Bill Text: NY A05488 | 2019-2020 | General Assembly | Introduced

Bill Title: Prohibits certain political contributions and loans by certain organizations; provides that loans not repaid by the date of the primary or election shall be considered a contribution.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced) 2019-02-12 - referred to election law [A05488 Detail]

Download: New_York-2019-A05488-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 12, 2019
        Introduced  by M. of A. CARROLL -- read once and referred to the Commit-
          tee on Election Law
        AN ACT to amend the election law, in relation to political contributions
          by certain organizations
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subdivision  2  of section 14-116 of the election law, as
     2  amended by chapter 4 of the laws of 2019, is amended to read as follows:
     3    2. a. Notwithstanding [the  provisions  of  subdivision  one  of  this
     4  section,  any  corporation  or  an organization financially supported in
     5  whole or in part, by such corporation, any limited liability company  or
     6  other  corporate  entity may make expenditures, including contributions,
     7  not otherwise prohibited by law, for political purposes,  in  an  amount
     8  not  to  exceed  five  thousand dollars in the aggregate in any calendar
     9  year; provided that no public utility shall use revenues  received  from
    10  the  rendition  of public service within the state for contributions for
    11  political purposes unless such cost is charged to  the  shareholders  of
    12  such  a  public service corporation.]  any other provision of law to the
    13  contrary, no contribution, loan, loan guarantee or  other  security  for
    14  such  a  loan  from  any corporation, limited liability company, limited
    15  liability partnership or partnership, other than in the  regular  course
    16  of  the  lender's  business, may be accepted by a candidate or political
    17  committee, other than a corporation, limited liability company,  limited
    18  liability  partnership or partnership that is a political committee, for
    19  all nominations to any office or election to any office.
    20    b. A loan made to a candidate or political  committee,  other  than  a
    21  constituted  committee,  by  any  person,  firm  or association shall be
    22  repaid by the date of the primary, special or general election,  as  the
    23  case  may  be,  or  such loan shall be considered a contribution by such
    24  person, firm or association including any person  endorsing,  cosigning,
    25  guaranteeing, collateralizing or other providing security for the loan.
    26    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.