This 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.

The legislation aims to streamline the process of closing campaign accounts and ensure compliance with campaign finance regulations. It reinforces accountability by requiring timely action on the part of campaign treasurers to manage residual funds appropriately. The act will take effect upon its publication in the statute book.