AN ACT TO AMEND TITLE 15 OF THE DELAWARE CODE RELATING TO ELECTIONS.

This Act requires that a loan to a political committee be documented by a written record reported to the State Election Commissioner that includes all of the following: (1) The lender’s name, address, and signature. (2) A statement of the schedule for repayment of the loan. (3) A statement of the interest rate of the loan. However, if the loan is made by a candidate to the candidate’s candidate committee, a statement of the schedule for repayment and interest rate of the loan is not required. The proceeds of the loan are required to be deposited in the political committee’s account at a financial institution within 3 business days of receipt of the proceeds. The proceeds of the loan must not be held in a candidate’s personal account at a financial institution or in the account of another person. The proceeds must be held in the political committee’s account until an expenditure is made or until the next reporting period. This Act increases the minimum amount of a debt or the proceeds of a political committee that must be reported to the Commissioner. This Act also requires a political committee to designate with the State Election Commissioner a financial institution with a main office or branch office in this State which is the depository for contributions to the political committee. The political committee is required to provide copies of the most recent month-end account statement and an account statement for the month in which a loan was initiated, if applicable, to cover each period a report of contributions and expenditures is due. Finally, this Act makes technical corrections to conform existing law to the standards of the Delaware Legislative Drafting Manual.