§3-12-8. Exploratory period; contributions; expenditures.
(a) A participating candidate or his or her committee may not
accept, spend or obligate exploratory contributions exceeding
$20,000 in the aggregate, during the exploratory period. At the
time the participating candidate formally declares his or her
intent to qualify for public campaign financing, in accordance with
section five of this article, any unexpended or undedicated
contributions received during any precandidacy period which
preceded the exploratory period shall be deemed to be exploratory
contributions for that candidate. The maximum individual
exploratory contribution which may be accepted from any person
including immediate family members is $1,000. A participating
candidate may loan, contribute or obligate up to $1,000 of his or
her own money for exploratory purposes. Any exploratory
contributions received by the participating candidate in excess of
$20,000 in the aggregate shall be sent to the Election Commission
for deposit in the fund.
(b) Each exploratory contribution shall be acknowledged by a
written receipt. Receipts for exploratory contributions of $250 or
more during an election cycle shall include the contributor's name,
residence and mailing address, business affiliation and occupation.
Receipts for exploratory contributions of less than $250 shall
include the contributor's name and the amount of the contribution,
and otherwise comport with the disclosure and reporting
requirements of section five-a, article eight of this chapter.
(c) An exploratory contribution from one person may not be
made in the name of another person.
(d) At the beginning of each month a participating or
certified candidate or his or her financial agent shall report all
exploratory contributions, expenditures and obligations along with
all receipts for contributions received during the prior month to
the Secretary of State. Such reports shall be filed
electronically: Provided, That a committee may apply for an
exemption in case of hardship pursuant to subsection (c) of section
five-b, article eight of this chapter. If the candidate decides
not to run for office all unspent or unobligated exploratory
contributions shall be sent to the State Election Commission for
deposit in the fund. If the candidate decides to run for office as
a nonparticipating candidate the unspent or unobligated exploratory
contributions shall be used in accordance with articles eight and
twelve of this chapter.