La. Admin. Code tit. 32 § VII-1103

Current through Register Vol. 50, No. 11, November 20, 2024

Section VII-1103 - Maximum Loan Amount

A. In no event shall any loan made to a participant be in an amount which shall cause the outstanding aggregate balance of all loans made to such participant under this plan exceed the lesser of:

1. $50,000, reduced by the excess (if any) of:

a. the highest outstanding balance of loans from the plan to the participant during the one-year period ending on the day before the date on which the loan is made;

b. over the outstanding balance of loans from the plan to the participant or the beneficiary on the date on which the loan is made; or

2. one-half of the participant's account balance.

La. Admin. Code tit. 32, § VII-1103

Promulgated by the Department of the Treasury, Deferred Compensation Commission, LR 28:1500 (June 2002), amended LR 32:123 (January 2006).

AUTHORITY NOTE: Promulgated in accordance with R.S. 42:1301-1308 and IRC §457.