Code of Maryland Regulations (Last Updated: April 6, 2021) |
Title 33. State Board of Elections |
Subtitle 13. CAMPAIGN FINANCING |
Chapter 33.13.06. Campaign Accounts |
Sec. 33.13.06.03. Required Elements
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A. Campaign Account Required. Promptly after filing a Statement of Organization with the State Board, a political committee shall:
(1) Establish at a financial institution a checking account that will serve as the campaign account;
(2) Register with the financial institution the campaign account in a manner that identifies it as the account of a political committee; and
(3) Designate the responsible officers access to the campaign account.
B. Other Permissible Accounts or Investments. A political committee may, in addition to the checking account required in §A of this regulation, establish additional accounts or temporarily invest campaign funds as provided in this section. Permissible accounts or investments are limited to:
(1) Deposit accounts at a financial institution that are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA);
(2) Certificates of deposit with a stated rate of interest and a term of 3 years or less;
(3) Obligations of the U.S. Government or its agencies with maturities of 3 years or less; and
(4) Cash management accounts, money market accounts, or money market mutual funds that are offered and available to the general public.
C. Use of Other Permissible Accounts or Investments. Any funds transferred from the registered campaign account into an FDIC-insured deposit account or temporary investment vehicle shall be returned to the registered campaign account before such funds may be used to make expenditures.
D. Presence in State. The financial institution shall have a business office or business agent located in the State.
E. Required Use of Campaign Account. Except otherwise expressly authorized by statute, all transactions by the political committee shall be conducted through the registered campaign account.