§3-8-5f. Loans to candidates, organizations or persons for election purposes


Published: 2015

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WEST VIRGINIA CODE











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WVC 3 - 8 - 5 F

§3-8-5f. Loans to candidates, organizations or persons for

election purposes.

(a) No candidate, financial agent, person or association of

persons or organization advocating or opposing the nomination or

election of any candidate or the passage or defeat of any issue or

item to be voted upon may receive any money or any other thing of

value as a loan toward election expenses except from the candidate,

his or her spouse or a lending institution. All loans shall be

evidenced by a written agreement executed by the lender, whether

the candidate, his or her spouse, or the lending institution. Such

agreement shall state the date and amount of the loan, the terms,

including interest and repayment schedule, and a description of the

collateral, if any, and the full names and addresses of all parties

to the agreement. A copy of the agreement shall be filed with the

financial statement next required after the loan is executed.

(b) Loans may only be made in the regular course of business

by a lending institution which is a state bank, a federally

chartered depository institution (including a national bank) or a

depository institution whose deposits are insured by the federal

deposit insurance corporation or the national credit union

administration. Such loans shall be subject to the following

requirements:

(1) Endorsements or guarantees of such loans may be made by

the candidate or his or her spouse;

(2) Endorsements or guarantees of such loans by parties other than the candidate or his or her spouse may be made only to the

extent of the contribution limits established in this article; and

(3) No other form of security shall be furnished in connection

with such loans by any party other than the candidate or his or her

spouse.

(c) The provisions of this section shall not be construed to

prohibit a candidate or his or her spouse from lending money to the

candidate or to the candidate's political committee: Provided,

That the spouse of a candidate may not borrow money from a third

party other than a lending institution authorized to make loans

under this section for the purposes of lending money to the

candidate or the candidate's political committee.





Note: WV Code updated with legislation passed through the 2015 Regular Session

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