Corporate Loans

Sec. 253.103. CORPORATE LOANS. (a) A corporation may not make a loan to a candidate, officeholder, or political committee for campaign or officeholder purposes unless: (1) the corporation has been legally and continuously engaged in the business of lending money for at least one year before the loan is made; and (2) the loan is made in the due course of business. (b) This section does not apply to a loan covered by Section 253.096. (c) A person who violates this section commits an offense. An offense under this section is a felony of the third degree. Amended by Acts 1987, 70th Leg., ch. 899, Sec. 1, eff. Sept. 1, 1987.