Maryland Public Ethics Law - Virtual Currency and Domestic Partners

EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXISTING LAW.
[Brackets] indicate matter deleted from existing law.
*hb0549*

HOUSE BILL 549
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By: Delegate Palakovich Carr
Introduced and read first time: January 27, 2026
Assigned to: Government, Labor, and Elections

A BILL ENTITLED

AN ACT concerning 1

Maryland Public Ethics Law – Virtual Currency and Domestic Partners 2

FOR the purpose of altering the contents of a certain financial disclosure statement to 3
include a schedule of certain interests in a virtual currency held by certain officials 4
and candidates for office; adding domestic partners and registered domestic partners 5
to provisions of law regarding spouses under the Maryland Public Ethics Law; and 6
generally relating to the Maryland Public Ethics Law. 7

BY renumbering 8
Article – General Provisions 9
Section 5–607(l) and (m) 10
to be Section 5–607(m) and (n), respectively 11
Annotated Code of Maryland 12
(2019 Replacement Volume and 2025 Supplement) 13

BY repealing and reenacting, without amendments, 14
Article – Estates and Trusts 15
Section 1–101(a), (u), and (v) 16
Annotated Code of Maryland 17
(2022 Replacement Volume and 2025 Supplement) 18

BY repealing and reenacting, without amendments, 19
Article – Financial Institutions 20
Section 12–802(a) and (b) and 12–1201(a) and (d) 21
Annotated Code of Maryland 22
(2020 Replacement Volume and 2025 Supplement) 23

BY repealing and reenacting, without amendments, 24
Article – General Provisions 25
Section 5–101(a) 26
Annotated Code of Maryland 27
2 HOUSE BILL 549

(2019 Replacement Volume and 2025 Supplement) 1

BY adding to 2
Article – General Provisions 3
Section 5–101(f–1), (f–2), (gg–2), (gg–3), and (nn) and 5–607(l) 4
Annotated Code of Maryland 5
(2019 Replacement Volume and 2025 Supplement) 6

BY repealing and reenacting, with amendments, 7
Article – General Provisions 8
Section 5–101(n), (s), (z), and (gg), 5–501.1(a), 5–514(b)(1), 5–601(a), 5–607(a) and 9
(i), 5–608, and 5–707(c) 10
Annotated Code of Maryland 11
(2019 Replacement Volume and 2025 Supplement) 12

BY repealing and reenacting, without amendments, 13
Article – Health – General 14
Section 6–101(a) 15
Annotated Code of Maryland 16
(2023 Replacement Volume and 2025 Supplement) 17

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 18
That Section(s) 5–607(l) and (m) of Article – General Provisions of the Annotated Code of 19
Maryland be renumbered to be Section(s) 5–607(m) and (n), respectively. 20

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland read 21
as follows: 22

Article – Estates and Trusts 23

1–101. 24

(a) In this article the following words have the meanings indicated. 25

(u) “Registered domestic partner” means an individual in a registered domestic 26
partnership. 27

(v) “Registered domestic partnership” means a domestic partnership that is 28
registered in accordance with § 2–214 of this article. 29

Article – Financial Institutions 30

12–802. 31

(a) In this subtitle the following words have the meanings indicated. 32

(b) “Currency” means currency and coin of the United States or any other country. 33
HOUSE BILL 549 3

12–1201. 1

(a) In this subtitle the following words have the meanings indicated. 2

(d) (1) “Virtual currency” means a digital representation of value that: 3

(i) Is used as a medium of exchange, unit of account, or store of 4
value; and 5

(ii) Is not currency, as defined in § 12–802 of this title. 6

(2) “Virtual currency” does not include: 7

(i) A digital representation of value that can be redeemed for: 8

1. Goods, services, discounts, or purchases solely as part of a 9
customer affinity or rewards program with the issuing merchant or other designated 10
merchants, or both; or 11

2. Digital units in another customer affinity or rewards 12
program that may not directly or indirectly be converted into, redeemed, or exchanged for 13
money, monetary value, bank credit, or virtual currency; or 14

(ii) A digital re presentation of value issued by or on behalf of a 15
publisher that: 16

1. Is used solely within an online game, game platform, or 17
family of games sold by the same publisher or offered on the same game platform; 18

2. Has no market or application outside of the online game, 19
game platform, or family of games; 20

3. May not directly or indirectly be converted into, redeemed, 21
or exchanged for money, monetary value, bank credit, or virtual currency; and 22

