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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 29 U.S.C. § 503 Financial transactions between labor organization and officers and employees us united_states_code code_section 29 LABOR 11 LABOR-MANAGEMENT REPORTING AND DISCLOSURE PROCEDURE 503 29 U.S.C. § 503 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc29@119-100.zip /us/usc/t29/s503 data/legal/raw/us/code/title-29/usc29.xml 7e9706a072965209f0eb6f32fd94cf285b62566f101902435c59c05ca2577278 123f65eaf0f6719b01d66f4a47cd03d5134b66fbd92ae96d7387b67454b98476 1d33daa90935670345d9c2e782a99d0bb1231738e0ca31e5a0408c65e6a293d1 2026-07-04 official
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29 U.S.C. § 503 - Financial transactions between labor organization and officers and employees

Text

(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. 86257, title V, § 503, Sept. 14, 1959, 73 Stat. 536.)