Title 29 — LaborRelease 119-73
§503 Financial transactions between labor organization and officers and employees
Title 29 › Chapter CHAPTER 11— - LABOR-MANAGEMENT REPORTING AND DISCLOSURE PROCEDURE › Subchapter SUBCHAPTER VI— - SAFEGUARDS FOR LABOR ORGANIZATIONS › § 503
Summary
Labor unions must not give loans, in any way, that make an officer or employee owe the union more than $2,000. Unions and employers must not pay the fine of any officer or employee who is found guilty of knowingly breaking this law. Anyone who knowingly breaks these rules can be fined up to $5,000, jailed for up to one year, or both.
Full Legal Text
Title 29, §503
Labor — Source: USLM XML via OLRC
(a)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)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)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.
Reference
Citations & Metadata
Citation
29 U.S.C. § 503
Title 29 — Labor
Last Updated
Apr 6, 2026
Release point: 119-73