Bill Text: VA SB166 | 2020 | Regular Session | Prefiled
Bill Title: Campaign finance; disbursement of surplus funds, prohibited conversion to personal use.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2020-02-04 - Continued to 2021 in Privileges and Elections (8-Y 4-N) [SB166 Detail]
Download: Virginia-2020-SB166-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That §§24.2-948.4, 24.2-949.9, 24.2-950.9, 24.2-951.9, and 24.2-952.7 of the Code of Virginia are amended and reenacted and that the Code of Virginia is amended by adding in Article 3 of Chapter 9.3 of Title 24.2 a section numbered 24.2-948.5, by adding in Article 4 of Chapter 9.3 of Title 24.2 a section numbered 24.2-949.9:01, by adding in Article 5 of Chapter 9.3 of Title 24.2 a section numbered 24.2-950.10, by adding in Article 6 of Chapter 9.3 of Title 24.2 a section numbered 24.2-951.10, and by adding in Article 7 of Chapter 9.3 of Title 24.2 a section numbered 24.2-952.8 as follows:
§24.2-948.4. Final report requirement.
A. A final report shall be filed by every campaign committee
which sets forth (i) all receipts and disbursements not previously reported,
(ii) an accounting of the retirement of all debts, and (iii) the disposition of
all surplus funds as provided in subsection D §24.2-948.5. The final report
shall include a termination statement, signed by the candidate, that all
reporting for the campaign committee is complete and final. Once a campaign
committee's final report has been filed, no further report relating to that
election shall be required.
B. A final report shall be required when (i) a candidate no longer seeks election to the same office in a successive election, (ii) a candidate seeks election to a different office, or (iii) the candidate is deceased.
C. If the candidate is deceased, the final report shall be filed
and signed by the treasurer. If the candidate was serving as his own treasurer,
his executor shall file and sign the final report. Any excess contributed funds
shall be disposed of pursuant to the provisions of
subsection D §24.2-948.5.
D. Amounts received by a
candidate or his campaign committee as contributions that are in excess of the
amount necessary to defray his campaign expenditures may be disposed of only by
one or any combination of the following: (i) transferring the excess for use in
a succeeding election or to retire the deficit in a preceding election; (ii)
returning the excess to a contributor in an amount not to exceed the
contributor's original contribution; (iii) donating the excess to any
organization described in §170(c) of the Internal Revenue Code; (iv)
contributing the excess to one or more candidates or to any political committee
that has filed a statement of organization pursuant to this chapter; (v)
contributing the excess to any political party committee; and (vi) defraying any
ordinary, nonreimbursed expense related to his elective office. It shall be
unlawful for any person to convert any contributed moneys, securities, or like
intangible personal property to his personal use or to the use of a member of
the candidate's "immediate family" as that term is defined in §
30-101.
§24.2-948.5. Disbursement of surplus funds; prohibited conversion to personal use.
A. Amounts received by a candidate or his campaign committee as contributions that are in excess of the amount necessary to defray his campaign expenditures may be disposed of only by one or any combination of the following: (i) transferring the excess for use in a succeeding election or to retire the deficit in a preceding election; (ii) returning the excess to a contributor in an amount not to exceed the contributor's original contribution; (iii) donating the excess to any organization described in §170(c) of the Internal Revenue Code; (iv) contributing the excess to one or more candidates or to any political committee that has filed a statement of organization pursuant to this chapter; (v) contributing the excess to any political party committee; and (vi) defraying any ordinary, nonreimbursed expense related to his elective office.
B. It is unlawful for any person to convert any contributed moneys, securities, or like intangible personal property to his personal use or to the use of a member of the candidate's "immediate family" as that term is defined in § 30-101.
§24.2-949.9. Final report requirement.
A. Any
political action committee that, after having filed a statement of
organization, disbands or determines it will no longer receive contributions or
make expenditures during the calendar year in an aggregate amount exceeding
$200 shall so notify the State Board. A final report shall be filed by the
committee that sets forth (i) all receipts and disbursements not previously
reported, (ii) an accounting of the retirement of all debts, and (iii) the
disposition of the committee's surplus funds as
provided in §24.2-949.9:01. This final report shall
include a termination statement, signed by the treasurer or other principal
officer listed on the statement of organization, that all reporting for the
committee is complete and final.
