(1) A registered political party is not required to comply with the requirements of this part.
(2) A reporting entity is not required to report an independent expenditure under this part if the reporting party:
(a) reports the expenditure under another part in this chapter; and
(b) in the report described in Subsection (2)(a):
(i) identifies the expenditure as an independent expenditure; and
(ii) provides the information, described in Section 20A-11-1704, in relation to the independent expenditure.