HB 2738 Summary

• Prohibits foreign nationals and foreign corporations from making independent expenditures in Hawaii state elections.

• Requires every corporation making contributions or expenditures in state elections to file a statement of certification within seven business days, signed by the chief executive officer under penalty of perjury, certifying it is not a foreign corporation or meets exemptions for domestically-derived funds and no foreign participation in election decisions.

• Defines "foreign corporation" as any corporation where a single foreign owner holds 1% or more equity, two or more foreign owners hold 5% or more in aggregate, or a foreign owner participates in the corporation's political decision-making.

• Requires noncandidate committees making only independent expenditures to obtain certification statements from each top contributor listed in advertisements, attesting funds were not derived from foreign corporations; advertisements without such certification must include disclaimer that "some funds may have been provided by foreign corporations."

• Takes effect upon approval.