(1) Within twenty business days after all the petitions to form a new political party which contain signatures are filed with the Secretary of State, he or she shall determine the validity and sufficiency of such petitions and signatures. Clerical and technical errors in a petition shall be disregarded if the forms prescribed by the Secretary of State are substantially followed. If the Secretary of State verifies signatures in excess of one hundred ten percent of the number necessary for the formation of a new political party, the Secretary of State may stop verifying signatures and notify the person, group, or association forming the new political party pursuant to subsection (2) of this section.

(2) If the petitions are determined to be sufficient and valid, the Secretary of State shall notify the person, group, or association forming the new political party. Within twenty days after notification by the Secretary of State, the person, group, or association forming the new political party or its new officers shall file with the Secretary of State the constitution and bylaws of such party along with a certified list of the names and addresses of the officers of the new political party. Upon receipt of the constitution and bylaws of such party, the Secretary of State shall issue a certification establishing the new political party. If the constitution and bylaws of a new political party are not filed within twenty days after the Secretary of State's notification, no certification shall be issued and the party shall not be considered properly established.