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207
BOARD OF GOVERNORS
OF' THE
FEDERAL RESERVE SYSTEM
S-475
WASHINGTON
ADDRESS DF"F"ICIAL CORRESPONDENCE
TD THE BOARD
IV!ay 9, 1942
Dear Sir:
vVhen Amendments No. 2 and No. 3 to Regulation Wwere issued, a telegram was sent to each of
the Federal Reserve Banks (W-108 and W-129) showing
how the Amendments would affect interpretations previously issued.
The Regulation as revised effective May 6,
1942 makes a great many changes in section numbers,
in addition to changes in substance.
Accordingly, a
list corresponding to W-108 and W-129 has not been
sent by telegraph but is enclosed herewith.
Very truly youre,
Chester Morrill,
Secretary.
Enclosure
TO THE PRESIDENTS OF ALL FEDERAL RESEl1VE BANKS
208
S-475-a
Ii~TER.PRETATIONS
AFFECTED BY REGULATION H AS
REVISED EFFECTIVE MAY 6, 194?
The interpretations are not affected except as indicated
below. Note that W-108 and W-129 are.superseded by this
list.
VJ-1
Maximum maturity is now 12 months. Section 13 corresponds to
old Supplement. Section 12(e) corresponds to old section 9(d).
1N-2
Maximum mat.uri ty is now 12 months.
1:!-4
Obsolete. '
ri-5.
Sections l2(g), 4(d) and 3(a)(J) correspond respectively to old
sections 9(e), 4(f) and 3(a)(2)(B).
W-7
Obsolete.
W-8
Section l2(e) corresponds to old section 9(d).
12(f).
Y.T-9
Lamps designed for household use are no longer classified as
household furniture but are listed separately.
W-10
Obsolete since the point is now covered by section ll(e).
chango in maximum maturity and down payment.
H-12
Section l2(a) corresponds to old section 9(d).
l.<:(f).
VJ-14
Toasters, food-mixers, roasters, air circulating or ventilating
fans other the.n at.tic fans or air conditioners, and waffle
irons are now listed in Group A-14, clecJcric appliances. See
also Group A-35. Clocks are listed separa.teJ.y in Group A-ll.
Carpet sweepers are now listed in Group A-34.
W-15
Section 4(c) corresponds to old section 4(d).
W-16
Sections 2(d) and 2(e) correspond to old section 2(d). Section
6(b) corresponds to old section 5(b). Even if not instalment
sale credit, the transaction would involve a "purpose loan"
under section 6(a).
W-17
China dinner sets e.nd stainless steel cooking utensil sets are
now included in Group A-35, tableware and kitchenware) equipment and utensils. Silvor-plated flatware is included in Group
A-32, silverware.
Included in Group A-14, section l3(a).
See also section
Note
See also section
See also section 9.
209
-2-
S-475-a
W-19
Sections lO(a) and lO(b) correspond to old sections S(a) and
8(b). Note change in maximum maturity, and note provisions
relating to 11 add-ons" and "Statement of Necessity" in sections lO(b) and lO(d), respectively. Section ll(a) corresponds to old section 8{g).
H-2!~
Obsolete.
i"i-25
Although this interpretation is not affected, note that old
section 6(e.), which is now section 8{a), has been broadened
b,y Amendment offective December 1, 1941.
17-26
Same comment as v·J-25.
\7-27
Same comment as lii-25.
W-28
Section lO(a) corresponds to old section 8{a). Note section
lO(d) regarding "Statement of Necessity", and section lO(b)
regarding 11 add-ons".
V!-29
Section 3(a) (3) corresponds to old section J(a) (2) (B).
4(d) corresponds to old section 4(f).
vr-30
Superseded by W-128.
Vl-32
Section ll(c), line
W-3.3
Section 8 corresponds to old soction 6.
amended.
W-34
Section 3(a)(3) corresponds to old section 3(a)(2)(B).
W-35
Obsoletq.
W-36
Obsolete.
V'I-37
Obsolete.
VJ-38
Obsolete in viow of section 5.
W-39
Obsolete.
VI-40
Heating stoves- unchanged but no longer of.significancc because
down payment is the s~~o in any event.
W-!..3
Note change of maximum maturity to 12 months.
corresponds to old section 9(b).
Vi-44
Hand irons operated rJY electricity are now listed in Group A-14.
4~
Section
corresponds to old section 8(f}, line 6.
Note section 6(a) as
:Jee sections 6(d) and '7(d).
Section l2(c)
210
-3-
S-475-a
W-45
The phrase "principal amount" occurs in sections 2(h) and 2(i)
instead of old section 5(b). See sections6(a), 6(b), 7(a)
and 7{b).
W-46
Obsolete.
l3(a).
Items listed now included in Group A-25, section
W-47 Not affected, but note section 7 regarding single-payment loan.
See W-107.
W-48
Although this interpretation is not affected, note that old
section 6(a), which is now section 8(a), has been broadened
by Amendment effective December 1, 1941.
