Log in to view your state's edition
You are not logged in
 
Hide Topic Navigator
Loans
National Summary
Employers may consider advancing money to employees facing serious financial hardship or as financial incentives. However, employers must carefully consider the complications the lender-borrower relationship will add to the employer-employee relationship. Employers that regularly make loans or advances to employees may be subject to the disclosure requirements of consumer credit laws. If an employee is required to repay a loan through payroll deductions, employers must comply with state laws related to such deductions. Before making advances or loans to employees, employers should have a written policy that clearly states who is eligible for a loan and under what circumstances. However, when an employee is having serious financial and personal difficulties, the best course of action is often to refer the employee to an Employee Assistance Program or a consumer credit counseling organization.
Summary for [Your State]

Related Topics
Resources
Filter Document Types:
Filter Dates: Applies to News & White Papers
TypeTitleDateState
80464faqs.aspxQuestions & Answers Are 401K loans subject to the provisions of the Truth in Lending Act? 08/13/2009National
80963timesavers.aspxForms Consent to Payroll Deductions Form  National
16547timesavers.aspxPolicies Loans and Pay Advances  National
16548timesavers.aspxPolicies Loans and Pay Advances (Alternative or Additional Provisions)  National
78066timesavers.aspxForms Loans and Pay Advances (Consent to Payroll Deductions Form)  National
WEBARRAY6
Copyright � 2014 Business & Legal Resources. All rights reserved. 800-727-5257
This document was published on http://HR.BLR.com
Document URL: http://hr.blr.com/HR-topics/Benefits-Leave/Loans-Employees