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Assigning debts to another committee

To expedite termination, an authorized committee that qualifies as a terminating committee and has no remaining cash on hand may assign its debts to another authorized committee of the same candidate, provided that:

  • The committee transferring the debts was organized for an election that has already been held;
  • Within 30 days before the assignment takes effect, the transferring committee notifies each creditor in writing of the name and address of the committee assuming the debts; and
  • The committee assuming the debts notifies the FEC in writing that it has assumed the obligation to pay the debts. That committee must continue to report the debts until they are retired.

However, if either committee is an authorized committee of a presidential candidate receiving public funding, the assignment may not take place until after the audit, repayment and enforcement processes have ended.

The committee transferring the debts should report this to the FEC using memo text on the termination report or on a Form 99.