(a) All campaign funds must be deposited into and maintained in a financial institution insured by the federal deposit insurance corporation or the national credit union administration duly authorized to do business in Tennessee and operating under the authority of the department of financial institutions, the United States comptroller of the currency, or the federal reserve board.

Terms Used In Tennessee Code 2-10-131

  • Candidate: means an individual who has made a formal announcement of candidacy or who is qualified under the law of this state to seek nomination for election or elections to public office, or has received contributions or made expenditures except for incidental expenditures to determine if one shall be a candidate, or has given consent for a campaign committee to receive contributions or make expenditures with a view to bringing about the individual's nomination for election or election to state public office. See Tennessee Code 2-10-102
  • Contribution: means any advance, conveyance, deposit, distribution, transfer of funds, loan, loan guaranty, personal funds of a candidate, payment, digital currency, gift, or subscription of money or like thing of value, and any contract, agreement, promise or other obligation, whether or not legally enforceable, made for the purpose of influencing a measure or nomination for election or the election of any person for public office or for the purpose of defraying any expenses of an officeholder incurred in connection with the performance of the officeholder's duties, responsibilities, or constituent services. See Tennessee Code 2-10-102
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Election: means any general, special or primary election or run-off election, held to approve or disapprove a measure or nominate or elect a candidate for public office. See Tennessee Code 2-10-102
  • Multicandidate political campaign committee: means a political campaign committee to support or oppose two (2) or more candidates for public office or two (2) or more measures. See Tennessee Code 2-10-102
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • Political campaign committee: means :
    (A) Any corporation or any other organization making expenditures, except as provided in subdivision (4), to support or oppose a measure. See Tennessee Code 2-10-102
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) Any interest, dividends, or income earned by an investment made pursuant to subsection (a) must be reported on the candidate‘s or political campaign committee‘s financial disclosure report.
(c) Any campaign contribution received in a non-monetary form may be held in the form received until the contribution is used to pay expenditures. The funds must be deposited in accordance with subsection (a) at the time of conversion.
(d) Any investment not authorized by subsection (a) is prohibited and the candidate, or in the case of a multicandidate political campaign committee, the treasurer, shall be subject to a civil penalty by the registry of election finance. The registry of election finance may impose a maximum civil penalty for a violation of this section of not more than ten thousand dollars ($10,000) or one hundred fifteen percent (115%) of the amount invested in violation of this section, whichever is greater.
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