NY S04070

Eliminates the existing $5,000 annual aggregate limit on political contributions and expenditures by corporations, limited liability companies, and other corporate entities.

Prohibits corporations, limited liability companies, limited liability partnerships, and partnerships from making any contributions, loans, loan guarantees, or providing security for loans to candidates or political committees, except for business entities that are themselves political committees.

Requires loans made by any person, firm, or association to candidates or political committees to be repaid by the date of the primary, special, or general election, or the loan shall be treated as a contribution.

Includes anyone endorsing, cosigning, guaranteeing, or collateralizing a loan as liable for contribution limits if the loan is not repaid by election day.

Takes effect immediately upon enactment.