Vote Smart's Synopsis:

Vote to pass a bill that authorizes use of campaign finances for the repayments of debts and obligations of campaigns by former candidates.

Highlights:

• Expands how much money in a candidate committee that is not eligible for transfer to another candidate committee of the individual and must be disbursed upon the termination of a candidate committee to also include the following (Sec. 21):

• If the individual was formerly a candidate for another state elective office, has not again become a candidate for that other state elective office, and the individual’s candidate committee for that other state elective office has not been terminated, given to that candidate committee for the sole purpose of, and not to exceed an amount necessary for, repaying any outstanding debts and obligations of that committee;

• Given to an independent committee or a political committee; or

• Given to a ballot question committee or an independent expenditure committee.

• Authorizes the Secretary of State to assess a civil fine against a candidate committee, or any new committee formed by a candidate for the same elective office in an amount not to exceed the amount of the unexpended money received by the committee if the unexpended money of a terminating candidate committee is given to another candidate committee of that individual and that individual later becomes a candidate for the same state elective office for which the candidate committee that received the unexpended money was formed (Sec. 1).

• Requires candidate committees to only use a secondary depositories to deposit contributions and promptly transfer the deposits to the committee’s official depository, or to deposit the proceeds of a joint fundraiser and transfer each committee’s share of any receipts from the joint fundraiser (Sec. 21).

• Requires a committee to only use a secondary depositories for any of the following, including, but not limited to (Sec. 21):

• To deposit contributions and promptly transfer the deposits to the committee’s official depository;

• To deposit the proceeds of a joint fundraiser and transfer each committee’s share of any receipts from the joint fundraiser; and

• To deposit, divide, and transfer contributions that are aggregated with dues or other payments.

• Prohibits a candidate committee to make a contribution, expenditure, or any other disbursement using money received for any purpose other than repayment of debts and obligation is received from the terminating candidate committee (Sec. 21).

• Specifies that in addition to any other penalties, a person who knowingly violates this section if guilty of a misdemeanor punishable by the following (Sec. 1):

• If the person is an individual, by imprisonment for not more than 90 days or a fine of not more than $1,000, or both; and

• If the person is not an individual, by a fine of not more than $10,000.

• Authorizes a connected organization transfer any such contributions that it collects, individually or aggregated, to the separate segregated fund electronically or by written instrument (Sec. 55).

• Specifies that any transfer must be accompanied by or logically associated with a record or electronic record setting forth all information required for each individual contributor whose contribution is transferred (Sec. 55).

Full Bill Text