The bill introduces significant changes to campaign finance regulations by mandating enhanced reporting requirements for independent expenditure committees and extending the statute of limitations for campaign finance violations. Specifically, independent expenditure committees are now required to report contributions exceeding $7,500 within 72 hours if received between the 15th day prior to an election and election day, with a stricter 24-hour reporting requirement for contributions received in the week leading up to the election. Additionally, any independent expenditure over $200 made during this period must also be reported within the same timeframes. The bill also requires these committees to file cumulative quarterly reports detailing all contributions and expenditures over $7,500, with the treasurer responsible for certifying the accuracy of these reports and maintaining records for a minimum of four years.

Furthermore, the bill extends the statute of limitations for enforcement actions related to campaign finance violations from two years to four years following the election date in question, allowing the Election Law Enforcement Commission (ELEC) more time to address potential violations. It also exempts reports filed with ELEC concerning campaign contributions and expenditures from certain redaction and nondisclosure requirements, thereby increasing public access to this information. These changes aim to enhance transparency and accountability in campaign financing, aligning with recommendations from ELEC's 2023 annual report.

Statutes affected:
Introduced: 19:44A-8, 19:44A-6, 47:1B-3