The bill aims to enhance transparency and accountability in campaign finance by imposing stricter reporting requirements on independent expenditure committees and extending the statute of limitations for campaign finance violations. Independent expenditure committees will now be required to report contributions exceeding $7,500 received within 72 hours if they occur between the 15th day prior to an election and election day, with a more immediate 24-hour reporting requirement for contributions received in the week leading up to the election. Additionally, these committees must file cumulative quarterly reports detailing all contributions and expenditures exceeding $7,500 until their campaign accounts are closed, and they are required to maintain records for a minimum of four years.

Key changes in the bill include extending the statute of limitations for enforcement actions by the Election Law Enforcement Commission (ELEC) from two years to four years following the election related to the alleged violation. The bill also exempts reports concerning campaign contributions and expenditures filed with ELEC from certain redaction and nondisclosure requirements, thereby increasing public access to this information. This means that personal information in these reports will be disclosed despite the redaction rights of individuals involved. The treasurer of each independent expenditure committee is tasked with certifying the accuracy of these reports, further ensuring compliance and transparency in campaign financing practices in New Jersey.

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