(a) It shall not be deemed a violation of the standards of this article if the interest of a public officer or employee in a person or business entity is a contractual obligation of less than five hundred dollars ($500.00) which has not been preceded by any other obligation, discharged or existing, between the parties, and which is not the first in a series of two or more loans or debts which either of the parties is under an obligation to make or incur.
(b) A commercially reasonable loan made in the ordinary course of business by an institution authorized by the laws of this state to engage in the making of such loans shall not be deemed to create an interest in violation of this article.
(c) A contract for a commercial retail sale, even though over the value of five hundred dollars ($500.00) shall not be deemed to create an interest in violation of this article.
(Code 1976, § 2-3004) (Ord. No. 010-17HR, § II, 4-4-17)