-Defines an "independent expenditure committee" as one or more person(s) who makes an independent expenditure in support of or against a candidate that is over $1000, or one or more persons who collects $1000 or more from others for the purpose of making an independent expenditure of this kind (Sec. 2).
-Prohibits non-domestic and domestic corporations from making any donations, and that a "limited liability company" does not qualify as a foreign or domestic corporation (Sec. 3).
-Prohibits foreign corporations from making donations in state elections, which include, but are not limited to, the following provisions (Sec. 4):
-Authorizes that a person who makes a donation over $1000 must register within
two days to the appropriate officer;
-Requires that the registrations form includes the contributors full name, a person
listed acting as an agent, address and telephone number, as well as the ownership interests of the person who is registering;
-Requires that if a person makes more than one $1000 donation per year then on the registration form must include a person's full name, and if he or she is in charge of a corporation, and the corporation's full name, the additional names of businesses the person interacts with, the name and street address of the agent;
-Requires that if the donation over $1000 be made 30 days or less before the primary election the required notice must be delivered within 48 hours of the expenditure;
-Authorizes that any person who donates more that $1000 per year must register with the secretary of state;
-Requires that once a year the secretary of state forward the donator's registration forms to the department of revenue with the possibility of audit for tax purposes.
-Authorizes that any document that is to be filed with the secretary of state's office may be filed electronically or manually in a document format (Sec. 5).
-Requires that any person who does not file with the secretary of state must pay a fine of $50 per day, and a person who fails to file 3 consecutive times can be fined up to $500, as well as authorizing the following provisions (Sec. 6):
-An administrative law judge can request to know the amount of
undisclosed donations; and
-If a person is fined up to $1000 per day for intentional failure to file then that person must notify any shareholders on a public website and the information must stay up for 108 days.
-Authorizes that media outlets are immune from liability if an independent expenditure committee fails to register and the media outlet voids the advertising contract (Sec. 7).
-Requires that no entity of the state make a contribution to a political campaign (Sec. 8).
-Appropriates $100,662 to the Department of State for the act to be enforced, and $4,500 for administrative court services (Sec. 9).
-Requires that the law applies either after passed or after the election date (Sec 10).