The TSP record keeper will reject a loan application if:

(a) The participant is not qualified to apply for a loan under §1655.2 or has failed to provide all required information on the loan application;

(b) The participant has the maximum number of loans outstanding under §1655.4;

(c) The participant has a pending loan agreement or in-service withdrawal request;

(d) The amount of the requested loan is less than the minimum amount set forth in §1655.6(a);

(e) A hold has been placed on the account pursuant to 5 CFR 1653.3(c); or

(f) The participant has received a taxable loan distribution from the TSP within the 12-consecutive-month period preceding the date of the application, unless the taxable distribution was the result of the participant's failure to repay the loan upon his or her separation from Government service.

[68 FR 35515, June 13, 2003, as amended at 69 FR 29852, May 26, 2004]