CA AB421

Changes statewide referendum ballot language from "Yes/No" to "Keep the law/Overturn the law" with ballot titles posed as questions asking whether California should keep or overturn a specified law.

Requires referendum ballot labels to include a condensed question and summary (maximum 75 words total) of the law's chief purposes and points, with supporter and opponent names listed commencing January 1, 2025.

Mandates the Secretary of State identify elections occurring at least 31 days after a referendum petition is certified and issue qualification certificates 131 days before the election or upon petition receipt if fewer than 131 days remain.

Provides that a statute subject to referendum ceases to have effect upon the Secretary of State's notification unless the petition is invalid, proponents withdraw, or voters vote to keep the law.

Requires the state voter information guide to list the top three funders (those contributing $50,000 or more to qualify the referendum) after the Attorney General's official summary for statewide referendum measures.