(a) For a committee primarily formed to support or oppose a state ballot measure or state candidate that raises one million dollars ($1,000,000) or more for an election, the Secretary of State shall maintain an accurate list of the committee’s top 10 contributors, as specified by Commission regulations. The list shall be based on the filer’s campaign statements and reports. A current list of the top 10 contributors shall be posted on the Secretary of State’s internet website, as provided in subdivision (c).

(b) (1) Except as provided in paragraph (4), the list of top 10 contributors shall identify the names of the 10 persons who have made the largest cumulative contributions to the committee, the total amount of each person’s contributions, the city and state of the person, the person’s committee identification number, if any, and any other information deemed necessary by the Commission. If any of the top 10 contributors identified on the list are committees pursuant to subdivision (a) of Section 82013, the Commission may require, by regulation, that the list also identify the top 10 contributors to those contributing committees.

(2) (A) For a committee primarily formed to support or oppose a state ballot measure, the cumulative amount of contributions received by the committee from a person for the period beginning 12 months prior to the date the committee made its first expenditure to qualify, support, or oppose the measure and ending with the current date shall be counted.

(B) For a committee primarily formed to support or oppose a state candidate, the cumulative amount of contributions received by the committee from a person for the primary and general elections combined shall be counted.

(3) The aggregation rules of Section 82015.5 and any implementing regulations adopted by the Commission shall apply in identifying the persons who have made the top 10 cumulative contributions to a committee.

(4) A person who makes contributions to a committee in a cumulative amount of less than ten thousand dollars ($10,000) shall not be identified or disclosed as a top 10 contributor to a committee pursuant to this section.

(c) (1) The Commission shall adopt regulations to govern the manner in which the Secretary of State shall display top 10 contributor lists maintained for a committee that is subject to this section, and the Secretary of State shall post the top 10 contributor lists on its internet website in the manner prescribed by those regulations.

(2) A committee’s top 10 contributor list shall be updated when any of the following occurs:

(A) A new person qualifies as a top 10 contributor to the committee.

(B) A person who is an existing top 10 contributor makes additional contributions to the committee.

(C) A change occurs that alters the relative ranking order of the top 10 contributors.

(3) The 10 persons who have made the largest cumulative contributions to a committee shall be listed in order from largest contribution amount to smallest amount. If two or more contributors of identical amounts meet the threshold for inclusion in the list of top 10 contributors, the order of disclosure shall be made beginning with the most recent contributor of that amount.

(4) The Secretary of State shall post or update a top 10 contributor list within five business days or, during the 16 days before the election, within 48 hours of receiving data of a contributor qualifying for the list or of any change to the list.

(d) In addition to any other lists that the Secretary of State is required to post on its internet website, the Secretary of State shall compile, maintain, and display on its internet website a current list of the top 10 contributors supporting and opposing each state ballot measure, as prescribed by Commission regulations.

(e) This section shall not become operative until the Secretary of State certifies an online filing and disclosure system pursuant to paragraph (7) of subdivision (b) of Section 84602 of the Government Code.

(Repealed (in Sec. 12) and added by Stats. 2019, Ch. 312, Sec. 13. (AB 902) Effective January 1, 2020. Conditionally operative as prescribed by its own provisions.)