SEAC 84-16

A loan made in the due course of business from a bank to a candidate or office-holder is not required to be reported under Chapter 14, provided that no other person assisted the candidate or office-holder in obtaining the loan.

A subsequent loan by the candidate of the bank loan proceeds to a political committee constitutes an “expenditure” which is reportable by the candidate and a “contribution” which is reportable by the political committee.

A subsequent loan by the office-holder of the bank loan proceeds to a political committee does not constitute an office-holder “expenditure” and does not require reporting by the office-holder. However, it does constitute a “contribution” which is reportable by the political committee.