Code of Virginia § 24.2-947.4:1. Loans to candidate campaign committees; prohibited interest payments; civil penalty.
145 words·~1 min read·
/va/title-24-2/chapter-9-3/24-2-947-4-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
This section shall apply to any loan made to a candidate campaign committee by the candidate or by a member of his immediate family as that term is defined in § 30-101 . There shall be no interest paid to the candidate or his immediate family member by the candidate campaign committee on the amount of the loan, and the committee shall repay no more than the face value of the loan.
Any person who accepts or makes an interest payment in violation of this section shall be subject to a civil penalty equal to the amount of the prohibited interest payment or $500, whichever amount is greater. The attorney for the Commonwealth shall initiate civil proceedings to enforce the civil penalty provided herein. Any civil penalties collected shall be payable to the State Treasurer for deposit to the general fund.
2012, c. 163 .