An Act To Modify the Financial Disclosure Requirements for a Governor-elect
Sec. 1. 1 MRSA §1051, as enacted by IB 2015, c. 1, §1, is amended to read:
§ 1051. Gubernatorial transition committee
The bill makes changes to the law that regulates the financial activities of a committee established to finance a Governor-elect's transition to office and inauguration.
1. It requires that the committee spend all donations received for expenses related to the transition or inauguration.
2. It changes the deadline for the first required financial disclosure statement from January 1st after the general election to January 2nd.
3. It requires the committee to disclose in a financial disclosure statement any debt or loan that remains unpaid at the end of the time period for the statement and to disclose any debt or loan that was forgiven by the creditor or lender as a contribution.
4. It requires the committee to file bimonthly reports beginning on April 15th if the committee has any surplus funds or unpaid debts or loans as of February 15th.
5. It allows a committee to receive donations until March 31st of the year following the gubernatorial election and authorizes the Commission on Governmental Ethics and Election Practices to permit fundraising after March 31st of the year following the gubernatorial election if the committee requests additional time to pay a debt or loan.
6. It directs the Commission on Governmental Ethics and Election Practices to consider several factors in deciding whether to assess a penalty for violations of the law.