Statute · United States Code
29 U.S.C. § 503 — Financial transactions between labor organization and officers and employees
29 U.S.C. § 503
- Type
- Statute
- Source
- United States Code
- Jurisdiction
- Federal
- Date
- 2026-10-22
(a) Direct and indirect loans No labor organization shall make directly or indirectly any loan or loans to any officer or employee of such organization which results in a total indebtedness on the part of such officer or employee to the labor organization in excess of $2,000. (b) Direct or indirect payment of fines No labor organization or employer shall directly or indirectly pay the fine of any officer or employee convicted of any willful violation of this chapter. (c) Penalty for violations Any person who willfully violates this section shall be fined not more than $5,000 or imprisoned for not more than one year, or both.
Citator
29 U.S.C. § 503 — Financial transactions between labor organization and officers and employees is in force in the current edition of the Code, and nothing recorded condemns it.
(a) Direct and indirect loans No labor organization shall make directly or indirectly any loan or loans to any officer or employee of such organization which results in a total indebtedness on the part of such officer or employee to the labor organization in excess of $2,000. (b) Direct or indirect payment of fines No labor organization or employer shall directly or indirectly pay the fine of any officer or employee convicted of any willful violation of this chapter. (c) Penalty for violations Any person who willfully violates this section shall be fined not more than $5,000 or imprisoned for not more than one year, or both.