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First Substitute S.B. 232
5 AN ACT RELATING TO ELECTIONS; LOWERING THE THRESHOLD FOR REPORTING
6 PAC CONTRIBUTIONS IN THE AGGREGATE; AND MAKING TECHNICAL
8 This act affects sections of Utah Code Annotated 1953 as follows:
10 20A-11-602, as last amended by Chapter 40, Laws of Utah 1998
11 Be it enacted by the Legislature of the state of Utah:
12 Section 1. Section 20A-11-602 is amended to read:
13 20A-11-602. Political action committees -- Financial reporting.
14 (1) (a) Each registered political action committee that has made expenditures that total at
15 least $750 during a calendar year shall file a verified financial statement with the lieutenant
16 governor's office on:
17 (i) January 5, reporting contributions and expenditures as of December 31 of the previous
19 (ii) September 15; and
20 (iii) seven days before the regular general election.
21 (b) The registered political action committee shall report:
22 (i) a detailed listing of all contributions received and expenditures made since the last
23 statement; and
24 (ii) for financial statements filed on September 15 and before the general election, all
25 contributions and expenditures as of three days before the required filing date of the financial
27 (c) The registered political action committee need not file a statement under this section
28 if it received no contributions and made no expenditures during the reporting period.
29 (2) (a) The verified financial statement shall include:
30 (i) the name, address, and occupation of any individual that makes a contribution to the
31 reporting political action committee, and the amount of the contribution;
32 (ii) the identification of any publicly identified class of individuals that makes a
33 contribution to the reporting political action committee, and the amount of the contribution;
34 (iii) the name and address of any political action committee, group, or entity that makes
35 a contribution to the reporting political action committee, and the amount of the contribution;
36 (iv) for each nonmonetary contribution, the fair market value of the contribution;
37 (v) the name and address of each reporting entity that received an expenditure from the
38 reporting political action committee, and the amount of each expenditure;
39 (vi) for each nonmonetary expenditure, the fair market value of the expenditure;
40 (vii) the total amount of contributions received and expenditures disbursed by the reporting
41 political action committee;
42 (viii) a paragraph signed by the political action committee's treasurer or chief financial
43 officer verifying that, to the best of the signer's knowledge, the financial report is accurate; and
44 (ix) a summary page in the form required by the lieutenant governor that identifies:
45 (A) beginning balance;
46 (B) total contributions during the period since the last statement;
47 (C) total contributions to date;
48 (D) total expenditures during the period since the last statement; and
49 (E) total expenditures to date.
50 (b) (i) Contributions received by a political action committee that have a value of [
51 $50 or less need not be reported individually, but shall be listed on the report as an aggregate total.
52 (ii) Two or more contributions from the same source that have an aggregate total of more
53 than $50 may not be reported in the aggregate, but shall be reported separately.
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