Official Text and Analysis.

Modifies the method for determining the top five contributors that political committees must disclose in certain political advertisements.

Removes the bill's new process for determining the top five contributors. Adds a requirement to display the top three donors to political committees that are among the sponsor's top three contributors. Eliminates a sponsor's liability for a violation of this section that occurs because the largest contributors to the contributing political committees have not reported those contributions to the Public Disclosure Commission.

Clarifies that the threshold value of contributions to be considered a top five or top three contributor is the threshold value to be considered an independent expenditure in an election for public office. (2) Exempts sponsors from liability for violations of advertising disclosure requirements where a contribution to a top political committee was not reported by any entity, rather than not by the donor.

Requires identification of the top three donors to political committee contributors on an advertisement only if the sponsor received more than half its contributions in the previous year from one political committee.