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Loan and suretyship

See field: provincial, school board

Loan

Only the official representative may contract a loan for a party or an authorized independent candidate. This loan may only be contracted with an elector of the municipality or a financial institution, at the current market rate of interest.

Maximum amount

If the lender is an elector, the loans and sureties granted to one or more parties or individuals running as authorized independent candidates must not exceed a maximum total amount of $5,000. Lenders may be the candidates themselves.

If the lender is a financial institution, loans are not subject to a maximum amount. However, the sureties granted by an elector to one or more parties or individuals running as authorized independent candidates must not exceed a maximum total amount of $5,000.

Loan from 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 cheque.

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.