The seven are to answer for allegedly failing to file their annual returns with the Integrity Commission of Parliament.
The two current lawmakers, in a joint statement yesterday, said they would file outstanding returns with the Integrity Commission.
Parliamentarians are required to file annual returns listing their assets under the Parliament (Integrity of Members) Act.
Section 50 of the law states that the penalty for failure to file the returns is $200,000 or two years' imprisonment. A person can also be fined and imprisoned.
Ralston Anson, Victor Cummings, Errol Ennis, Dr Neil McGill and Verna Parchment are the other former parliamentarians who did not file their annual returns.
It is being alleged that the annual returns for Peart and Davis are due from September 3, 2007, while the others are allegedly due from December 31, 2007.
In the statement, Peart and Davies argued that they have had unblemished records in filing their annual integrity reports since they entered Parliament in 1993.
Unprecedented decision
The two MPs said the Integrity Commission had made an "unprecedented decision" which required that a sitting MP, who was re-elected, file two reports, the first as at the end of the last calendar year and the second as at the date of the general election.
"In this case, the commission has required that reports be filed as at December 2006, as at September 3, 2007, and as at December 31, 2007," the statement said.
The MPS argued that they disagreed with this approach but the commission had maintained its position.
Davies and Peart noted that a parliamentary committee, which reviewed the issue, had agreed with their position. They claimed the committee had recommended that the regulations be made explicit that this additional filing by a re-elected MP would not be required in future.
"We feel vindicated by this decision and against that background, we will both be submitting our returns as at September 3, 2007," the statement declared.