Texas Election Code

§ 253.103 — CORPORATE LOANS

EL § 253.103Title 15. REGULATING POLITICAL FUNDS AND CAMPAIGNS · Ch. 253. RESTRICTIONS ON CONTRIBUTIONS AND EXPENDITURES · Art. D. CORPORATIONS AND LABOR ORGANIZATIONS

Statute text

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(a)A corporation may not make a loan to a candidate, officeholder, or political committee for campaign or officeholder purposes unless:

(1)the corporation has been legally and continuously engaged in the business of lending money for at least one year before the loan is made; and

(2)the loan is made in the due course of business.

(b)This section does not apply to a loan covered by Section 253.096.

(c)A person who violates this section commits an offense. An offense under this section is a felony of the third degree.

Legislative history

Amended by Acts 1987, 70th Leg., ch. 899, Sec. 1, eff. Sept. 1, 1987.