Hern restructures campaign loan from bank he founded
U.S. Rep. Kevin Hern has paid only $30,000 toward a $650,000 campaign loan made last year by a bank that Hern helped create and govern.
The loan was made by Firstar Bank in June 2018 and did not require Hern to pledge any collateral.
Federal election law allows candidates to take out bank loans to finance campaigns if the terms are no more favorable than loans to other borrowers of comparable creditworthiness and repayment is assured.
Hern, a Tulsa Republican, is serving his first term in Congress.
Under the original terms, full payment on the campaign loan was due by June 26, according to the bank document submitted to the Federal Election Commission.
Read more: https://oklahoman.com/article/5637685/hern-restructures-campaign-loan-from-bank-he-founded
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