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Loan and suretyship

See field: municipal, school board

Loan

Only the official representative of a party, party authority, candidate or authorized independent Member may secure a loan. This can only be done with an elector or a financial institution at the current market interest rate.

Loan and suretyship of an elector

If a loan from an elector is granted at an interest rate that is less than the current rate, the difference between the two rates must be considered a contribution by the elector and a contribution receipt must be issued to him.

Any loan made by an elector must be made by means of a check or other payment order signed by the elector.

Only an elector may stand surety for a loan contracted by an official representative.

Loans and suretyships made by an elector may not exceed a total of $25,000. There is no maximum prescribed for a loan made at a recognized financial institution.

Declaration

The deed of loan or the suretyship must include a declaration by the elector that the loan is made or the suretyship is contracted on his own property, voluntarily, without compensation or for a consideration, and that it was not and will not be reimbursed in any way other than as provided by law.