The termination report must show any contributions or expenditures made by the committee from the completion date of the previous report to the date of termination.__If a termination report is not filed, the committee must continue to file periodic reports as required in this chapter.

2.__Post-campaign reports.__A political action committee with a surplus or deficit in excess of $50 must continue to file reports as required in this subchapter until the surplus or deficit is eliminated.

3.__Disposition of surplus.__A political action committee may dispose of a surplus exceeding $50 only by:

A.__Pro rata distribution to the political action committee's contributors;

B.__A gift to a qualified political party within the State, including any county or municipal subdivision of that party;

C.__An unrestricted gift to the State;

D.__Contributing to one or more candidates registered under section 1013-A or qualified under sections 334, 336, 354 and 355 or to political committees established to promote the election of those candidates, provided that the amount contributed does not exceed the contribution limits established by section 1015;

E.__Repaying any loans or retiring any debts incurred to defray campaign expenses; or

F.__Making a gift to a charitable or educational organization that is not prohibited for tax reasons from receiving that gift.

Sec. 39. 21-A MRSA §1062-A, sub-§2, ¶¶A and B, as enacted by PL 1995, c. 483, §21, are amended to read:

A. A valid personal emergency of the committee treasurer, such as a personal illness or, death in the immediate family or other personal emergency determined by the commission to warrant waiver of the penalty in whole or in part; or

B. An error by the commission staff.; or

Sec. 40. 21-A MRSA §1062-A, sub-§2, ¶C is enacted to read: