The bill introduces significant changes to campaign finance regulations by mandating enhanced reporting requirements for independent expenditure committees. Specifically, these committees are now required to report contributions exceeding $7,500 within 72 hours if received during the 15 days leading up to an election, and within 24 hours for contributions received in the week before the election. Additionally, they must file cumulative quarterly reports detailing all contributions and expenditures over $7,500, with the treasurer of each committee 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 from certain redaction and nondisclosure requirements, increasing public access to information about campaign financing. This change applies to all reports submitted under The New Jersey Campaign Contributions and Expenditures Reporting Act, thereby enhancing transparency and accountability in the electoral process.

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