Political Reform Act of 1974: contributions.

Existing law, the Political Reform Act of 1974, provides for the comprehensive regulation of campaign financing, including requiring the reporting of campaign contributions and expenditures and imposing other reporting and recordkeeping requirements on campaign committees. The act requires that a candidate for elective state office or a committee primarily formed to support or oppose a state ballot measure, if the candidate or committee has reportable contributions or expenditures of $25,000 or more, file a report with the Secretary of State disclosing the receipt of a contribution of $1,000 or more during an election cycle, as defined, within 24 hours of receiving the contribution. At…