(a) The board shall adopt conflict-of-interest rules to govern members of the board and commission employees.
(b) A board member or commission employee shall recuse himself or herself, as provided by Section 482.402, if the board member or employee, or a person who is related to the board member or employee within the second degree of affinity or consanguinity, has a professional or financial interest in an entity receiving or applying to receive money from the commission.
(c) A person has a financial interest in an entity receiving or applying to receive money from the commission if the person:
(1) owns or controls, directly or indirectly, an ownership interest, including sharing in profits, proceeds, or capital gains, in an entity, or in a foundation or similar organization affiliated with an entity, receiving or applying to receive money from the commission; or
(2) could reasonably foresee that an action or recommendation by the board or commission could result in a financial benefit to the person.
(d) Nothing in this subchapter limits the authority of the board to adopt additional conflict-of-interest standards.