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Virginia > Title 24.2 Elections > Campaign Finance Disclosure Act Of 2006

§ 24.2-947.4:1 Loans to candidate campaign committees; prohibited interest payments; civil penalty

Overview of Statute

This statute governs loans made by candidates or their families to the candidate’s campaign committee. It also establishes the penalty for violating the statute.

Statute

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.

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.

Definition [Campaign committee]

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 § 24.2-945.1.

Definition [Candidate campaign committee]

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 § 24.2-955.1.

Definition [State]

A state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.

See § 24.2-452.

Definition [Person]

Any individual or corporation, partnership, business, labor organization, membership organization, association, cooperative, or other like entity.

For the purpose of applying the filing and reporting requirements of this chapter, the term “person” shall not include an organization holding tax-exempt status under § 501(c) (3), 501(c) (4), or 501(c) (6) of the United States Internal Revenue Code which, in providing information to voters, does not advocate or endorse the election or defeat of a particular candidate, group of candidates, or the candidates of a particular political party.

See § 24.2-945.1.

Definition [Candidate]

A person who seeks or campaigns for an office of the Commonwealth or one of its governmental units in a general, primary, or special election and who is qualified to have his name placed on the ballot for the office. “Candidate” shall include a person who seeks the nomination of a political party or who, by reason of receiving the nomination of a political party for election to an office, is referred to as its nominee. For the purposes of Chapters 8 (§ 24.2-800 et seq.), 9.3 (§ 24.2-945 et seq.), and 9.5 (§ 24.2-955 et seq.), “candidate” shall include any write-in candidate. However, no write-in candidate who has received less than 15 percent of the votes cast for the office shall be eligible to initiate an election contest pursuant to Article 2 (§ 24.2-803 et seq.) of Chapter 8. For the purposes of Chapters 9.3 (§ 24.2-945 et seq.) and 9.5 (§ 24.2-955 et seq.), “candidate” shall include any person who raises or spends funds in order to seek or campaign for an office of the Commonwealth, excluding federal offices, or one of its governmental units in a party nomination process or general, primary, or special election; and such person shall be considered a candidate until a final report is filed pursuant to Article 3 (§ 24.2-947 et seq.) of Chapter 9.3.

See § 24.2-101.

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