B. Amounts received by a
political action committee as contributions may be disposed of only by one or
any combination of the following: (i) transferring the excess to an affiliated
organization of the committee; (ii) returning the excess to a contributor in an
amount not to exceed the contributor's original contribution; (iii) donating
the excess to any organization described in §170(c) of the Internal Revenue
Code; (iv) contributing the excess to one or more candidates or to any
political committee that has filed a statement of organization pursuant to this
chapter; (v) contributing the excess to any political party committee; and (vi)
defraying any ordinary, nonreimbursed expense related to the political action
committee. It shall be unlawful for any person to convert any contributed
moneys, securities, or like intangible personal property to his personal use or
to the use of a member of the "immediate family," as that term is
defined in §30-101, of the committee's treasurer or chief executive.
§24.2-949.9:01. Disbursement of surplus funds; prohibited conversion to personal use.
A. Amounts received by a political action committee as contributions that are in excess of the amount necessary to defray the committee's expenditures may be disposed of only by one or any combination of the following: (i) transferring the excess to an affiliated organization of the committee; (ii) returning the excess to a contributor in an amount not to exceed the contributor's original contribution; (iii) donating the excess to any organization described in §170(c) of the Internal Revenue Code; (iv) contributing the excess to one or more candidates or to any political committee that has filed a statement of organization pursuant to this chapter; (v) contributing the excess to any political party committee; and (vi) defraying any ordinary, nonreimbursed expense related to the political action committee.
B. It is unlawful for any person to convert any contributed moneys, securities, or like intangible personal property to his personal use or to the use of a member of the "immediate family," as that term is defined in §30-101, of the committee's treasurer or chief executive.
§24.2-950.9. Final report requirement.
A. Any
political party committee that, after having filed a statement of organization,
disbands or determines it will no longer receive contributions or make
expenditures during the calendar year in an aggregate amount exceeding $200
shall so notify the State Board. A final report shall be filed by the committee
that sets forth (i) all receipts and disbursements not previously reported,
(ii) an accounting of the retirement of all debts, and (iii) the disposition of
the committee's surplus funds as provided in §
24.2-950.10. This final report shall
include a termination statement, signed by the treasurer or other principal
officer listed on the statement of organization, that all reporting for the
committee is complete and final.
B. Amounts received by a
political party committee as contributions may be disposed of only by one or
any combination of the following: (i) transferring the excess to an affiliated
organization of the committee; (ii) returning the excess to a contributor in an
amount not to exceed the contributor's original contribution; (iii) donating
the excess to any organization described in §170(c) of the Internal Revenue
Code; (iv) contributing the excess to one or more candidates or to any
political committee that has filed a statement of organization pursuant to this
chapter; (v) contributing the excess to any political party committee; and (vi)
defraying any ordinary, nonreimbursed expense related to the political party
committee. It shall be unlawful for any person to convert any contributed
moneys, securities, or like intangible personal property to his personal use or
to the use of a member of the "immediate family," as that term is
defined in §30-101, of the committee's treasurer or chief executive.
§24.2-950.10. Disbursement of surplus funds; prohibited conversion to personal use.
A. Amounts received by a political party committee as contributions that are in excess of the amount necessary to defray the committee's expenditures may be disposed of only by one or any combination of the following: (i) transferring the excess to an affiliated organization of the committee; (ii) returning the excess to a contributor in an amount not to exceed the contributor's original contribution; (iii) donating the excess to any organization described in § 170(c) of the Internal Revenue Code; (iv) contributing the excess to one or more candidates or to any political committee that has filed a statement of organization pursuant to this chapter; (v) contributing the excess to any political party committee; and (vi) defraying any ordinary, nonreimbursed expense related to the political party committee.
