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      Handling candidate loans, debts and advances

Handling candidate loans, debts and advances A loan from a person or committee to a candidate or political committee is a contribution to the extent that it remains unpaid. Once repaid in full, a loan no longer counts against the contributor’s contribution limit. Unlike other loans, bank loans are not considered contributions if they are made in the ordinary course of business and on a basis that assures repayment. A corporate vendor may extend credit to a political committee in the ordinary course of business and under substantially similar terms offered to a nonpolitical committee. However, it may not extend credit for a longer period of time than is normally practiced in the creditor’s trade. Any settlement of a debt between a creditor and a political committee for less than the full amount owed must comply with the debt settlement procedures prescribed by FEC rules. When an individual uses personal funds (or personal credit) to pay for a campaign expense, that payment is generally an in-kind contribution from that individual. Special reporting rules apply to loans, debts and advances.
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            Advances
 Loans
        A loan, including a loan to the campaign from a member of the candidate’s family, is considered a contribution to the extent of the outstanding balance of the loan. (Bank loans, however, are not considered contributions if made in the ordinary course of business and on a basis that assures repayment.)An unpaid loan, when added to other contributions from the same contributor, must not exceed the contribution limit. Repayments made on the loan reduce the amount of the contribution. Once repaid in full, a loan no longer counts against the contributor’s contribution limit. However, a loan exceeding the limit is unlawful even if it is repaid in full.Besides being reported as a contribution, a loan must be continuously reported until it is fully repaid.
        Bank loans
        
           Brokerage loans
        
           Personal loans from the candidate Debts
        Unpaid bills and written contracts or agreements to make expenditures are considered debts. Debts and obligations must be reported continuously until repaid.
        Disclosing debts
        
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           How to handle unpayable debts
        
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           Settling debts for less than the amount owed
        
           Assigning debts to another committee
        
           Debts owed by publicly funded presidential candidates Advances
        When an individual uses personal funds (or personal credit) to pay for a campaign expense, that payment is generally an in-kind contribution from that individual.Although such expenses are considered in-kind contributions until reimbursed, special reporting rules apply when individuals pay for campaign expenses and later receive reimbursement.
        Advances by individuals


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This information is not intended to replace the law or to change its meaning, nor does this information create or confer any rights for or on any person or bind the Federal Election Commission or the public. The reader is encouraged also to consult the Federal Election Campaign Act of 1971, as amended (52 U.S.C. 30101 et seq.), Commission regulations (Title 11 of the Code of Federal Regulations), Commission advisory opinions and applicable court decisions.


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