Full text of Mimeograph Letters and Statements of the Board : Interpretation of Law or Regulation: Words "Down Payment" in Section 5(f) of Regulation W Refer to the Down Payment Required by Regulation, Number S-421, Volume 56, Page 106

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106

S-421
Reg.W
BOARD OF GOVERNORS OF THE FEDERAL RESE.:.l.VE SYSTEM
INTERPRETATION OF LAW ·OR REGULATION

January 7, 1942

W-12,2.

The words "down payment" in section 5(f)

of Regulation W refer to the do¥m payment required by the
Regulation.
do\~

Accordingly, if a seller asks for a larger

payment than is required qy the Regulation, section

5(f) would not prevent a bank or other lender from lending

the purchaser the difference between the down payment requit·ed b,y" the Regulation and the down payment required qy
the seller.