§ 18530.8. Personal Loans.

(a) Any personal loan made before January 1, 2001, by a candidate for elective state office does not count toward the $100,000 loan limit of subdivision (b) of Government Code section 85307.

(b) For purposes of subdivision (b) of Government Code section 85307 and this regulation, “campaign” encompasses both the primary and general elections or special and special runoff elections for a specific term of elective state office. “Campaign” includes any of the candidate's controlled committees formed for the purpose of seeking that elective state office and all committees formed for the purpose of supporting the candidate's candidacy for that elective state office.

(c) The proceeds of a loan that meets the terms of subdivision (a) of Government Code section 85307, which the candidate then lends to his or her campaign, count toward the $100,000 loan limit of subdivision (b) of Government Code section 85307. Both the candidate and the commercial lending institution must be disclosed as the sources of the loan.

(d) A candidate may make a series of personal loans to his or her campaign as long as the outstanding balance does not exceed $100,000 at the time of making the loans. If a candidate's personal loan balance has reached the $100,000 limit, the loan balance must be reduced before the candidate may make any additional loans to his or her campaign.

HISTORY

1. New section filed 2-19-2002; operative 3-21-2002 (Register 2002, No. 8).

2. Amendment of subsection (c) filed 11-9-2004; operative 11-9-2004 pursuant to Government Code section 11343.4 (Register 2004, No. 46).

Note

Note: Authority cited: Section 83112, Government Code. Reference: Section 85307, Government Code.