Title 29 — LaborRelease 119-73not60
§503 Financial Transactions Between Labor Organization and Officers and Employees
Title 29 › Chapter 11— LABOR-MANAGEMENT REPORTING AND DISCLOSURE PROCEDURE › Subchapter VI— SAFEGUARDS FOR LABOR ORGANIZATIONS › § 503
Summary
A labor union must not lend money to one of its officers or employees in any way that leaves that person owing more than $2,000 to the union. A union or an employer must not pay the fine for an officer or employee who is convicted of intentionally breaking a rule in this chapter. Anyone who intentionally 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 5, 2026
Release point: 119-73not60