WASHINGTON (AP) — The House Ethics Committee has dismissed an allegation that Rep. Gregory Meeks received an improper home equity loan last year.

The committee said the $59,650 loan was made on reasonable terms and was supported by a written agreement establishing an interest rate, collateral and repayment terms.

The committee said it is still reviewing whether the New York Democrat failed to disclose, in a timely manner, a separate $40,000 payment he received in 2007 from a personal friend.

The House Office of Congressional Ethics, a panel that does preliminary reviews of potential misconduct, said the 2007 loan appeared to lack a set interest rate or repayment terms of a legitimate loan. If so, it could be an improper gift. In 2010, Meeks amended his disclosure form to report the loan.

Copyright 2011 The Associated Press.