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3790

FEDERAL REGISTER, Friday, September Z, 1939

c One borrower may obtain any the rebate shall be at not less than a b Shall be in a form which is valid and enforceable in the jurisdiction in number of loans to improve any number proportional rate.
of separate pieces of property, subject d An increase in the ratio of the which they are issued.
c Shall be payable in equal monthly, to the credit requirements contained in charge to the average amount outstand ing on the debt over the maximum pro semi-monthly or. weekly installments. Section 501.6.
vided in this Regulation, which increase The final installment may be slightly R egulation V
results from the first payment falling more or less than the other installments, 501.5 Maximum permissible financ due less than thirty days after the date subject to such exceptions as may be made by the Administrator. Notes may ing charges, a In the case of Class 1 of the note as provided in Section 3 of not provide for a first payment less than and Class 2 loans, the maximum permis 501.2, shall not be deemed to be in con six days nor more than two calendar sible financing charge which may be flict with this Regulation.
Regulation VI
months from the date of the note in the paid by the borrower for interest, dis case of Class 1 and Class 2 loans nor less count and fees of all kinds in connection 501.6 Credits, a The insured in than six days nor more than three cal with the transaction may not be in ex stitution shall obtain a signed and dated endar months from the date of the note cess of. an amount equivalent to $5.00 Credit Statement-Application from the in the case of Class 3 loans. However, discount per $100 original face amount borrower, on a form approved by the if fifty-one percent or more of the in of a one-year note, to be paid in equal Administrator. The Credit Statementcome of the maker is derived directly monthly installments, calculated from Application must, in the judgment of from the sale of agricultural crops, com the date of the note. In the case of the insured institution, clearly show the modities, or livestock produced by him, Class 3 loans, the maximum permissible borrower to be solvent, with reasonable a note may be made payable in install charge which may be paid by the bor ability to pay the obligation and in other ments corresponding to income periods rower for interest, discount and fees of respects a reasonable credit risk.
shown on the credit statement. In such all kinds in connection with the trans , b A separate Credit Statement-Ap cases, the first payment must be made action subject to the provisions of plication is required in connection with within twelve months of the date of the 501.15 may not be in excess of an each loan made or note purchased.
note and at least one payment must amount equivalent to $3.50 discount c An insured institution acting in be made during each calendar year per $100 original face amount of a onegood faith may rely upon the statements thereafter and the proportion of total year note, to be paid in equal monthly of the borrower who signs the Credit principal to be paid in later years must installments, calculated from the date of Statement-Application. The Adminis not exceed the proportion of total prin the note. Such charges correctly based trator does not place upon the insured on tables of calculations issued by the institution the burden of verifying the cipal payable in earlier years.
d Shall contain a provision for ac Federal Housing Administrator are truth of any such statements. Even if celeration of maturity, either automatic deemed to comply with this Regulation. such statements are investigated after b If the insured institution in pur the loan is made and found to be false, or at the option of the holder, in the event of default in the payment of any chasing a note takes the maximum this will not affect in any way the eligi charge permitted by this Regulation, but bility of the note for insurance. How installment upon the due date thereof.
e Shall not have a final maturity in employs a holdback and does not ad ever, any borrower making such false excess of three years and thirty-two days vance the entire proceeds of the note to statement or misusing the funds, or any from the date thereof jn the case of the seller, it shall calculate its financing dealer, contractor, or lender who know Class 1 and Class 2 a loans, nor in charge on the amount advanced and ingly assists in such a violation, will be excess of ten years and thirty-two days credit to the account of the seller the committing a Federal offense under the in the case of Class 2 b loans, nor in difference between the financing charge provisions of the National Housing Act.
excess of fifteen years and sixty-two days calculated on the face amount of the In all cases where the insured institution note and the financing charge calculated discovers a material misstatement in the in the case of Class 3 loans.
Credit Statement-Application, or misuse f May provide for a late charge, to on the amount advanced.
c The acceptance of a voluntary of the funds, it must promptly report be paid by the maker, not to exceed five cents 50 for each $1.00 of each install payment of one or more installments such a discovery to the Administrator.
d A loan shall not be made to a bor ment more than fifteen days in arrears. prior to due date shall not be construed In lieu of late charges, notes may pro as increasing .the maximum permissible rower who is delinquent at the time the vide for interest on past due install financing charge as provided in Section loan is made, as to either principal or ments at a rate not in excess of the con 1 of this Regulation. However, if the interest, with respect to an obligation tract rate in the jurisdiction in which entire balance outstanding on the loan owing to or insured by any department the note is drawn. No late charge or is paid in advance the insured institu or agency of the Federal Government.
e The prior credit approval of the interest on a past due installment may tion must make a rebate as follows:
Administrator shall be obtained on all be accrued in excess of $5.00. The bor 1 If the maximum p e r m i s s i b l e rower must be billed for the penalties financing charge in connection with the loans which increase the net amount out collected as such, and evidence of such transaction is in an amount equivalent standing, exclusive of financing charges, billing must be in the file if claim is to $5.00 discount as provided in Section to any individual borrower to an amount made under the Contract of Insurance. 1 of this Regulation, the insured institu in excess of $2,500 with respect to any g May be in a series provided each tion shall make a rebate at a rate not obligation incurred pursuant to the pro is of an equal amount as provided in less than 5 % per annum of the amounts visions of Title I of the National Housing this Regulation and th at each note in so paid in advance of their due dates. Act since July 1, 1939.
dicates on its face that it is one of a If a lesser charge has been taken, the : Regulation VII
series signed by the same maker.
rebate shall be at, not less than a pro 501.7 Eligible improvements, a A
portional rate.
Regulation IV
loan must be for the purpose of financing 2 If the maximum p e r m i s s i b l e eligible improvements within the United 501.4 Maximum loan, a A loan financing charge in connection with the States, its Territories and Possessions, shall not involve a principal amount, transaction is in an amount equivalent commenced on or after July 1, 1939 and exclusive of financing charges to the to $3.50 discount as provided in Section prior to July 1, 1941, in reliance upon borrower in excess of $2,500.
1 of this Regulation, the insured institu the credit facilities afforded by Title I of b No loan shall involve a principaltion shall make a rebate at a rate not the National Housing Act as approved amount outstanding at any one time, 3, 1939.
with respect to any one piece of prop less than 3V2% per annum of the June b The proceeds of a loan shall be erty, in excess of $2,500 exclusive of fi amounts so paid in advance of their due used only to finance alterations, repairs dates. If a lesser charge has been taken, nancing charges to the borrower.