Two of the five members of the Los Angeles Board of Police Commissioners resigned Monday rather than disclose their financial assets under the city's new ethics law.

In a letter to Mayor Tom Bradley, Commission President Herbert F. Boeckmann and board member Reva B. Tooley called the law "an invasion of privacy" and said it "puts volunteer public service in Los Angeles beyond our reach."

Bradley expressed "deep regret" at the resignations, which he said are effective immediately.

The commission is appointed by the mayor as a panel of civilian overseers that sets policy for the 8,400-member Police Department.

Monday's resignations continue a period of turmoil for the board, which has lost four members in the past four months.

Last fall, during a public feud with Police Chief Daryl F. Gates, Bradley replaced two longtime members with political allies, who are expected to keep a tighter reign on the department.

It was not known on Monday who will be named to replace Boeckmann and Tooley.

"The intrusions into our private lives were so great that I could not continue," Boeckmann said in an interview. The disclosure requirements, he said, "go well beyond what should be necessary to ensure a person doing his job honestly and properly."

Boeckmann said he owns several automobile dealerships and has manufacturing, publishing, restaurant and real estate interests.

Elected officials and city employees have long been required by state law to file annual statements disclosing certain financial interests. But under a sweeping ethics-in-government law approved by the voters last June, far greater disclosure is required.

The first filings under the new law were required last week, and many officials and employees have complained about the extent of the information requested, including disclosures about the finances of children and business partners.

Ed Guthman, a member of the Ethics Commission, defended the requirements on Monday and said, "Disclosure of economic interest is the linchpin of any governmental ethics law. . . . It can alert officeholders and the public to possible conflicts of interest and help to avoid such conflicts."

The financial interests of public officials, he said, "ought to be an open book."

Boeckmann, a commissioner since 1984, said he decided to step down after he and his family spent several days struggling with the disclosure forms. In many instances, he said, they found it impossible to determine the dollar value of assets.