F. Loans
333 words·~2 min read·
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F. Loans
[§ 11-371] Loan to candidate committee.
(a)A candidate or candidate committee may receive a loan from any or all of the following:
(1)The candidate's own funds;
(2)A financial institution regulated by the State or a federally chartered depository institution and made in accordance with applicable law in the ordinary course of business;
(3)The candidate's immediate family in an aggregate amount not to exceed $50,000 during an election period; provided that the aggregate amount of loans and contributions received from the immediate family shall not exceed $50,000 during an election period; and
(4)Persons other than the candidate, a financial institution described in paragraph (2), or the candidate's immediate family, in an aggregate amount not to exceed $10,000 during an election period; provided that:
(A)If the $10,000 limit for loans from persons other than the immediate family is reached, the candidate and candidate committee shall be prohibited from receiving or accepting any other loans until the $10,000 is repaid in full; and
(B)If a loan from persons other than the candidate's immediate family is not repaid within one year of the date that the loan is made, the candidate and candidate committee shall be prohibited from accepting any other loans. All campaign funds, including contributions subsequently received, shall be used to repay the outstanding loan in full.
(b)For purposes of this section, a "loan" does not include expenditures made on behalf of a candidate committee by a candidate, volunteer, or employee if:
(1)The candidate's, volunteer's, or employee's aggregate expenditures do not exceed $1,500 within a thirty-day period;
(2)A dated receipt and a written description of the name and address of each payee and the amount, date, and purpose of each expenditure is provided to the candidate committee before the candidate committee reimburses the candidate, volunteer, or employee; and
(3)The candidate committee reimburses the candidate, volunteer, or employee within forty-five days of the expenditures being made. [L 2010, c 211, pt of §2]