(a) The provisions of this article regarding loans apply to extensions of credit, but do not apply to loans made to a candidate by a commercial lending institution in the lender’s regular course of business on terms available to members of the general public for which the candidate is personally liable.
(b) Notwithstanding subdivision (a), a candidate for elective state office shall not personally loan to the candidate’s campaign, including the proceeds of a loan obtained by the candidate from a commercial lending institution, an amount, the outstanding balance of which exceeds one hundred thousand dollars ($100,000). A candidate shall not charge interest on any loan the candidate made to the candidate’s campaign.
(c) This section shall remain in effect only until January 1, 2021, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2021, deletes or extends that date.
(Amended by Stats. 2019, Ch. 556, Sec. 9. (AB 571) Effective January 1, 2020. Repealed as of January 1, 2021, by its own provisions. See later operative version added by Sec. 10 of Stats. 2019, Ch. 556. Note: This section was added by Stats. 2000, Ch. 102, and approved in Prop. 34 on Nov. 7, 2000.)
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