IL HB3029

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

Written agreements must specify the method and amount of repayment, and include the interest rate for loans, which may not substantially exceed the prevailing market interest rate at the time of execution.

Clarifies that the terms and conditions apply to loans or credit agreements "to or from" a committee, establishing mutual documentation requirements for both incoming and outgoing committee financing.

Takes effect immediately upon becoming law.