This bill addresses campaign finance by establishing provisions for transition expenses for newly elected officials, specifically the secretary of state-elect, state auditor-elect, and attorney general-elect. It allows for the transfer of funds, up to $50,000 for the secretary of state and state auditor, and up to $75,000 for the attorney general, from the general contingent account to the Department of Management and Budget to cover expenses related to preparing for their official duties. The bill also defines "transition expenses" and "inaugural event expenses," outlining what these expenses may include, such as office space, equipment, and consulting services. Additionally, it prohibits candidates from soliciting or accepting contributions for these expenses outside of their principal campaign committee.

Furthermore, the bill amends the definition of "noncampaign disbursement" to include transition and inaugural event expenses, ensuring that these costs are recognized within the existing campaign finance framework. It also mandates that the Campaign Finance and Public Disclosure Board amend relevant rules to align with the new requirements regarding transition expenses. The bill emphasizes the need for accountability by requiring any unused funds to be returned to the general contingent account by March 31 of the year of inauguration.

Statutes affected:
Introduction: 10A.01
1st Engrossment: 10A.01