[Code of Federal Regulations]
[Title 5, Volume 3]
[Revised as of January 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR2634.305]

[Page 507-508]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
                CHAPTER XVI--OFFICE OF GOVERNMENT ETHICS
 
PART 2634_EXECUTIVE BRANCH FINANCIAL DISCLOSURE, QUALIFIED TRUSTS, AND 
CERTIFICATES OF DIVESTITURE--Table of Contents
 
                      Subpart C_Contents of Reports
 
Sec. 2634.305  Liabilities.

    (a) In general. Each financial disclosure report filed pursuant to 
this part, whether public or confidential, shall identify and include a 
brief description of the filer's liabilities over $10,000 owed to any 
creditor at any time during the reporting period, and the name of the 
creditors to whom such liabilities are owed. For public financial 
disclosure reports, the report shall designate the category of value of 
the liabilities in accordance with Sec. 2634.301(d) of this subpart, 
using the greatest amount owed to the creditor during the period.
    (b) Exceptions. The following are not required to be reported under 
paragraph (a) of this section:
    (1) Personal liabilities owed to a spouse or to the parent, brother, 
sister,

[[Page 508]]

or child of the filer, spouse, or dependent child;
    (2) Any mortgage secured by a personal residence of the filer or his 
spouse;
    (3) Any loan secured by a personal motor vehicle, household 
furniture, or appliances, provided that the loan does not exceed the 
purchase price of the item which secures it; and
    (4) Any revolving charge account with an outstanding liability which 
does not exceed $10,000 at the close of the reporting period.

    Example: An incumbent official has the following debts outstanding 
at the end of the calendar year:
    1. Mortgage on personal residence--$80,000.
    2. Mortgage on rental property--$50,000.
    3. VISA Card--$1,000.
    4. Master Card--$11,000.
    5. Loan balance of $15,000, secured by family automobile purchased 
for $16,200.
    6. Loan balance of $10,500, secured by antique furniture purchased 
for $8,000.
    7. Loan from parents--$20,000.
    The loans indicated in items 2, 4, and 6 must be disclosed. Loan 1 
is exempt from disclosure under paragraph (b)(2) of this section because 
it is secured by the personal residence. Loan 3 need not be disclosed 
under paragraph (b)(4) of this section because it is considered to be a 
revolving charge account with an outstanding liability that does not 
exceed $10,000 at the end of the reporting period. Loan 5 need not be 
disclosed under paragraph (b)(3) of this section because it is secured 
by a personal motor vehicle which was purchased for more than the value 
of the loan. Loan 7 need not be disclosed because the creditors are 
persons specified in paragraph (b)(1) of this section.