1. Short title This Act may be cited as the Honest Elections and Campaign, No Gain Act . 2. Requiring authorized committees of candidates to disburse funds remaining unexpended after date of election (a) Requiring disbursement Title III of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30101 et seq.) is amended by inserting after section 303 the following new section: 303A. Disbursement of funds remaining unexpended after date of election (a) Requiring disbursement (1) In general Each authorized committee or leadership PAC of a candidate shall, in accordance with subsection (b) and prior to the expiration of the applicable disbursement period, disburse any funds of the committee or PAC which remain unexpended as of the date of the election for the office sought by the candidate. (2) Exception for candidates in next election Paragraph (1) does not apply to the committee or PAC of a candidate who, prior to the first day of the applicable disbursement period, provides the appropriate State election official with the information and fees (if any) required under State law for the individual to qualify as a candidate for the next election for the office sought by the candidate or the next election for another Federal office. (3) Applicable disbursement period In this subsection, the applicable disbursement period is, with respect to a candidate seeking election for an office, the 2-year period which begins on the day after the latest date on which an individual may provide the appropriate State election official with the information and fees (if any) required under State law for the individual to qualify as a candidate for the next election for such office. (b) Rules for disbursement of funds (1) Payment of obligations In carrying out subsection (a), an authorized committee or leadership PAC shall first disburse funds to pay obligations incurred in connection with the operation of the committee. (2) Other permitted disbursements If, after disbursing all of the funds necessary to pay obligations under paragraph