IL HB0649

Amends Section 9-8.10 of the Election Code to require all loan and credit agreements involving political committees to be documented in written agreements executed by the committee chair or treasurer at the time of the transaction.

Written agreements must specify the method and amount of repayment, and set forth any interest rate that cannot substantially exceed the prevailing market interest rate at the time the agreement is executed.

Clarifies that the written agreement requirement applies to loans or credit agreements "to or from" a political committee, expanding the scope beyond just loans made to committees.

Takes effect immediately upon becoming law.