(a) Disclosure of Benefit Received from Contract. An employee who has or obtains a benefit from a state contract with a business in which the employee has a financial interest shall report the benefit to the Secretary of the Department of Shared Administrative Services. However, this section does not apply to a contract with a business when the employee's interest in the business has been placed in a disclosed blind trust.
(b) Failure to Disclose Benefit Received. An employee who knows or should have known of a benefit described in subsection (a) of this section and fails to report the benefit to the secretary is in breach of the ethical standards of this section.