(1) As used in this section, "economic benefit tantamount to a gift" includes:

1. (a) a loan at an interest rate that is substantially lower than the commercial rate then currently prevalent for similar loans; and
2. (b) compensation received for private services rendered at a rate substantially exceeding the fair market value of the services.

(2) Except as provided in Subsection (4), it is an offense for an elected or appointed officer or municipal employee to:

1. (a) disclose or improperly use private, controlled, or protected information acquired by reason of the officer's or employee's official position or in the course of official duties in order to further substantially the officer's or employee's personal economic interest or to secure special privileges or exemptions for the officer or employee or for others;

2. (b) use or attempt to use the officer's or employee's official position to:

   1. (i) further substantially the officer's or employee's personal economic interest; or
   2. (ii) secure special privileges for the officer or employee or for others; or

3. (c) knowingly receive, accept, take, seek, or solicit, directly or indirectly, for the officer or employee or for another, a gift of substantial value or a substantial economic benefit tantamount to a gift that:

   1. (i) would tend improperly to influence a reasonable person in the person's position to depart from the faithful and impartial discharge of the person's public duties; or
   2. (ii) the person knows or that a reasonable person in that position should know under the circumstances is primarily for the purpose of rewarding the person for official action taken.

(3) Subsection (2)(c) does not apply to:

1. (a) an occasional nonpecuniary gift having a value of less than $50;
2. (b) an award publicly presented in recognition of public services;
3. (c) any bona fide loan made in the ordinary course of business; or
4. (d) a political campaign contribution.