Bill > S0084

This bill amends South Carolina law to establish a new requirement for campaign bank accounts called Interest on Campaign Accounts (IOCAs). Under the new provisions, all campaign contributions must be deposited into an IOCA at an eligible financial institution that voluntarily chooses to participate. These accounts must offer an interest rate comparable to the institution's other non-IOCA accounts or based on a specific federal benchmark rate. One percent of the contributions deposited into these accounts will be remitted to the State Ethics Commission, with those funds specifically designated to create positions to verify and confirm the completeness of candidate campaign filings. The bill requires candidates to notify the Ethics Commission when opening or closing these accounts and mandates that the accounts be maintained in the candidate's or committee's full name within a financial institution located in South Carolina. The Ethics Commission is now tasked with receiving, administering, and separately accounting for the funds generated from these accounts, and must include the amount of IOCA funds received in its annual report to the General Assembly and the Governor. The legislation aims to increase transparency and provide additional resources for campaign finance oversight by generating revenue through the interest earned on campaign contributions.

Justice

https://www.scstatehouse.gov/billsearch.php?billnumbers=84&session=126&summary=B