An association that has a political fund registered under this chapter may elect to have the fund placed on voluntary inactive status if the following conditions are met:
(1) the association makes a written request for inactive status;
(2) the association has filed all periodic reports required by this chapter and has received no contributions into its political fund and made no expenditures or disbursements through its political fund since the last date included on the association's most recent report; and
(3) the association has satisfied all obligations to the state for late filing fees and civil penalties imposed by the board or the board has waived this requirement.
After an association has complied with the requirements of subdivision 1:
(1) the board must notify the association that its political fund has been placed in voluntary inactive status and of the terms of this section;
(2) the board must stop sending the association reports, forms, and notices of report due dates that are periodically sent to entities registered with the board;
(3) the association is not required to file periodic disclosure reports for its political fund as otherwise required under this chapter;
(4) the association may not accept contributions into its political fund and may not make expenditures, contributions, or disbursements through its political fund; and
(5) if the association maintains a separate depository account for its political fund, it may continue to pay bank service charges and receive interest paid on that account while its political fund is in inactive status.
(a) An association that has placed its political fund in voluntary inactive status may resume active status upon written notice to the board.
(b) A political fund placed in voluntary inactive status must resume active status within 14 days of the date that it has accepted contributions or made expenditures, contributions, or disbursements that aggregate more than $750 since the political fund was placed on inactive status. If, after meeting this threshold, the association does not notify the board that its fund has resumed active status, the board may place the association's political fund in active status and notify the association of the change in status.
(c) An association that has placed its political fund in voluntary inactive status may terminate the registration of the fund without returning it to active status.
If an association fails to notify the board of its political fund's resumption of active status under subdivision 3, the board may impose a civil penalty of $50 per day, not to exceed $1,000 commencing on the 15th calendar day after the fund resumed active status.