(a) A member may not borrow more than 75 percent of his or her accumulated contributions. In the case of a loan to a member who already has an outstanding loan balance from a previous loan or loans, the amount of such loan may not exceed an amount, which when added to the outstanding balance of previous loans, will exceed 75 percent of the member's accumulated contributions.

(b) Notwithstanding subdivision (a) of this section, a member who first joins the New York State and Local Employees’ Retirement System or the New York State and Local Police and Fire Retirement System on or after January 1, 2018 may not borrow more than 50 percent of his or her accumulated contributions or $50,000, whichever is less. In the case of a loan to such a member who already has an outstanding loan balance from a previous loan or loans, the amount of such loan may not exceed an amount, which when added to the outstanding balance of previous loans, will exceed 50 percent of the member’s accumulated contributions or $50,000, whichever is less.

(c) The amount of all loans outstanding shall not exceed the limitations of Internal Revenue Code section 72(p).