Code of Massachusetts Regulations
970 CMR - OFFICE OF CAMPAIGN AND POLITICAL FINANCE
Title 970 CMR 4.00 - Public Finance Regulations
Section 4.09 - Candidate's Bond and Distribution Limitations

Universal Citation: 970 MA Code of Regs 970.4

Current through Register 1531, September 27, 2024

(1) The bond which is filed shall:

(a) be on a form approved by the director;

(b) contain the notarized original signatures of the candidate, chairman and treasurer of such candidate's committee and the surety;

(c) be issued by a fidelity or surety company authorized or licensed to do business in Massachusetts; and

(d) if signed by an attorney-in-fact for such fidelity or surety company, be accompanied by a notarized power of attorney.

(2) The bond shall be in the amount the comptroller has credited to the account established by the comptroller on behalf of the candidate for the primary election or general election or such other amount determined by the candidate subject to 970 CMR 4.09(4).

(3) Bonds shall be signed under the penalties of perjury by the candidate and the chairman and treasurer of that candidate's committee.

(4) Notwithstanding the provisions of 970 CMR 4.09(2) the director shall not determine or certify, and no candidate shall be eligible to receive, any amount of public financing that would be in excess of:

(a) the amount of the bond filed pursuant to M.G.L. c. 55C, § 8 and 970 CMR; or

(b) the balance then remaining in the account established by the comptroller on behalf of the candidate for the primary election or general election; or

(c) the maximum amounts provided for in M.G.L. c. 55C, §§ 5 and 7.

(5) No eligible candidate shall receive a distribution of public financing pursuant to M.G.L. c. 10, c. 55C or 970 CMR unless and until the eligible candidate files with the director the bond required by M.G.L. c. 55C, § 8.

(6) Wiring of Funds. All public funds allocated to a candidate or a candidate team certified as eligible for limited public financing shall be wired by the state treasurer to the depository account of the candidate or, in the case of a candidate team, to the depository account of the candidate for governor of such candidate team.

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