Form F-7 - West Virginia Campaign Financial Statement (Long Form) (Page 6 of 9) in pdf

Form F-7 - West Virginia Campaign Financial Statement (Long Form) Page 6

Page 6

LOANS

West Virginia Code §3-8-5f

Loans to candidates, organizations or persons for election purposes.

“No candidate, ﬁnancial agent, person or associa on of persons or organiza on advoca ng or opposing the nomina on or elec on of any candi-

date or the passage or defeat of any issue or item to be voted upon may receive any money or any other thing of value as a loan toward elec on

expenses except from the candidate, his or her spouse or a lending ins tu on. All loans shall be evidenced by a wri en agreement executed by

the lender, whether the candidate, his or her spouse, or the lending ins tu on. Such agreement shall state the date and amount of the loan, the

terms, including interest and repayment schedule, and a descrip on of the collateral, if any, and the full names and addresses of all par es to

the agreement. A copy of the agreement shall be ﬁled with the ﬁnancial statement next required a er the loan is executed.“

The loan agreement must include all items asked for in the statute. The loan agreement does not have to follow a certain format; generally, if

all required informa on is listed, any format is accepted.

Any money a candidates contributes to his or her campaign commi ee with the hope of repayment must be treated as a loan and reported in

this sec on. When a candidate determines that no further repayments can be expected, the loan can be reported as repaid in the sec ons by

entering the amount le to repay in the repayments column and repor ng the came amount as a contribu on from the candidate on Page 2.

How to Report Loans

1. Each loan for your campaign must be listed on a separate line. Each me you loan money to the campaign, it is considered a

separate loan. Include the following informa on on the form below:

Loans from previous repor ng periods, and the balance of each loan;

Any payments made on loans;

New loans.

2. A ach a copy of the loan agreement for every new loan received during this repor ng period.

LOANS

Bank Loans: List name & address of

Column A

Column B

Column C

ﬁnancial ins tu on

Repayments

Outstanding balance

Balance of previous loan

Amount of new loan

during period

at end of period

Candidate Loans: List name, residence

at end of period

received during period

address and mailing address of person

Date

Amount

making or cosigning loan.

Date

Amount

Date

Amount

mount

Loans Received

Repayment of Loans

Outstanding Loans

Totals:

Form F-7 - West Virginia Campaign Financial Statement (Long Form) Page 6

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