§ 503. Financial transactions between labor organization and officers and employees

• (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.