Replacement loans-how many times

[Guest mparker2028]

Plan allows only one outstanding loan at a time.

Participant replaced an outstanding loan in November, 2004 (following the new regs).

Now participant is asking how much more can she borrow.

How many times can a participant do this?

I thought I remember reading once a plan year.

[Erik Read]

Been a while for loans, but I seem to remember a 12-month provision, with the aggregate of all loans during that period not exceeding the thresholds. So - at the point she is trying to "refi" her 401(k) loan, after the first in 12months she's probably out of options.

Is that still correct - or am I really rusty on loans and just need to keep my 2c's to myself.