NY S00983

Prohibits corporations, limited liability companies, limited liability partnerships, and partnerships from making contributions, loans, loan guarantees, or other security for loans to candidates or political committees, except when such entities are themselves political committees or the loan is in the regular course of the lender's business.

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

Treats any person endorsing, cosigning, guaranteeing, collateralizing, or otherwise providing security for a loan as a contributor if the loan is not repaid by the election date.

Repeals previous law that allowed corporations and corporate entities to make political expenditures and contributions up to $5,000 per calendar year.

Takes effect immediately upon enactment.