(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 a public officer or public employee to knowingly receive, accept, take, seek, or solicit, directly or indirectly for himself or another a gift of substantial value or a substantial economic benefit tantamount to a gift:

1. (a) that 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;
2. (b) that the public officer or public employee knows or that a reasonable person in that position should know under the circumstances is primarily for the purpose of rewarding the public officer or public employee for official action taken; or
3. (c) if the public officer or public employee recently has been, is now, or in the near future may be involved in any governmental action directly affecting the donor or lender, unless a disclosure of the gift, compensation, or loan and other relevant information has been made in the manner provided in Section 67-16-6.

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

1. (a) an occasional nonpecuniary gift, having a value of not in excess of $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.