(A) A loan is considered a contribution from the maker or the guarantors of the loan and is subject to the contribution limitations of this article. (B) A loan to a candidate must be by written agreement. (C) The proceeds of a loan made to a candidate under the following conditions are not subject to the contribution limits of this article: (1) by a commercial lending institution; (2) in the regular course of business; (3) on the same terms ordinarily available to members of the public; and (4) secured or guaranteed upon which collection is not made. HISTORY: 1991 Act No. 248, Section 3, eff January 1, 1992 and governs only transactions which take place after December 31, 1991.
South Carolina Legal Code