N.J. Admin. Code § 19:25-15.47B

Current through Register Vol. 56, No. 21, November 4, 2024

Section 19:25-15.47B - Application for termination of reporting with net liabilities by publicly financed candidates

(a) Publicly financed candidates who have returned all public moneys to the Commission in compliance with the requirements of 19:25-15.4 7, but who have continued to file postelection quarterly reports to report net liabilities, that is, outstanding obligations in excess of the total assets of the candidate committee, including its cash balance in all of its depository accounts, may apply to the Commission to file a final report to terminate the reporting of the candidates' committee as set forth in (b) through (e) below.

(b) Such application shall not be made earlier than seven years after the date of the election.

(c) Each candidate for the office of Governor, candidate for the office of Lieutenant Governor, and their treasurer filing an application for termination of reporting shall certify the following:

1. For each outstanding obligation, the date each obligation was incurred and the date it was first reported on a report filed with the Commission;

2. A statement describing the efforts made by the campaign to retire the outstanding obligations, including, without limitation, efforts to compromise or resolve the debt with the vendor or service provider;

3. That the candidate committee expects to receive no further contributions to retire its net liabilities in the election;

4. That the candidate committee has liquidated all assets and applied proceeds from such liquidation to retire debt;

5. That the candidate committee expects to make no further expenditures except to bring any remaining depository account balance to zero; and

6. All reports required by the Reporting Act and this chapter have been timely filed and correctly stated, except for good cause shown.

(d) For each outstanding obligation described in (c)1 above, the candidate for the office of Governor, the candidate for the office of Lieutenant Governor, and the treasurer shall each make a separate certification that no pledge or commitment has been made or received by any candidate or treasurer, or other authorized person or representative of the campaign, or by the candidate committee, that the payment of such obligation will be forgiven or assumed by any party other than the candidate committee.

(e) The Commission shall review each such application and shall grant its approval to such application based upon consideration of all factors set forth in (c) and (d) above, and whether or not all outstanding audit issues have been resolved with the candidate committee.

N.J. Admin. Code § 19:25-15.47B

New Rule, R.2009 d.89, effective 3/16/2009.
See: 40 N.J.R. 6763(a), 41 N.J.R. 1267(c).
Amended by R.2010 d.062, effective 4/19/2010.
See: 41 N.J.R. 4682(a), 42 N.J.R. 811(a).
In (c)6, substituted "this chapter" for "Commission rules".
Amended by R.2012 d.172, effective 10/15/2012.
See: 44 N.J.R. 1593(a), 44 N.J.R. 2380(a).
In (a), substituted "Publicly financed candidates who have" for "A publicly financed candidate who has", the second occurrence of "have" for the second occurrence of "has" and "candidates'" for the last occurrence of "candidate"; in the introductory paragraph of (c) and in (d), inserted "for the office of Governor, candidate for the office of Lieutenant Governor,"; in the introductory paragraph of (c), inserted "their"; and in (d), inserted the second occurrence of "each".