The State Ethics Commission adopted Advisory Opinion AO2025-02 at its Dec. 4 meeting, answering four related questions about whether candidates may loan personal funds to leadership committees or PACs and whether repayments or subsequent transfers raise contribution‑limit issues.

Staff summarized the request from counsel and concluded that a personal loan is, in regulatory terms, a contribution in kind and that funds loaned by a candidate remain the candidate’s personal funds. "A contribution is — a loan is also a contribution," staff told commissioners in explaining the logic. The office concluded that a leadership committee or PAC that repays a candidate for personal funds advanced in that way is returning the candidate’s money rather than creating a new excess contribution in the hypothetical described.

Commissioners asked clarifying questions and made minor drafting edits to ensure the opinion’s language would not be misread in a more complex fact pattern. They approved the opinion as amended and asked staff to be careful about hypothetical permutations that might raise different reporting or contribution issues (for example, third‑party repayment or commingling). The AO reiterates that fact patterns matter and that contributors or creditors repaid in unusual ways may raise other compliance questions not answered by this limited advisory opinion.