General Dispositions

1. Should a personal loan be granted to a teacher who is already indebted with the System he shall be required to repay such debt from the amount of the loan. 2. Mortgage and Personal Loans are not incompatible. A teacher having a mortgage loan is eligible to receive a personal loan, or vice-versa, up to the amount permitted by his borrowing capacity. 4. When a teacher makes an application for retirement and is in debt due to a personal loan duly insured, his monthly payments made by discount on payroll for such debt shall be continued from his annuity pension if there has been made at least 12 monthly installments. If such 12 monthly installments have not been made and if such debt is not duly insured, the total annuity pension should be applied to the debt to cover said 12 monthly installments or the total debt, whichever is the case. When the debt has been reduced to $300. or less, and if the teacher desires so, a proportional discount can be made until the debt has been paid. Such loan must be paid at or prior to the 67th birthday. I, José Joaquin Rivera, President of the Teachers Retirement Board, hereby certify, that these amendments were approved by the Teachers Retirement Board on meeting held the 19th day of October, 1961, after having fulfilled with Section 3,