W-L}9 Old section 6(f) is no longer in the Regulation.
W-51 Group C, section 13(ai corresponds to Group E of the Supplement.
W-52 Maximum maturity is now 12 months.
W-53 Obsolete.
W-54 Section 12(.::) corresponds to old section 8(e), and sections
lO(a), lO(b) and lO(c) correspond to old sections b(a), 8(b)
and S(c).
W-55
Obsolete only to the extent that it refers to items 1 through
4 of Part 3(a), Supplement. See section 13(c).
W-56 Note change in maximum maturity.
W-58
Section 3(a)(3) corresponds to old section 3(a)(2)(B).
W-62 Refer to Group D and Group A in section l3(a) instead of Group
A and Group C, respectively.
W-63 Maximum maturity is now 15 months.
W-65
Old section 6(f) is no longer in the Regulation.
W-66
Obsolete.
W-68
Sectior:s 4(d)(2) and 2(j) correspond to old section 4(f')(2).
W-69
Obsolete.
Pressure cookers are now listed in Group A-35.
W-70 Section 12(c) corresponds to old section 9(b).
in maximum maturity.
Note rerl.uction
211
-4-
S-475-a
W-71
Section l3(b) corresponds to Part 2 of the Supplement. Section
12( c) corresponds to old section 9(b). Note change in maximum maturity and minimlli~ down payment.
W-72
Section lO(a) corresponds to old section 8(a).
W-73
Obsolete.
W-74 Obsolete.
W-75
Section 2(j) takes the place of the sections referred to.
W-76
Obsolete.
W-77
Section ll(c) corresponds to old section 8(f). Section' 6(a)
corresponds to old section 5(a). Note section l3(c) regarding down payments on automobiles.
W-78 Group B-l, section 13(a) corresponds to old Group D-7, but
includes both new and used furniture.
W-79
Obsolete.
W-83
Section 3(a)(3) corresponds to old section
W-84
Sections 4( d) r:~nd 6( c)(l) correspond to old sections 4(f) and
5(c)(l), respectively. Paragraph 3 and Paragraph 4 are obsolete.
W-87
Group C in section l3(a) corresponds to old Group E.
W-88
Obsolete.
3(~)(2)(B).
Vf-90 The reference to seven hea;:,1ng surfaces was made obsolete by
Amendment of March 23, 191.2.
W-91 Group C in section l3(a) corresponds to old Group E.
W-92
Section 3(a)(3) corresponds to old section 3(a) (2) (B). Note
that the old section 6(a.), which is now section 8(a), has
been broadened by AIT.endrr~nt effective December l, 1941.
Second paragraph is obsolete.
W-94 Group A and Group C in section 13(a) cover furnaces and old
Group E items, respectively.
W-95
Note change
in maximum maturity.
212
-5W-96 Obsolete.
S-475-a
Covered by section 2(j).
W-97 Obsolete.
W-98 Obsolete, except as to the general principle noted in the last
paragraph.
W-99
Sectio~ 4(a) corresponds to the reference to the Supplement.
Note section 4(a)(3).
W-100 Section 4(d) corresponds to old section 4(f).
W-102 Obsolete in view of section 5W-105
Section 12(b) corresponds to old section 4(g).
W-106 Obsolete.
W-107 Not affected, but note section 7 regarding single-payment
loans.
W-108 Superseded
qy
this list.
W-109 Obsolete.
W-111 Group D in section 13(a) corresponds to old Group A.
W-112 Section :i..2(d) corresponds to old section 9(c).
W-113 Obsolete,
bl~
see section 4(a)(3) and section 12(1).
W-114 Section 9(b) corresponds to ola section 9(f).
W-115 Obsolete. Superseded by Amendment. of March 23, 1942, to
Option 1 in present section lO(b).
W-116 Note changes in dov-n payJnents and mat uri ties in list in
section 13(a).
W-117 Group C in section 13(a) corresponds to old Group E-l.
that figure is now ~1, 500 instead of $,1,000.
Note
W-118
Sections lO(a), (b) and (c) correspond to old sections 8(a),
(b) and (c).
W-119
Sections 2(d) and 2(e) correspond to old section 2(d).
8 corresponds to old section 6.
Section
213
-6-
S-475-a
W-120 Group C in section lJ(a) corresponds to old Group E-l.
W-122
Group C in section l3(a) corresponds to old Group E-l. Note
that provision is now not applicable to a structure designed
exclusively for non-residential use.
W-123
Section ll( d) corresponds to old section 5(f).
W-124 Sections 2(d) and 2(e) correspond to old section 2(d).
tion 2(h) corresponds to old section 2(e).
Sec-
W~l25
Section 6 corresponds to old section 5.
W-126
Obsolete in view of first line of section 8, which corresponds
to old section 6.
W-127
Section 8(a) corresponds to old section 6(a).
W-128
Same comrnent as W-127.
W-129
Superseded by this list.
Vv'-131
Group A-24 in section l3(a) corresponds to old Group C-15.
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