Virginia Code 24.2-947.4:1: Loans to candidate campaign committees; prohibited interest payments; civil penalty.
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.
Terms Used In Virginia Code 24.2-947.4:1
- Campaign committee: means the committee designated by a candidate to receive all contributions and make all expenditures for him or on his behalf in connection with his nomination or election. See Virginia Code 24.2-945.1
- Candidate: means "candidate" as defined in § Virginia Code 24.2-945.1
- Person: means any individual or corporation, partnership, business, labor organization, membership organization, association, cooperative, or other like entity. See Virginia Code 24.2-945.1
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
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.