N.J. Admin. Code § 19:25-10.13

Current through Register Vol. 57, No. 1, January 6, 2025

Section 19:25-10.13 - Loans as contributions

(a) A loan received by a candidate, candidate committee, joint candidates committee, political committee, continuing political committee, political party committee or legislative leadership committee, or by the treasurer of such committee, shall be reported as a contribution by the person or entity making the loan.

(b) Notwithstanding (a) above, if a loan is made to a candidate, committee or treasurer by a banking or lending institution, and if the candidate as an individual using personal assets, or some third party person or entity, in the ordinary course of business, has guaranteed, co-signed or otherwise assured repayment of the loan to the banking or lending institution, the contributor of the loan shall be reported as the person or entity guaranteeing, co-signing or otherwise assuring the repayment of the loan, and the banking or lending institution shall not be deemed to be the contributor.

(c) A loan made by a banking or lending institution to a candidate, candidate committee, joint candidates committee, political committee, continuing political committee, political party committee or legislative leadership committee which loan is not secured pursuant to (b) above is a contribution to the candidate or committee by that banking or lending institution.

(d) An obligation by a contributor to pay for goods or services, which obligation is to be repaid by a candidate, candidate committee, joint candidates committee, political committee, continuing political committee, political party committee or legislative leadership committee, shall be reported as a contribution subject to contribution limits and shall be reported as an outstanding obligation.

(e) A loan shall be reported as a contribution at the time it is received and is a contribution as long as it remains unpaid.

(f) A contribution made by a candidate from his or her own funds to his or her candidate committee, or joint candidates committee, cannot be treated as a loan, and cannot be repaid to the candidate at any time, unless the candidate's candidate committee, or joint candidates committee, at the time the contribution is received, also reports the contribution amount as an outstanding obligation owed to that candidate. A candidate's candidate committee, or joint candidates committee, that fails to report a contribution from a candidate who established the candidate committee, or joint candidates committee, as an outstanding obligation owed to that candidate at the time the contribution is received shall be precluded from recharacterizing the contribution as a loan in amended or subsequent reports.

N.J. Admin. Code § 19:25-10.13

Amended by R.2000 d.322, effective 8/7/2000.
See: 32 New Jersey Register 1291(a), 32 New Jersey Register 2930(a).
Added (d) through (f).