(1) Except as provided in Subsection (5), a public officer or public employee who is an officer, director, agent, employee, or owner of a substantial interest in any business entity that is subject to the regulation of the agency by which the public officer or public employee is employed shall disclose any position held in the entity and the precise nature and value of the public officer's or public employee's interest in the entity:

1. (a) upon first becoming a public officer or public employee;
2. (b) whenever the public officer's or public employee's position in the business entity changes significantly; and
3. (c) if the value of the public officer's or public employee's interest in the entity increases significantly.

(2) The disclosure required under Subsection (1) shall be made in a sworn statement filed with:

1. (a) for a public officer or a public employee of the state, the attorney general;
2. (b) for a public officer or a public employee of a political subdivision, the chief governing body of the political subdivision;
3. (c) the head of the agency with which the public officer or public employee is affiliated; and
4. (d) for a public employee, the public employee's immediate supervisor.

(3)

1. (a) This section does not apply to instances where the total value of the substantial interest does not exceed $2,000.
2. (b) A life insurance policy or an annuity is not required to be considered in determining the value of a substantial interest under this section.