(a) (1) In this section the following words have the meanings indicated.

(2) (i) “Donation” means the gift or transfer, or promise of gift or transfer, of money or any other thing of value to a participating organization.

(ii) “Donation” does not include any amount of money or other thing of value:

1. received by a participating organization in the ordinary course of any trade or business conducted by the participating organization, whether for profit or not for profit, or in the form of investments in the participating organization’s business; or

2. A. that the donor and the participating organization expressly agree in writing may not be used for political disbursements; and

B. in the case of a monetary donation, is deposited in a separate bank account that is never used for political disbursements.

(3) “Participating organization” means any entity that:

(i) is organized under § 501(c)(4) or (6) or § 527 of the Internal Revenue Code; and

(ii) makes political disbursements.

(4) “Political disbursements” means:

(i) a contribution to a political committee organized under the laws of the State;

(ii) a disbursement to a person making an independent expenditure or a disbursement for electioneering communications in the State; or

(iii) a disbursement to an out-of-state political committee that makes a disbursement in the State.

(b) (1) Within 48 hours after a participating organization makes aggregate political disbursements of more than $6,000 in an election cycle, the participating organization shall file a registration form with the State Board.

(2) The registration form shall include:

(i) a statement of whether the participating organization plans to file the reports required under subsection (c) of this section or provide a link on the homepage of its Web site as specified in subsection (d) of this section; and

(ii) the identity of the person exercising direction or control over the activities of the participating organization.

(c) (1) Except as provided in subsection (d) of this section, within 48 hours after a participating organization makes aggregate political disbursements of $10,000 or more in an election cycle, the participating organization shall file a participating organization report with the State Board.

(2) Except as provided in subsection (d) of this section, a participating organization shall file an additional participating organization report with the State Board within 48 hours after the participating organization makes aggregate political disbursements of $10,000 or more after the closing date of the participating organization’s previous participating organization report.

(3) A participating organization report shall include:

(i) the amount and date of each political disbursement made by the person in the State or to influence a State election during the period covered by the report;

(ii) the identity of each person that made cumulative donations of $10,000 or more to the participating organization during the period covered by the report; and

(iii) any other information required by the State Board concerning the political disbursements and donations of the participating organization.

(4) A participating organization report shall cover:

(i) for the first report filed by a participating organization, the period beginning 2 years before the date the report is filed; and

(ii) for any subsequent reports filed by a participating organization, the period after the closing date of the participating organization’s previous report.

(d) (1) A participating organization is not required to file any participating organization reports if the participating organization provides a link on the homepage of its Web site to the information required under subsection (c)(3) of this section concerning the participating organization’s political disbursements and donations to the participating organization.

(2) A participating organization shall continually update the information required under paragraph (1) of this subsection within 48 hours until the end of the election cycle.

(e) The treasurer or other individual designated by a participating organization to file a report required under this section:

(1) shall sign each participating organization report; and

(2) is responsible for filing participating organization reports in full and accurate detail.

(f) (1) Within 48 hours after a participating organization makes aggregate political disbursements of $50,000 or more in an election cycle, the participating organization shall identify a registered agent located in the State for service of process.

(2) A participating organization shall identify a registered agent on a form prescribed by the State Board.

(g) (1) A participating organization that fails to provide on a participating organization report all of the information required by this section shall file an amended report as provided in § 13-327(b) of this subtitle.

(2) In addition to any other sanction provided by law, the State Board may assess a civil penalty for failure to file properly a participating organization report or an amended participating organization report in an amount not exceeding the greater of:

(i) $1,000 for each day or part of a day that a participating organization report or an amended participating organization report is overdue; or

(ii) 10% of the amount of the donations or political disbursements that were not reported in a timely manner.

(3) A civil penalty under paragraph (2) of this subsection shall be:

(i) assessed in the manner specified in § 13-604.1 of this title;

(ii) distributed to the Fair Campaign Financing Fund established under § 15-103 of this article; and

(iii) the joint and several liability of:

1. the participating organization;

2. the treasurer or other individual who signs and files the reports required by this section for the participating organization; and

3. the person exercising direction or control over the activities of the participating organization.

(4) A participating organization that fails to file properly a participating organization report or an amended participating organization report under this section may seek relief from a penalty under paragraph (2) of this subsection for just cause as provided in § 13-337 of this subtitle.

(h) If a treasurer of a participating organization or a person exercising direction or control over the activities of a participating organization has failed to pay any civil penalty or late fee under this title for which the individual is responsible, the individual may not:

(1) serve as the responsible officer of a political committee;

(2) serve in any position of responsibility in any other entity subject to regulation under this title; or

(3) assist in the formation of a political committee or any other entity subject to regulation under this title.

(i) (1) A participating organization subject to this section shall keep detailed and accurate records of:

(i) all political disbursements made in the State or affecting a State election by the participating organization; and

(ii) all donations received by the participating organization.

(2) Records required to be kept under this subsection shall be preserved for 2 years after the end of the election cycle in which the participating organization made political disbursements.

(j) The State Board may adopt regulations as necessary to implement the requirements of this section.