§11-205.6  Campaign contributions;loans.  (a)  Any loan to a candidate or candidate's committee in excess of$100 shall be documented and disclosed as to lender, including the lender'sname, address, employer, and occupation and purpose of the loan in thesubsequent report to the commission.  A copy of the executed loan documentshall accompany the report.  The document shall contain the terms of the loan,including the interest and repayment schedule.  Failure to document the loan orto disclose the loan to the commission shall cause the loan to be treated as acampaign contribution, subject to all relevant provisions of this chapter.

(b)  A candidate or candidate's committee mayreceive and accept loans in an aggregate amount not to exceed $10,000 during anelection period, provided that if the $10,000 limit is reached, the candidateor candidate's committee shall be prohibited from receiving or accepting anyother loans until the $10,000 is repaid in full by the candidate or candidate'scommittee.

(c)  If any loan made to a candidate is notrepaid within one year of the date that the loan is made, the candidate andcandidate's committee shall be prohibited from accepting any other loans, andall subsequent contributions received and any surplus retained shall only beexpended toward the repayment of the outstanding loan, until the loan is repaidin full by the candidate or candidate's committee.

(d)  No loan may be accepted or made bynoncandidate committees.

(e)  Any loan by a financial institution regulatedby the State or a federally chartered depository institution and made inaccordance with applicable law in the ordinary course of business, or a loan bya candidate of the candidate's own funds, or a loan from immediate familymembers of a candidate using their own funds to the candidate's committee shallnot be deemed a contribution and not subject to the contribution limitsprovided in section 11-204 or the loan limit and repayment provisions ofsubsection (b) and (c); provided that loans from the immediate family membersof the candidate shall remain subject to the provisions in section 11-204(c).

(f)  For the purposes of this section, a"loan" does not include expenditures made on behalf of a candidatecommittee by a candidate, volunteer, or employee if:

(1)  The candidate's, volunteer's, or employee'saggregate expenditures do not exceed $1,500 within a thirty-day period;

(2)  A dated receipt and a written description of thename and address of each payee and the amount, date, and purpose of eachexpenditure is provided to the candidate committee before the candidatecommittee reimburses the candidate, volunteer, or employee; and

(3)  The candidate committee reimburses the candidate,volunteer, or employee within forty-five days of the expenditure being made. [LSp 1995, c 10, pt of §2(1); am L 1997, c 375, §9; am L 2005, c 203, §9; am L2008, c 244, §27]