Section 4-10-004 - Limitations on Loans and Interest, All CommitteesA candidate committee shall not accept more than fifteen thousand dollars ($15,000) in loans prior to or during the first thirty (30) days after formation of his or her candidate committee. On and after the 31st day after a candidate committee is required to be formed pursuant to the provisions of § 49-1413, the committee shall not accept loans in an aggregate amount of more than fifty percent (50%) of contributions of money received which are other than the proceeds of loans. Any loans which have been repaid as of such date shall not be taken into account for the purposes of the aggregate loan limit. (§ 49-1446.04 )
01. The restriction on loans received on and after the 31st day after a candidate committee is required to be formed pursuant to the provisions of § 49-1413 continues until the end of the term of the office to which the candidate sought nomination or election, regardless of whether the candidate is elected to office.02. The provisions of this section are applicable to loans from any source, including loans by the candidate to his or her committee.03. A committee shall be considered formed upon raising, receiving, or spending more than five thousand dollars ($5,000) in a calendar year. (§ 49-1413 )04. A candidate committee shall not pay interest on a loan made to the committee by the candidate, a member of the immediate family of the candidate, or a business with which the candidate is associated. (§ 49-1446.04(1) ) 04A. Immediate family means a child residing in a candidate's household, a spouse of the candidate, or an individual claimed by the candidate or the candidate's spouse as a dependent for federal income tax purposes. (§ 49-1425 )04B. Business with which the candidate is associated means a business 1) in which the candidate is a partner, limited liability company member, director, or officer; or 2) in which the candidate or a member of the candidate's immediate family is a stockholder of closed corporation stock worth one thousand dollars ($1,000) or more at fair market value or which represents more than a five percent (5%) equity interest, or is a stockholder of publicly traded stock worth ten thousand dollars ($10,000) or more at fair market value or which represents more than a ten percent (10%) equity interest. (§ 49-1408 )4 Neb. Admin. Code, ch. 10, § 004
Amended effective 12/9/2015.