Loans for Campaign Purposes

A candidate may only accept a loan from his or her spouse or a lending institution.

A candidate's committee may only accept a loan from the candidate, the candidate's spouse or a lending institution.

A political action committee may only accept a loan from a lending institution.

When a candidate or candidate's spouse puts money into the candidate's own campaign fund or campaign committee, that money may not be classified as a loan unless the candidate or spouse executes a loan agreement at the time the money is transferred.

The treasurer of a candidate's committee or political action committee may not accept money as a loan unless the loan agreement is executed and delivered to the treasurer at the time the money is transferred.

The loan agreement must include the following information:
    *  The names and addresses and signatures of both parties to the loan;
    *  The amount of the loan;
    *  The date of the loan;
    *  The terms of the loan, including interest rate and repayment schedule.
A copy of the loan agreement must be filed in writing with the filing officer no later than the deadline for filing the campaign finance report next following the date of the loan.

Enter the amount received as a loan and the date of the receipt for the period in which it was received.
Carry the balance forward to each successive reporting period until the loan is repaid.

In each reporting period, enter any repayments of principal with the corresponding loan.   Enter all interest amounts as itemized expenditures.  When all repayments of principal are complete, the loan balance will appear as zero.

The campaign cannot close out or file a final report until all loans are repaid.