HB365 Summary

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

• Limits contribution acceptance to the amount of qualifying campaign debt reported on the disclosure form, requiring return of any excess contributions 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 wind-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.