IL HB3551

Extends record retention requirement for political committee treasurers from 2 years to 7 years for all records and accounts, effective January 1, 2022.

Adds four new grounds for State Board of Elections to order political committee audits: sworn testimony or guilty plea admitting violations; conviction of candidate or officer for crimes involving misuse of funds; failure to comply with Board filing orders; or filing by committees with officers or purposes matching previously terminated committees.

Allows audit period discretion up to 7 years from the most recent reporting period for committees ordered to conduct audits under the new grounds, compared to the standard 2-year period for random audits.

Maintains existing audit triggers including balance discrepancies, unreported investments or loans, and mismatched contribution reporting between committees.

Effective immediately upon becoming law.