Part 5004 - Loans

Section 5004.1 - General requirements for all loans

(a) All applications for loans shall be made on forms approved and provided by the System.

(b) Any member who is credited with at least one year of service may apply for a loan.

(c) The unpaid balance of any defaulted loan must be fully repaid.

(d) Nothing in this Part 5004 shall authorize or require the System to make a loan which is not permitted under the applicable provisions of the Internal Revenue Code.

(Statutory authority: Education Law, §512-b; Retirement and Social Security Law, §§517-b, 613-a)