HB538 Summary: Campaign Debt Clarification Act

• Creates the Campaign Debt Clarification Act requiring candidates, public officials, and principal campaign committees to file a qualifying campaign debt disclosure form when accepting contributions during the 120-day period after an election to pay down campaign debt.

• Limits contributions accepted during the 120-day post-election period to the amount of qualifying campaign debt actually disclosed on the required form, preventing acceptance of contributions in excess of reported debt.

• Defines "qualifying campaign debt" as any debt or obligation incurred by a candidate's principal campaign committee related to the candidate's campaign or winding down after the election, excluding cash or other assets on hand.

• Requires the disclosure form to list the amount and description of outstanding qualifying campaign debt and whether the debt was extinguished, with failure to disclose debt only constituting a violation if contributions received exceed the amount disclosed.

• Becomes effective on the first day of the third month following passage and approval by the Governor.