3007 DESIGNATION OF EXPLORATORY, DRAFT OR "TESTING THE WATERS" COMMITTEE

3007.1 If an individual becomes a candidate and designates the exploratory, draft or "testing the waters" committee as the principal campaign committee, all funds previously raised and spent by the committee shall be reported as contributions and expenditures, pursuant to this chapter.

3007.2 An exploratory, draft or "testing the waters" committee may be designated as the principal campaign committee of a candidate, Provided that the existing exploratory, draft or "testing the waters" committee shall account for all financial transactions, including but not limited to contributions, expenditures, and loans, retroactive to the formation of the exploratory, draft or "testing the waters" committee.

3007.3 Upon designation of an exploratory, draft or "testing the waters" committee as a principal campaign committee of a candidate, the committee shall perform the following acts:

(a) Determine whether persons making contributions previously received by or on behalf of the candidate or by the political committee before designation may have exceeded the relevant limits, pursuant to §3011; and

(b) Refund any contributions to donors who may have exceeded the contribution limitations.

3007.4 To ascertain individual donor compliance with the contribution limitations, contributions to a committee, prior to designation, shall be attributed in aggregate by donor name.