The bill mandates the termination of campaign accounts for elected officials who either choose not to run for re-election or are defeated in subsequent elections. Specifically, if an elected official decides not to be a candidate for the next election or loses in a primary or general election, their campaign account must be closed within 90 days following the second general election in which they are not elected. The treasurer of the campaign account is responsible for disposing of any remaining funds in accordance with existing laws and must file a termination report.

This legislation aims to streamline the process of closing campaign accounts and ensure that funds are properly managed after an official's decision not to run or after a defeat. The act will take effect upon its publication in the statute book, reinforcing the importance of timely financial accountability in campaign finance.