(a) No elevator inspector shall inspect an elevator, escalator, or dumbwaiter if the inspector or any member of his or her immediate family has a financial interest in the building in which the elevator, escalator, or dumbwaiter is located or in any business which occupies the building in which the elevator, escalator, or dumbwaiter is located.

(b) No elevator inspector or any member of his or her immediate family shall have or maintain a financial interest in any business which manufactures, installs, repairs, alters, or services elevators, escalators, or dumbwaiters.

(c) No elevator inspector shall recommend or refer one (1) of his or her clients or customers to a specific business, firm, or corporation which manufactures, installs, repairs, alters, or services elevators, escalators, or dumbwaiters.

(d) On or before the last day of January of each year, all licensed elevator inspectors shall file with the Department of Labor a financial disclosure statement on forms provided by the department and approved by the Elevator Safety Board. Such forms shall include, but not be limited to, the following:

(1) The name and address of any corporation, firm, or enterprise in which the person has a direct financial interest of a value in excess of one thousand dollars ($1,000). Policies of insurance issued to himself or herself or his or her spouse are not to be considered a financial interest;

(2) A list of every office or directorship held by himself or herself or his or her spouse, in any corporation, firm, or enterprise subject to the jurisdiction of the board;

(3) A list showing the name and address of any person, corporation, firm, or enterprise from which the person received compensation in excess of one thousand five hundred dollars ($1,500) during the preceding year; and

(4) A list showing the name and address of any person, corporation, firm, or enterprise from which the persons received compensation in excess of twelve thousand five hundred dollars ($12,500) during the preceding year.