(a) Prerequisites. Before raising any contribution governed by this title, an applicant candidate shall:
(1) File notice of intent with the Board on or before April 15 of the year of the election on a form prescribed by the Board; and
(2) Establish a publicly funded campaign account for the purpose of receiving eligible contributions and spending funds in accordance with this title.
(b) Limitation on contributions and loans.
(1) Other than a contribution from the applicant candidate or the applicant candidate’s spouse, an applicant candidate may not accept an eligible contribution from an individual greater than $250.
(2) An applicant candidate may not accept a loan from anyone other than the applicant candidate or the applicant candidate’s spouse.
(3) An applicant candidate and the applicant candidate’s spouse may not contribute or lend a combined total of more than $12,000 to the applicant candidate’s publicly funded campaign account.
(c) Consumer Price Index adjustment. By March 1, 2026, and then by March 1 of each subsequent fourth year, the Chief Administrative Officer shall adjust the contribution limit established in subsection (b), to be effective July 1, 2026, and then July 1 of each subsequent fourth year, by the average of the annual increase, if any, in the Consumer Price Index for the previous four calendar years. The Chief Administrative Officer shall calculate the adjustment to the nearest multiple of $10, and shall publish the amount of the adjustment no later than March 1, 2026, and then no later than March 1 of each subsequent fourth year.
(Bill No. 25-23)