4. May or may not be redeemable for real –world goo ds, 23
services, discounts, or purchases. 24

Article – General Provisions 25

5–101. 26

(a) In this title the following words have the meanings indicated unless: 27

(1) the context clearly requires a different meaning; or 28

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(2) a different definition is adopted for a particular provision. 1

(F–1) “DOMESTIC PARTNER ” MEANS AN INDIVIDUAL IN A D OMESTIC 2
PARTNERSHIP. 3

(F–2) “DOMESTIC PARTNERSHIP” HAS THE MEANING STATED IN § 6–101(A) OF 4
THE HEALTH – GENERAL ARTICLE. 5

(n) “Financial interest” means: 6

(1) ownership of an interest as the result of which the owner has received 7
within the past 3 years, is currently receiving, or in the future is entitled to receive, more 8
than $1,000 per year; or 9

(2) (i) ownership of more than 3% of a business entity by: 10

1. an official; 11

2. an employee; or 12

3. the spouse , DOMESTIC PARTNER , OR REGISTERED 13
DOMESTIC PARTNER of an official or employee; or 14

(ii) ownership of securities of any kind that represent, or are 15
convertible into, ownership of more than 3% of a business entity by: 16

1. an official; 17

2. an employee; or 18

3. the spouse , DOMESTIC PARTNER , OR REGISTERED 19
DOMESTIC PARTNER of an official or employee. 20

(s) “Immediate family” means an individual’s spouse, DOMESTIC PARTNER, OR 21
REGISTERED DOMESTIC PARTNER and dependent children. 22

(z) “Member of household” means: 23

(1) if sharing an individual’s legal residence, the individual’s: 24

(i) spouse; 25

(ii) DOMESTIC PARTNER OR REGISTERED DOMESTIC PARTNER; 26

(III) child; 27

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[(iii)] (IV) ward; 1

[(iv)] (V) financially dependent parent; or 2

[(v)] (VI) other financially dependent relative; or 3

(2) an individual’s spouse, DOMESTIC PARTNER , REGISTERED 4
DOMESTIC PARTNER, child, ward, parent, or other relative, over whose financial affairs 5
the individual has legal or actual control. 6

(gg) “Qualifying relative” means a spouse, DOMESTIC PARTNER, REGISTERED 7
DOMESTIC PARTNER, parent, child, brother, or sister. 8

(GG–2) “REGISTERED DOMESTIC P ARTNER” HAS THE MEANING STAT ED 9
IN § 1–101 OF THE ESTATES AND TRUSTS ARTICLE. 10

(GG–3) “REGISTERED DOMESTIC P ARTNERSHIP” HAS THE MEANING 11
STATED IN § 1–101 OF THE ESTATES AND TRUSTS ARTICLE. 12

(NN) “VIRTUAL CURRENCY” HAS THE MEANING STATED IN § 12–1201 OF THE 13
FINANCIAL INSTITUTIONS ARTICLE. 14

5–501.1 15

(a) In this section, “restricted individual” means: 16

(1) a spouse , DOMESTIC PARTNER , OR REGISTERED DOMEST IC 17
PARTNER of the Governor; 18

(2) a parent or stepparent of the Governor; 19

(3) a sibling or stepsibling of the Governor; 20

(4) a child, stepchild, foster child, or ward of the Governor; 21

(5) a mother–in–law or father–in–law of the Governor; 22

(6) a son–in–law or daughter–in–law of the Governor; 23

(7) a grandparent of the Governor or the Governor’s spouse; 24

(8) a grandchild of the Governor; or 25

(9) except for an employee of the Governor, any individual who resides in 26
the Governor’s primary residence. 27

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5–514. 1

(b) (1) A legislator shall report the following information in writing to the 2
Joint Ethics Committee at the times and in the manner required by the Joint E thics 3
Committee: 4

(i) subject to paragraph (2) of this subsection, if representing a 5
person for compensation before a State or local government agency, except in a judicial 6
proceeding or in a quasi –judicial proceeding, the name of the person represented , the 7
services performed, and the consideration; 8

(ii) if representing a State or local government agency for 9
compensation, the name of the agency, the services performed, and the consideration; 10

(iii) the name of any business enterprise subject to regulation by a 11
State agency in which the legislator and a member of the legislator’s immediate family 12
(spouse, DOMESTIC PARTNER , OR REGISTERED DOMEST IC PARTNER , and children 13
living with the legislator), together or separately, have: 14

