20A-11-201 - State office candidate -- Separate bank account for campaign funds. - Utah Statutes

20A-11-201. State office candidate -- Separate bank account for campaign funds.
(1) (a) Each state office candidate or the candidate's personal campaign committee shalldeposit each contribution and public service assistance received in one or more separatecampaign accounts in a financial institution.
(b) A state office candidate or a candidate's personal campaign committee may not usemoney deposited in a campaign account for:
(i) a personal use expenditure; or
(ii) an expenditure prohibited by law.
(2) A state office candidate or the candidate's personal campaign committee may notdeposit or mingle any contributions received into a personal or business account.
(3) If a person who is no longer a state office candidate chooses not to expend the moneyremaining in a campaign account, the person shall continue to file the year-end summary reportrequired by Section 20A-11-203 until the statement of dissolution and final summary reportrequired by Section 20A-11-205 are filed with the lieutenant governor.
(4) (a) Except as provided in Subsection (4)(b) and Section 20A-11-402, a person who isno longer a state office candidate may not expend or transfer the money in a campaign account ina manner that would cause the former state office candidate to recognize the money as taxableincome under federal tax law.
(b) A person who is no longer a state office candidate may transfer the money in acampaign account in a manner that would cause the former state office candidate to recognize themoney as taxable income under federal tax law if the transfer is made to a campaign account forfederal office.
(5) (a) As used in this Subsection (5) and Section 20A-11-204, "received" means:
(i) for a cash contribution, that the cash is given to a state office candidate or a memberof the candidate's personal campaign committee;
(ii) for a contribution that is a negotiable instrument or check, that the negotiableinstrument or check is negotiated; and
(iii) for any other type of contribution, that any portion of the contribution's benefitinures to the state office candidate.
(b) Each state office candidate shall report each contribution and public serviceassistance to the lieutenant governor within 30 days after the contribution or public serviceassistance is received.

Amended by Chapter 246, 2010 General Session