Bill > H844

This bill addresses potential corruption in government investment advisory services by establishing strict rules around political contributions. The legislation defines key terms like "investment adviser" (including those serving private investment companies), "government entity", and "official", and creates prohibitions on making political contributions that could influence the awarding of investment advisory contracts. Specifically, the bill makes it unlawful for an investment adviser to provide services to a government entity within two years after making a contribution to an official of that entity, or for any investment adviser or its representatives to solicit contributions from potential clients. The bill allows some minor exceptions for personal contributions under $350 to officials a person can vote for, and under $150 to officials they cannot vote for. The Office of Campaign and Political Finance can grant conditional exemptions to the prohibition if certain compliance conditions are met. Violations can result in significant penalties, including fines up to $1,000, imprisonment up to 6 months, or both, for both the investment adviser and the government official involved. The overall intent is to prevent "pay-to-play" schemes where political donations are used to improperly influence government contract awards.

Government Affairs

https://malegislature.gov/Bills/194/H844