42.17A.220 - Deposit of contributions -- Investment -- Unidentified contributions.

Deposit of contributions — Investment — Unidentified contributions. (Effective January 1, 2012.)

(1) All monetary contributions received by a candidate or political committee shall be deposited by the treasurer or deputy treasurer in a depository in an account established and designated for that purpose. Such deposits shall be made within five business days of receipt of the contribution.

     (2) Political committees that support or oppose more than one candidate or ballot proposition, or exist for more than one purpose, may maintain multiple separate bank accounts within the same designated depository for such purpose only if:

     (a) Each such account bears the same name;

     (b) Each such account is followed by an appropriate designation that accurately identifies its separate purpose; and

     (c) Transfers of funds that must be reported under RCW 42.17A.240(1)(e) are not made from more than one such account.

     (3) Nothing in this section prohibits a candidate or political committee from investing funds on hand in a depository in bonds, certificates, or tax-exempt securities, or in savings accounts or other similar instruments in financial institutions, or in mutual funds other than the depository but only if:

     (a) The commission are [is] notified in writing of the initiation and the termination of the investment; and

     (b) The principal of such investment, when terminated together with all interest, dividends, and income derived from the investment, is deposited in the depository in the account from which the investment was made and properly reported to the commission before any further disposition or expenditure.

     (4) Accumulated unidentified contributions, other than those made by persons whose names must be maintained on a separate and private list by a political committee's treasurer pursuant to RCW 42.17A.240(1)(b), in excess of one percent of the total accumulated contributions received in the current calendar year, or three hundred dollars, whichever is more, may not be deposited, used, or expended, but shall be returned to the donor if his or her identity can be ascertained. If the donor cannot be ascertained, the contribution shall escheat to the state and shall be paid to the state treasurer for deposit in the state general fund.

[2010 c 205 § 3; 2010 c 204 § 405; 1989 c 280 § 4; 1987 c 268 § 1; 1985 c 367 § 4; 1982 c 147 § 3; 1977 ex.s. c 313 § 3; 1975 1st ex.s. c 294 § 4; 1973 c 1 § 6 (Initiative Measure No. 276, approved November 7, 1972). Formerly RCW 42.17.060.]

Notes: Reviser's note: This section was amended by 2010 c 204 § 405 and by 2010 c 205 § 3, each without reference to the other. Both amendments are incorporated in the publication of this section under RCW 1.12.025(2). For rule of construction, see RCW 1.12.025(1).

Effective date -- 1989 c 280: See note following RCW 42.17A.005.

Effective date -- Severability -- 1977 ex.s. c 313: See notes following RCW 42.17A.005.