View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE BANK
O F N E W YORK

r Circular No. 3 0 2 9 "1
L. November 20, 1945 J

CONSUMER CREDIT
A M E N D M E N T N O . 19 T O R E G U L A T I O N W OF T H E B O A R D OF G O V E R N O R S
OF T H E F E D E R A L R E S E R V E

To Registrants wider Regulation IV, and
Others Concerned, in the Second Federal Reserve

SYSTEM

District:

The Board of Governors of the Federal Reserve System has adopted, effective
December 1,1945, the following amendment to Regulation " * dealing with consumer credit.
W
A M E N D M E N T NO. 19 T O R E G U L A T I O N

W

ISSUED B Y T H E BOARD OF GOVERNORS OF T H E FEDERAL RESERVE

SYSTEM

Regulation W is hereby amended in the following respects, effective
December 1 , 1 9 4 5 :
1. Section 8 entitled " E x c e p t i o n s " is amended by adding thereto a
new subsection reading as f o l l o w s :
(p) Demonstrators.—Any extension of credit which is to be repaid
within not more than 12 months and is made to a bona fide salesman of
automobiles in order to finance the purchase of a new automobile to be
used by him principally as a demonstrator.
2. Section 10 entitled " R e n e w a l s , Revisions, and Additions of
Instalment C r e d i t " is amended in two respects, as f o l l o w s :
( a ) B y adding the following sentence to footnote 7 attached to
section 10 (a) : Whenever the regulation is amended to increase the maximum
maturity for an7 class of transactions, the terms of repayment 11 permitted in the
first instance*' in so far as they relate to the maximum maturity for such class of
transactions shall be deemed to be the terms applicable under the provisions of
the amendment.
(&) B y adding at the end of Option 2 of section 1 0 ( 6 ) , after the
words " 1 2 m o n t h s " , a comma and the f o l l o w i n g : or within 18 months
in case the consolidated obligation is an instalment loan and no part
of the proceeds of the additional credit is to be used to purchase any
listed article having a cash price of $15.00 or more.

Additional copies of this circular may be obtained upon request.




ALLAN

SPROUL,

President.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102