Deposit of contributions received in separate account; closing of separate account

1. Every candidate shall, not later than 1 week after receiving minimum contributions of $100, open and maintain a separate account in a financial institution located in the United States for the deposit of any contributions received. The candidate shall not commingle the money in the account with money collected for other purposes. 2. The candidate may close the separate account if the candidate: (a) Was a candidate in a special election, after that election; (b) Lost in the primary election, after the primary election; or (c) Won the primary election, after the general election, Ê and as soon as all payments of money committed have been made. 3. Every committee for political action, committee sponsored by a political party and committee for the recall of a public officer shall, not later than 1 week after receiving contributions the sum of which, in the aggregate, is $1,000 or more, open and maintain a separate account in a financial institution located in the United States for the deposit of any contributions received. The committee for political action, committee sponsored by a political party or committee for the recall of a public officer shall not commingle the money in the account with money collected for other purposes.