A. It is unlawful for a political committee to continue to receive or make any contribution or expenditure for a political purpose if the committee fails to meet the requirements of Subsections B and C of this section.

B. A political committee shall appoint and maintain a treasurer, file a statement of organization with the secretary of state and pay a filing fee of fifty dollars ($50.00).

C. A statement of organization required by Subsection B of this section shall be made under oath on a prescribed form showing:

(1)     the full name of the committee, which shall fairly and accurately reflect the identity of the committee, including any sponsoring organization, and its address;

(2)     a statement of the purpose for which the committee was organized; (3)     the names and addresses of the officers of the committee; and

(4)     an identification of any bank account used by the committee to receive or make contributions or make expenditures.

D. Any changes to the information provided in the statement of organization shall be reported to the secretary of state within ten days.

E. If a political committee fails to update the statement of organization within the time prescribed in Subsection D of this section, the political committee is subject to a fine of five hundred dollars ($500).

F. A state political party shall furnish to the secretary of state a list of each county political party associated with it and the names and contact information of the county party officers as submitted to the state political party. The list shall be updated quarterly if there have been any reported changes.

G. The provisions of this section do not apply to a political committee that is located in another state and is registered with the federal election commission if the political committee reports on federal reporting forms filed with the federal election commission all expenditures for and contributions made to reporting individuals in New Mexico and files with the secretary of state, according to the schedule required for the filing of forms with the federal election commission, a copy of either the full report or the cover sheet and the portions of the federal reporting forms that contain the information on expenditures for and contributions made to reporting individuals in New Mexico.