5 CFR 2634.305 - Liabilities.

§ 2634.305 Liabilities.

(a)In general. Each financial disclosure report filed pursuant to this subpart 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. The report also shall designate the category of value of the liabilities in accordance with § 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, 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.

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.

[ 57 FR 11808, Apr. 7, 1992, as amended at 71 FR 28233, May 16, 2006]

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code
U.S. Code: Title 5 - APPENDIX
Statutes at Large
Presidential Documents

Executive Order ... 12674

Executive Order ... 12731

Title 5 published on 07-Jun-2017 03:44

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 5 CFR Part 2634 after this date.

  • 2017-05-18; vol. 82 # 95 - Thursday, May 18, 2017
    1. 82 FR 22735 - Technical Updating Amendments to Executive Branch Financial Disclosure and Standards of Ethical Conduct Regulations
      GPO FDSys XML | Text
      Final rule; technical amendments.
      Effective date: This final rule is effective May 18, 2017. Applicability date: The amendments to 5 CFR 2634.304 and 2634.907 are applicable as of January 1, 2017.
      5 CFR Parts 2634 and 2635