(1) (a) Except as provided in par. (bm), any committee which does not anticipate accepting or making contributions, making disbursements, or incurring obligations, and any conduit which does not anticipate accepting or releasing contributions, in an aggregate amount exceeding $2,500 in a calendar year may claim an exemption from filing campaign finance reports by filing a registration statement or an amended registration statement with the commission indicating the necessary facts, as described in this paragraph, to claim the exemption. The committee or conduit shall certify the registration statement or amended registration statement in the manner required under s. 11.0103 (3) (c). (2) Upon receipt of a properly executed registration statement or amended registration statement by a committee or conduit, the commission shall suspend the requirement imposed upon that committee or conduit by this chapter to file campaign finance reports. An exemption under this section is effective as provided under sub. (1) (bm) unless the committee or conduit alters its status by filing an amended registration statement before the end of such year or by filing a termination report under s. 11.0105. (3) An exemption made under this section may be revoked. If revoked, the committee or conduit shall comply with the reporting requirements applicable to the committee or conduit under this chapter as of the date of revocation, or the date that aggregate contributions, disbursements, or obligations for the calendar year exceed $2,500. If the revocation is not timely, the committee or conduit violates s. 11.1201. (5) If a committee or conduit files an amended registration statement under sub. (1) and thereafter receives and accepts an unanticipated contribution that results in the committee or conduit exceeding the threshold established under sub. (1) (a), the committee or conduit shall do one of the following after receipt of the unanticipated contribution: (a) Immediately file an amended registration statement revoking the exemption. An amended registration statement supersedes the previous registration statement. The individual who certifies to the accuracy of the registration statement shall also certify that the amended registration statement is filed on account of the receipt of unanticipated contributions and the failure to file a correct registration statement was not intentional. Thereafter, the committee or conduit shall file all required campaign finance reports for the remainder of the calendar year. Except as provided in sub. (1) (bm) 1. , the committee or conduit may again claim the exemption for the next calendar year. (b) Return the contribution to the contributor or donate the contribution to the common school fund or to a charitable organization no later than 15 days from the date on which the contribution is received.
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