RELATING TO CAMPAIGN FINANCE.

The definition of 'foreign-influenced business entity' was changed to trigger when two or more foreign investors hold 5% or more of the company, down from the previous requirement of six or more investors.

The ban on election spending was expanded to cover 'foreign entities' in addition to foreign nationals and corporations, broadening the scope of prohibited contributors.

The deadline for businesses to file certification statements was shortened from seven calendar days to seven business days, accelerating compliance timelines.

The text explicitly requiring businesses to certify they were not foreign-influenced was streamlined, removing redundant clauses about future contributions and replacing them with a single, clearer certification requirement.

The bill's effective date was updated from July 1, 3000, to July 1, 2025, making the law immediately actionable.

The required penalty for false certifications was changed from 'under penalty of law' to 'under penalty of perjury,' clarifying the legal consequence of lying on the form.

Explicitly prohibits foreign nationals and foreign corporations from making political contributions, separating them from the general 'foreign entity' category.

Changed the certification requirement for businesses from a prospective 'intent to contribute' to a retrospective certification that the entity was not foreign-influenced at the time the specific contribution was made.

Added a requirement for businesses to file a new certification if they later determine they have become foreign-influenced during an election cycle.

Added a specific exemption for entities engaged in transporting cargo subject to the Merchant Marine Act of 1920.

Updated the definition of foreign-influenced business entities to require that foreign investors have the ability to direct election-related spending.

Expanded the list of entities whose contributions must escheat to the election fund to include those receiving funds from foreign sources in violation of the law.

Added new definitions for 'foreign-influenced business entity' (entities with 1%+ single foreign ownership or 5%+ aggregate foreign ownership) and 'foreign investor'.

Expanded the ban on campaign contributions to include foreign-influenced business entities, not just foreign nationals and corporations.

Added a requirement for businesses to certify they are not foreign-influenced before making contributions and to conduct ongoing due inquiry.

Modified certification requirements for noncandidate committees to explicitly state that no funds came from foreign entities or foreign-influenced business entities.

Added a provision that any contributions made by foreign-influenced business entities must be transferred to the Hawaii election campaign fund.

Added a clause requiring the Commission to establish new, constitutional definitions if the current foreign-influence criteria are ruled unconstitutional by a court.

Changed the effective date from July 1, 2025 to July 1, 3000.