SB1477 Summary

• Requires loan agreements made to political committees to be included in quarterly campaign finance reports covering the period when the agreement was made and all subsequent reports until the loan is fully repaid.

• Mandates that all loans to political committees must include an interest rate set at the prevailing market interest rate at the time the agreement is executed, removing previous language allowing rates that "may not substantially exceed" market rate.

• Requires quarterly reports to include the written agreement or promissory note describing loan terms, including the interest rate and maturity date.

• Takes effect immediately upon becoming law.