South Carolina Code 8-13-1326. Loans to candidates considered contributions; limitations; exceptions
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(A) A loan is considered a contribution from the maker or the guarantors of the loan and is subject to the contribution limitations of this article.
(B) A loan to a candidate must be by written agreement.
Terms Used In South Carolina Code 8-13-1326
- Business: means a corporation, partnership, proprietorship, firm, an enterprise, a franchise, an association, organization, or a self-employed individual. See South Carolina Code 8-13-1300
- Candidate: means : (a) a person who seeks appointment, nomination for election, or election to a statewide or local office, or authorizes or knowingly permits the collection or disbursement of money for the promotion of his candidacy or election; (b) a person who is exploring whether or not to seek election at the state or local level; or (c) a person on whose behalf write-in votes are solicited if the person has knowledge of such solicitation. See South Carolina Code 8-13-1300
- Contribution: means a gift, subscription, loan, guarantee upon which collection is made, forgiveness of a loan, an advance, in-kind contribution or expenditure, a deposit of money, or anything of value made to a candidate or committee to influence an election; or payment or compensation for the personal service of another person which is rendered for any purpose to a candidate or committee without charge, whether any of the above are made or offered directly or indirectly. See South Carolina Code 8-13-1300
- Loan: means a transfer of money, property, guarantee, or anything of value in exchange for an obligation, conditional or not, to repay in whole or in part. See South Carolina Code 8-13-1300
(C) The proceeds of a loan made to a candidate under the following conditions are not subject to the contribution limits of this article:
(1) by a commercial lending institution;
(2) in the regular course of business;
(3) on the same terms ordinarily available to members of the public; and
(4) secured or guaranteed upon which collection is not made.