The bill requires the following entities to register with the Government
Accountability Board or a local filing officer before accepting a contribution, making
a disbursement, or incurring an obligation:

1. Candidate committees.

2. Political parties.

3. Legislative campaign committees.

4. Political action committees.

5. Independent expenditure committees.

7. Referendum committees.

8. Recall committees.

Each entity that is required to register must appoint a treasurer or, in the case
of a conduit, an administrator to comply with the registration and reporting
requirements under the bill. A candidate may serve as the treasurer of his or her
candidate committee, but the candidate may only accept contributions and make
disbursements through his or her committee.

The bill defines a "political action committee" as an entity that has express
advocacy as its major purpose, as specified in the committee's organizational
documents or as indicated by the committee to the board.

Under the bill "express advocacy" means communication that contains terms
such as the following or their functional equivalents with reference to a clearly
identified candidate and that unambiguously relates to the campaign of that
candidate:

4. "Cast your ballot for".

5. "Smith for ... (an elective office)".

9. "Cast your ballot against".

The bill defines "independent expenditure committee" as any person, other
than an individual, or any permanent or temporary combination of persons
unrelated by marriage, formed for the major purpose of making independent
expenditures. The bill defines "independent expenditure" as an expenditure for

express advocacy that is not made in coordination with a candidate, candidate
committee, candidate's agent, legislative campaign committee, or political party.

All committees required to register under the bill must file periodic reports with
the board. The committees report all contributions, disbursements, and obligations
received, made, and incurred by the committee. A conduit reports all contributions
released to support or oppose a candidate or committee. Committees and conduits,
generally, submit the following reports:

1. A preprimary report. Conduits are not required to submit these reports.

2. A preelection report. Conduits are not required to submit these reports.

3. With regard to a spring primary or spring election, a report filed on the 15th
day of January, April, July, and October.

4. With regard to other primaries and elections, or for those holding office not
up for election, in an odd-numbered year, a report on filed on the 15th day of January,
April, July, and October and, in the even numbered year, a report filed on the 15th
day of January, April, and July and on the fourth Tuesday in September.

Under the bill, if a political action committee, an independent expenditure
committee, or a person who is not otherwise subject to reporting spends $5,000 or
more in the aggregate on express advocacy during the period beginning 60 days prior
to an election and ending on the day of the election, the committee or person must
submit a report to the board no later than 48 hours after making the expenditures.
The report must provide all of the following: