest of those interests within 6 months of taking the oath of office. A blind trust is a financial account managed by an independent trustee without the knowledge of the account holder to prevent potential conflicts of interest. The bill defines a "restricted individual" as including the Governor's spouse, parents, siblings, children, in-laws, grandparents, grandchildren, and other residents of the Governor's primary residence. The Governor must appoint a financial institution with at least two years of trust management experience as the trustee and is prohibited from receiving communications about the trust's management, with the exception of tax-related communications. For any interests not placed in the blind trust, the Governor must enter into a nonparticipation agreement with the State Ethics Commission, which will prevent the Governor from involvement in matters related to those interests. The bill also requires businesses in which the Governor or a restricted individual has a significant ownership interest to report those interests when seeking state grants or contracts. The Ethics Commission is granted the authority to grant exemptions to the blind trust requirement and must establish regulations for implementing these provisions. Violations of these requirements could result in misdemeanor charges with potential fines up to $10,000 or imprisonment for up to one year. The bill is set to take effect on October 1, 2025.

Education

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0723?ys=2025RS