1. the lesser of: 15

A. 10% or more of the capital stock of any corporation; or 16

B. capital stock of any corporation with a cumulative value of 17
$35,000 or more; and 18

2. any interest in a partnership, limited liability partnership, 19
or limited liability company; 20

(iv) except for employment as a legislator, details, including the 21
subject matter and consideration, of any financial or contractual relationship, including a 22
financial or contractual relationship involving a business entity whose interests are 23
attributable to the legislator under § 5–608 of this title, with: 24

1. the University of Maryland Medical System; 25

2. a governmental entity of the State or a local government 26
in the State; or 27

3. a quasi –governmental entity of the State or a local 28
government in the State; 29

(v) details of any transaction with a governmental entity of the State 30
or a local government in the State involving a monetary consideration; 31

(vi) except for employment as a legislator, the name of any: 32

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1. primary employer of the legislator; 1

2. primary employer of the legislator’s spouse , DOMESTIC 2
PARTNER, OR REGISTERED DOMESTIC PARTNER; and 3

3. business from which the legislator or the legislator’s 4
spouse, DOMESTIC PARTNER, OR REGISTERED DOMEST IC PARTNER receives earned 5
income as a result of an ownership interest in the business; 6

(vii) except in a judicial or quasi–judicial proceeding, the name of any 7
client of the legislator or of a business entity in which the legislator has an ownership 8
interest if the legislator: 9

1. is assisting the client in seeking a State or local 10
government contract, license, or other competitive award; and 11

2. will receive or expects to receive a direct financial benefit 12
as a result of the award of the contract, licen se, or other competitive award to the client; 13
and 14

(viii) if the legislator’s spouse , DOMESTIC PARTNER , OR 15
REGISTERED DOMESTIC PARTNER is an individual regulated lobbyist, the name of each 16
entity that has engaged the lobbyist for lobbying purposes. 17

5–601. 18

(a) Except as provided in subsections (b) and (c) of this section, and subject to 19
subsections (d) and (e) of this section, each official and candidate for office as a State official 20
shall file a FINANCIAL DISCLOSURE statement as specified in §§ 5–602 through 5–608 of 21
this subtitle. 22

5–607. 23

(a) A FINANCIAL DISCLOSURE statement that is required under § 5 –601(a) of 24
this subtitle shall contain schedules disclosing the information and interests specified in 25
this section, if known, for the individual making the statement for the applicable period. 26

(i) (1) Except as provided in paragraph (2) of this subsection, the statement 27
shall include a schedule listing the name and address of each: 28

(i) source of the compensated employment, including secondary 29
employment, of the individual or a member of the individual’s immediate family at any 30
time during the applicable period; 31

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(ii) business entity of which the individual or a member of the 1
individual’s immediate family was a sole or partial owner, and from wh ich the individual 2
or family member received earned income, at any time during the applicable period; and 3

(iii) for a statement filed on or after January 1, 2019, if the 4
individual’s spouse, DOMESTIC PARTNER, OR REGISTERED DOMESTIC PARTNER is a 5
regulated lobbyist, entity that has engaged the spouse , DOMESTIC PARTNER , OR 6
REGISTERED DOMESTIC PARTNER for lobbying purposes. 7

(2) The statement may not include a listing of a minor child’s employment 8
or business entities of which the child is sole or partial owner, unless the place of 9
employment or the business entity: 10

(i) is subject to the regulation or authority of the agency that 11
employs the individual; or 12

(ii) has contracts in excess of $10,000 with the agency that employs 13
the individual. 14

(L) (1) THE FINANCIAL DISCLOSURE STATEMENT SHALL INCLU DE A 15
SCHEDULE OF EACH INTEREST IN A VIRTUAL CURRENCY HELD BY THE INDIVIDUAL 16
VALUED IN EXCESS OF $1,000. 17

(2) FOR EACH INTEREST REP ORTED, THE SCHEDULE SHALL 18
INCLUDE: 19

(I) THE TYPE AND NAME OF THE VIRTUAL CURRENCY; 20

(II) THE NATURE AND AMOUNT OF INTEREST HELD, INCLUDING 21
ANY CONDITIONS TO AND ENCUMBRANCES ON THE INTEREST; 22

(III) IF ANY INTEREST WAS ACQUIRED DURING THE APPLICABLE 23
PERIOD: 24

1. THE DATE AND MANNER IN WHICH THE INTEREST WAS 25
ACQUIRED; 26

2. THE IDENTITY OF THE ENTITY FROM WHICH TH E 27
INTEREST WAS ACQUIRED; 28

3. IF THE INTEREST WAS ACQUIRED BY PURCHASE, THE 29
NATURE AND AMOUNT OF THE CONSIDERATION GIVEN FOR THE INTEREST; AND 30

