Sec. 24. (a) Except as provided in subsection (b), the treasurer of a committee shall obtain and keep receipted bills, cancelled checks, or other proof of payment, stating the particulars for each expenditure made by or on behalf of a committee:
(1) of more than twenty-five dollars ($25); and
(2) for a smaller amount, if the aggregate amount of the expenditures to the same person during a year exceeds twenty-five dollars ($25).
(b) This subsection applies to a:
(1) political action committee that makes a contribution or expenditure; and
(2) person who makes an independent expenditure;
to influence an election on a public question. The treasurer of a political action committee or a person who makes an independent expenditure shall obtain and keep receipted bills, cancelled checks, or other proof of payment, stating the particulars for each expenditure made by or on behalf of a committee or person.
(c) The treasurer or a person who makes an independent expenditure shall preserve all receipted bills and accounts required to be kept by this section for:
(1) three (3) years; or
(2) one (1) year after the date of dissolution of the committee;
whichever occurs first.