Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that amends state campaign finance laws to include provisions on candidate transition funds and political advertising.

Highlights:

• Authorizes the use of transition funds so that elected officeholders may receive donations and pay for costs associated with transitions into office and inaugural events, and specifies the following with respect to such funds (Sec. 1):
• Officeholders elected during a General Election may establish a fund no later than the last day of December of that year; and
• Officeholders chosen by special election or appointed may establish such a fund within 45 days of their appointment.

• Specifies that transition funds shall be filed with the Secretary of State and terminated no later then 120 days after the fund is established (Sec. 1).

• Prohibits a campaign committee or individual from making donations of more than $10,000 to the transition fund of the joint offices of Governor and Lieutenant Governor (Sec. 1).

• Specifies an officeholder may only accept a donation if he or she has established a transition fund and the donation is deposited in that fund (Sec. 1).

• Prohibits officeholders other then the joint offices of the Governor and Lieutenant Governor from accepting donations of more than $2,500 from any campaign committee or individual (Sec. 1).

• Requires the treasurer of a transition fund to provide to the Secretary of State a fully itemized list of all donations received and disbursements made from such fund (Sec. 1).

• Prohibits the treasurer of a transition fund from using funds to contribute to a campaign committee, political action committee, campaign fund or political party, and from using funds to influence the results of an election (Sec. 1).

• Specifies that funds remaining in a transition fund before it is closed can either be given back pro rata to the persons who made donations or to a corporation classified under section 501(c) of the Internal Revenue Code as either a charity or other type of not-for-profit organization (Sec. 1).

• Prohibits the use of a candidate's name, image, likeness or voice in any advertising during the calendar year in which the candidate is seeking office (Sec. 1).

• Prohibits candidates from knowingly appearing in, or knowingly use a candidate's name, official position, likeness, image, or voice in any advertising with an aggregate cost exceeding $10,000 that is funded directly or indirectly by state or federal money (Sec. 1).

• Specifies that any person or campaign committee that violates transition fund donation rules established under this act will be fined 3 times the amount of the violating donation (Sec. 1).

Full Bill Text