(a) The provisions of this article regarding loans apply to extensions of credit, but do not apply to loans made to a candidate by a commercial lending institution in the lender’s regular course of business on terms available to members of the general public for which the candidate is personally liable.
(b) Notwithstanding subdivision (a), a candidate for elective state, county, or city office shall not personally loan to the candidate’s campaign, including the proceeds of a loan obtained by the candidate from a commercial lending institution, an amount, the outstanding balance of which exceeds one hundred thousand dollars ($100,000). A candidate shall not charge interest on any loan the candidate made to the candidate’s campaign. This subdivision does not apply to a jurisdiction in which the county or city imposes a limit on contributions pursuant to Section 85702.5.
(c) This section shall become operative on January 1, 2021.
(Repealed (in Sec. 9) and added by Stats. 2019, Ch. 556, Sec. 10. (AB 571) Effective January 1, 2020. Section operative January 1, 2021, by its own provisions.)