13Debts

13 Debts

13 Debts

(1) A Member must disclose the name and address of each person to whom the Member is liable to pay a debt.

(2) A liability to pay a debt must be disclosed by a Member whether or not the amount to be paid, or a part of the amount to be paid, is immediately due and payable or is due and payable at another time.

(3) A liability to pay a debt is not required to be disclosed by a Member if—

(a) the amount to be paid is not greater than $500 during the parliamentary term, unless—

(i) the debt is one of 2 or more debts the Member is liable to pay to one person, and

(ii) the amounts to be paid are greater than $500 in total, or

(b) the Member is liable to pay the debt to a relative, or

(c) for a debt arising from a loan of money—the Member is liable to pay the debt to a bank, building society, credit union or other person whose ordinary business includes lending money and the loan was made in the ordinary course of business of the lender, or

(d) for a debt arising from the supply of goods or services—

(i) the period since the goods or services were supplied is not greater than 12 months, or

(ii) the goods or services were supplied in the ordinary course of an occupation of the Member that is not related to the Member’s duties as a Member.