This bill amends Minnesota Statutes 2022, section 10A.27, subdivision 8, to prohibit a candidate's principal campaign committee from accepting loans from the candidate if the loan terms require the committee to pay interest. Additionally, it establishes that any principal campaign committee that accepted such a loan with interest after January 1, 2022, must refund the interest payments to contributors on a pro rata basis by July 1, 2024.

The bill also includes a retroactive provision, making the new restrictions on loans effective from January 1, 2022. The requirement for refunding interest payments is effective the day following the final enactment of the bill. These changes aim to enhance transparency and fairness in campaign financing by limiting the financial obligations of campaign committees to their candidates.

Statutes affected:
Introduction: 10A.27