HB127 - Campaign Debt Clarification Act

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

• Limits contributions accepted during the 120-day post-election period to the amount of qualifying campaign debt disclosed on the form, with any excess contributions required to be returned to contributors within 10 days.

• Defines "qualifying campaign debt" as debts or obligations incurred by a candidate's principal campaign committee related to the campaign or its winding down, excluding cash on hand and cancellable future commitments.

• Establishes that failure to disclose all qualifying campaign debt does not constitute a violation unless contributions exceed the disclosed debt amount and are not returned within 10 days.

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