970 CMR, § 1.05

Current through Register 1533, October 25, 2024

Section 1.05 - Loans

(1) All loans by a candidate to the political committee organized on behalf of that candidate are subject to the following:

(a) If the candidate borrows money with interest from a banking institution in the ordinary course of business, and if he or she lends those same funds to his political committee, he may charge his or her committee the exact terms he or she is being charged by the banking institution, provided however, that he or she may do so only on the exact amount he or she has loaned to his or her committee from funds loaned to him or her by the banking institution.

(b) If a candidate makes a loan to his or her political committee from his or her own personal funds without having secured a bank loan he or she may not charge his or her committee interest or any other costs.

(2)Statutory Limitations.

(a) Candidates for any statewide office and for the offices of state senator and state representative shall not loan, per election, more than the following amounts to their committee:

Governor, Lieutenant Governor	$200,000
Secretary of State	$150,000
Treasurer	$150,000
Auditor	$150,000
Attorney General	$150,000
State senator	$50,000
State representative	$30,000

(b) For the purpose of 970 CMR 1.05, the phrase "per election" shall mean any regular or special preliminary or primary election, or any regular or special general election and shall include the period between the prior relevant primary or election and the following primary or election. For example, a state senator may loan his committee $50,000 for the period between the prior November election and the following September primary which occurs approximately 22 months later, and loan an additional $50,000 for the period between that September primary and the following November election.

(c) All other candidates may make loans to their committees in unlimited amounts.