214F Return of loan provided by same lender exceeding $30,000

(1)

A party secretary must file with the Electoral Commission a return in respect of every loan entered into that has a loan amount exceeding $30,000.

(2)

A party secretary must file with the Electoral Commission a return in respect of every loan entered into—

(a)

that is provided by a lender who, in the 12 months immediately preceding the date on which the loan was entered into (the last 12 months), has provided 1 or more other loans to the party (previous loans); and

(b)

that exceeds $30,000 when the amount of the loan is aggregated with the loan amounts of all the previous loans.

(3)

If a return is made under subsection (2), the loans disclosed in that return must be disregarded when applying this section in relation to a loan that is entered into by the party after that return is filed.

(4)

A return filed under subsection (1) must be in the form required by the Electoral Commission and must set out—

(a)

the name of the lender; and

(b)

the address of the lender; and

(c)

the loan amount; and

(d)

the date on which the loan was entered into; and

(e)

the repayment date for the loan, or a statement that there is no repayment date; and

(f)

the interest rate or rates; and

(g)

the unpaid balance of the loan amount, if any; and

(h)

the name and address of any guarantor of the loan; and

(i)

the details of any security given for the loan; and

(j)

whether there is any term of the loan agreement or arrangement that enables the lender to reduce or extinguish the loan amount or interest, or both, or grant any concession in respect of repayment of that amount or interest, or both.

(5)

A return filed under subsection (2) must be in the form required by the Electoral Commission and must set out—

(a)

the details specified in subsection (4) in respect of—

(i)

the loan; and

(ii)

all previous loans; and

(b)

the total of the aggregated loan amount.

(6)

A return must be filed under subsection (1) or (2) within 10 working days of the loan being entered into by the party.

Section 214F: inserted, on 25 March 2014, by section 41 of the Electoral Amendment Act 2014 (2014 No 8).