Sec. 503. making of loans; payment of fines
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/statute-compilations/comps-1511/sec-503A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## Sec. 503 making of loans; payment of fines ###
(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 Act. ###
(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. **[**[29 U.S.C. 503](/us/usc/t29/s503)**]** Enacted September 14, 1959, P.L. 86–257, title V, sec. 503, 73 Stat. 536.
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- 73 Stat. 536
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