Md. Code Regs. 33.13.15.09

Current through Register Vol. 51, No. 24, December 2, 2024

Section 33.13.15.09 - Management of the Compliance Account

A. Account Books. The political action committee shall:

(1) Maintain account books and records for the compliance account in accordance with the requirements of Election Law Article, § 13-221, Annotated Code of Maryland;

(2) Segregate the account books and records for the compliance account from the account books and records required for campaign accounts;

(3) Allow the responsible officers access to the account books and records of the compliance account; and

(4) Report all donations received, disbursements made, and outstanding obligations incurred by the compliance account on the political committee's regularly scheduled campaign finance report in accordance with Election Law Article, § 13-309, Annotated Code of Maryland.

B. Other Permissible Accounts or Investments.

(1) In addition to the checking account required under Regulation .08 of this chapter, a political action committee may establish additional bank accounts or temporarily invest compliance funds.

(2) Compliance funds may be invested only in:

(a) Deposit accounts at a financial institution that are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA);

(b) Certificates of deposit with a stated rate of interest and a term of 3 years or less;

(c) Obligations of the U.S. Government or its agencies with maturities of 3 years or less; and

(d) Cash management accounts, money market accounts, or money market mutual funds that are offered and available to the general public.

Md. Code Regs. 33.13.15.09

Regulation .09 adopted effective 45:3 Md. R. 159, eff. 2/12/2018