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4. IF THE INTEREST WAS ACQUIRED BY ANY MANN ER 1
OTHER THAN BY PURCHASE, THE FAIR MARKET VALU E OF THE INTEREST WH EN IT 2
WAS ACQUIRED; AND 3

(IV) IF ANY INTEREST WAS TRANSFERRED, IN WHOLE OR IN 4
PART, DURING THE APPLICABLE PERIOD: 5

1. A DESCRIPTION OF THE INTEREST TRANSFERRED; 6

2. THE NATURE AND AMOUN T OF THE CONSIDERATION 7
RECEIVED FOR THE INTEREST; AND 8

3. IF KNOWN, THE IDENTITY OF THE ENTITY TO WHICH 9
THE INTEREST WAS TRANSFERRED. 10

5–608. 11

(a) The following are deemed to be interests of the individual under § 5 –607(b), 12
(c), (d), (j), [and] (k), AND (L) of this subtitle: 13

(1) an interest held by a spouse , DOMESTIC PARTNER , REGISTERED 14
DOMESTIC PARTNER, or child of the individual, if the interest was controlled, directly or 15
indirectly, by the individual at any time during the applicable period; 16

(2) an interest held, at any time during the applicable period, by: 17

(i) a business entity in which the individual held a 10% or greater 18
interest; 19

(ii) a business entity described in item (i) of this item in which the 20
business entity held a 25% or greater interest; 21

(iii) a business entity described in item (ii) of this item in which the 22
business entity held a 50% or greater interest; and 23

(iv) a business entity in which the individual directly or indirectly, 24
through an interest in one or a combination of other business entities, holds a 10% or 25
greater interest; and 26

(3) an interest held by a trust or an estate in which, at any time during the 27
applicable period, the individual: 28

(i) held a reversionary interest; 29

(ii) was a beneficiary; or 30

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(iii) if a revocable trust, was a settlor. 1

(b) Subsection (a)(2) of this section does not affect: 2

(1) the requirement under § 5 –607(b) of this subtitle of disclosure of real 3
estate interests held in the name of a partnership, limited liability partner ship, or limited 4
liability company in which the individual holds an interest; or 5

(2) the requirement under § 5 –607(c) of this subtitle of disclosure of all 6
partnerships, limited liability partnerships, or limited liability companies in which the 7
individual holds an interest. 8

(c) For the purposes of § 5–607 of this subtitle, interests held by a blind trust may 9
not be considered to be interests of the person making the FINANCIAL DISCLOSURE 10
statement if the blind trust is approved by the Ethics Commission in accordance with 11
regulations adopted under § 5 –501(b) or § 5 –502(c) of this title and is operated in 12
compliance with those regulations. 13

5–707. 14

(c) An individual regulated lobbyist is subject to the reporting requirements of 15
this subtitle if the individual regulated lobbyist engages in a business transaction with: 16

(1) a member of the General Assembly; 17

(2) the Governor; 18

(3) the Lieutenant Governor; 19

(4) the Attorney General; 20

(5) the Secretary of State; 21

(6) the Comptroller; 22

(7) the State Treasurer; 23

(8) the secretary of any principal State department; 24

(9) the spouse , DOMESTIC PARTNER , OR REGISTERED DOMEST IC 25
PARTNER of an individual listed in items (1) through (8) of this subsection; 26

(10) a business entity in which an individual listed in items (1) through (9) 27
of this subsection participates as a proprietor or partner; or 28

(11) a business entity in which an individual listed in items (1) through (9) 29
of this subsection has an ownership interest of at least 30%. 30
HOUSE BILL 549 11

Article – Health – General 1

6–101. 2

(a) In this title, “domestic partnership” means a relationship between two 3
individuals who: 4

(1) Are at least 18 years old; 5

(2) Are not related to each other by blood or marriage within four degrees 6
of consanguinity under civil law rule; 7

(3) Are not married or in a civil union or domestic partnership with another 8
individual; and 9

(4) Agree to be in a relationship of mutual interdependence in which each 10
individual contributes to the maintenance and support of the other indivi dual and the 11
relationship, even if both individuals are not required to contribute equally to the 12
relationship. 13

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect 14
October 1, 2026. 15