1.  Every candidate shall, not later than 1 week after receiving minimum contributions of $100, open and maintain a separate account in a financial institution located in the United States for the deposit of any contributions received. The candidate shall not commingle the money in the account with money collected for other purposes.

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2.  The candidate may close the separate account if the candidate:

(a) Was a candidate in a special election, after that election;

(b) Lost in the primary election, after the primary election; or

(c) Won the primary election, after the general election, and as soon as all payments of money committed have been made.

3.  Every committee for political action, committee sponsored by a political party and committee for the recall of a public officer shall, not later than 1 week after receiving contributions the sum of which, in the aggregate, is $1,000 or more, open and maintain a separate account in a financial institution located in the United States for the deposit of any contributions received. The committee for political action, committee sponsored by a political party or committee for the recall of a public officer shall not commingle the money in the account with money collected for other purposes.