,,ii  #aac? ,,congress  #a/ ,session    
,s4 #fjf  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #ai1 #bjac ,mr4   
,nelson 7= himself & ,mr4 ,enzi7        
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to modify ! rules 
relat+ to loans made f a qualifi$       
employ] plan1 & = o!r purposes4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,%r9k+ ,em]g5cy ,acc\nt ,losses ,act (  
#bjac or ! ,,seal ,act4  #b4 ,ext5d$    
rollov] p]iod = ! rollov] ( plan loan   
(fset am\nts 9 c]ta9 cases  7a7 ,9 g5]al
 ,p>agraph 7#c7 ( section #djb7;c7 ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new           
subp>agraph3  7,c7 ,rollov] ( c]ta9 plan
 loan (fset am\nts  7i7 ,9 g5]al ,9 !   
case ( a qualifi$ plan loan (fset am\nt1
 p>agraph 7#a7 %all n apply to any      
transf] ( su* am\nt made aft] ! due date
 7includ+ ext5sions7 = fil+ ! return (  
tax = ! taxable ye> 9 :i* su* am\nt is  

treat$ z di/ribut$ f a qualifi$ employ] 
plan4  7ii7 ,qualifi$ plan loan (fset   
am\nt ,= purposes ( ?is subp>agraph1 !  
t]m qualifi$ plan loan (fset am\nt means
 a plan loan (fset am\nt :i* is treat$ z
 di/ribut$ f a qualifi$ employ] plan to 
a p>ticipant or b5efici>y solely by     
reason (--  7,i7 ! t]m9ation ( !        
qualifi$ employ] plan1 or  7,,ii7 !     
failure to meet ! repaym5t t]ms ( ! loan
 f su* plan because ( ! sep>ation f     
s]vice ( ! p>ticipant 7:e!r due to      
lay(f1 cessation ( bus9ess1 t]m9ation ( 
employm5t1 or o!rwise74  7iii7 ,plan    
loan (fset am\nt ,= purposes ( clause   
7ii71 ! t]m plan loan (fset am\nt means 
! am\nt by :i* ! p>ticipant's accru$    
b5efit "u ! plan is r$uc$ 9 ord] to     
repay a loan f ! plan4  7iv7 ,limitation
 ,?is subp>agraph %all n apply to any   
plan loan (fset am\nt unless su* plan   
loan (fset am\nt relates to a loan to   
:i* section #gb7p77#a7 does n apply by  
reason ( section #gb7p77#b74  7v7       
,qualifi$ employ] plan ,= purposes ( ?is

 subsection1 ! t]m qualifi$ employ] plan
 has ! mean+ giv5 su* t]m by section    
#gb7p77#d74  4  7b7 ,con=m+ am5dm5t     
,subp>agraph 7,a7 ( section #djb7;c77#c7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by /rik+ subp>agraph 7,b7 & ins]t+
 subp>agraphs 7,b7 & 7,c74  7c7         
,effective date ,! am5dm5ts made by ?is 
section %all apply to transf]s made aft]
 ! date ( ! enactm5t ( ?is ,act4  #c4   
,modification ( rules gov]n+ h>d%ip     
di/ributions ,n lat] ?an #a ye> aft] !  
date ( ! enactm5t ( ?is ,act1 !         
,secret>y ( ! ,treasury %all modify     
,treasury ,regulation section           
#a4dja7k7-#a7;d77#c77;iv77,e7 to--  7#a7
 delete ! prohibition impos$ by p>agraph
 7#b7 !re(1 &  7#b7 to make any o!r     
modifications necess>y to c>ry out !    
purposes ( section                      
#dja7k77#b77;,b77i77,,iv7 ( ! ,int]nal  
,rev5ue ,code ( #aihf4  #d4 ,qualifi$   
employ] plans prohibit$ f mak+ loans    
?r\gh cr$it c>ds & o!r simil>           
arrangem5ts  7a7 ,9 g5]al ,p>agraph 7#b7

 ( section #gb7p7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by r$esignat+    
subp>agraph 7,d7 z subp>agraph 7,e7 & by
 ins]t+ aft] subp>agraph 7,c7 ! foll[+  
new subp>agraph3  7,d7 ,prohibition (   
loans ?r\gh cr$it c>ds & o!r simil>     
arrangem5ts ,subp>agraph 7,a7 %all n    
apply to any loan :i* is made ?r\gh !   
use ( any cr$it c>d or any o!r simil>   
arrangem5t4  4  7b7 ,effective date ,!  
am5dm5ts made by ?is section %all apply 
to plan ye>s beg9n+ aft] ! date :i* is  
#fj days aft] ! date ( ! enactm5t ( ?is 
,act4