B. It is unlawful for any person to convert any contributed moneys, securities, or like intangible personal property to his personal use or to the use of a member of the "immediate family," as that term is defined in §30-101, of the committee's treasurer or chief executive.
§24.2-951.9. Final report requirement.
A. Any
referendum committee that disbands after having filed a statement of
organization shall so notify the State Board. A final report shall be filed by
the committee that sets forth (i) all receipts and disbursements not previously
reported, (ii) an accounting of the retirement of all debts, and (iii) the
disposition of the committee's surplus funds as
provided in §24.2-951.10.
This final report shall include a termination statement, signed by the
treasurer or other principal officer listed on the statement of organization,
that all reporting for the committee is complete and final.
B. Amounts received by a referendum
committee as contributions may be disposed of only by one or any combination of
the following: (i) transferring the excess to an affiliated organization of the
committee; (ii) returning the excess to a contributor in an amount not to
exceed the contributor's original contribution; (iii) donating the excess to
any organization described in §170(c) of the Internal Revenue Code; (iv)
contributing the excess to one or more candidates or to any political committee
that has filed a statement of organization pursuant to this chapter; (v)
contributing the excess to any political committee; and (vi) defraying any
ordinary, nonreimbursed expense related to the referendum committee. It shall
be unlawful for any person to convert any contributed moneys, securities, or
like intangible personal property to his personal use or to the use of a member
of the "immediate family," as that term is defined in §30-101, of
the committee's treasurer or chief executive.
§24.2-951.10. Disbursement of surplus funds; prohibited conversion to personal use.
A. Amounts received by a referendum committee as contributions that are in excess of the amount necessary to defray the committee's expenditures may be disposed of only by one or any combination of the following: (i) transferring the excess to an affiliated organization of the committee; (ii) returning the excess to a contributor in an amount not to exceed the contributor's original contribution; (iii) donating the excess to any organization described in §170(c) of the Internal Revenue Code; (iv) contributing the excess to one or more candidates or to any political committee that has filed a statement of organization pursuant to this chapter; (v) contributing the excess to any political committee; and (vi) defraying any ordinary, nonreimbursed expense related to the referendum committee.
B. It is unlawful for any person to convert any contributed moneys, securities, or like intangible personal property to his personal use or to the use of a member of the "immediate family," as that term is defined in §30-101, of the committee's treasurer or chief executive.
§24.2-952.7. Final report requirement.
A. Any
inaugural committee that, after having filed a statement of organization,
disbands shall so notify the State Board. A final report shall be filed by the
committee that sets forth (i) all receipts and disbursements not previously
reported, (ii) an accounting of the retirement of all debts, and (iii) the disposition
of the committee's surplus funds as provided in §
24.2-952.8. This final report shall include a termination
statement, signed by the treasurer or other principal officer listed on the
statement of organization, that all reporting for the committee is complete and
final.
B. It shall be unlawful
for any person to disburse any funds or receipts of an inaugural committee
which are in excess of the amount necessary to defray expenditures for
inaugural activities other than by one or any combination of the following: (i)
returning the excess to a contributor in an amount not to exceed the
contributor's original contribution or (ii) making one or more charitable
contributions as defined in §170(c) of the Internal Revenue Code. It shall be
unlawful for any person to convert any contributed moneys, securities, or like
intangible personal property to his personal use or to the use of a member of
the "immediate family," as that term is defined in §30-101, of the
committee's treasurer or chief executive.
§24.2-952.8. Disbursement of surplus funds; prohibited conversion to personal use.
A. It is unlawful for any person to disburse any funds or receipts of an inaugural committee which are in excess of the amount necessary to defray expenditures for inaugural activities other than by one or any combination of the following: (i) returning the excess to a contributor in an amount not to exceed the contributor's original contribution or (ii) making one or more charitable contributions as defined in §170(c) of the Internal Revenue Code.
B. It is unlawful for any person to convert any contributed moneys, securities, or like intangible personal property to his personal use or to the use of a member of the "immediate family," as that term is defined in §30-101, of the committee's treasurer or chief executive.
