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RegSenseUnions/Labor RelationsAgency PublicationCompliance DocsLabor Management Reporting and Disclosure Act (LMRDA)HR ManagementFocus AreaHuman Resources
503 - Financial transactions between labor organization and officers and employees
(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.
(Pub. L. 86-257, title V, §503, Sept. 14, 1959, 73 Stat. 536.)
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