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F ederal reserve bank OF DALLAS Dallas, T ex as, F e b ru a ry 23, 1951 C O N S U M E R C R E D IT A M E N D M E N T N O . 2 T O R E G U L A T IO N W T o the R eg istra n t A d d ressed and O th ers C on cern ed : T h ere is q u oted below th e te x t o f a statem en t issued b y th e B oard o f G overn ors o f th e F ederal R eserv e S ystem in con n ection w ith A m en d m en t N o. 2 to R egu la tion W , e ffectiv e F e b ru a ry 26, 1951: “ F o r im m ediate release F e b ru a ry 21, 1951 “ T h e B oard o f G overn ors o f th e F ed era l R eserve S ystem has tod a y a dop ted am en dm en t N o. 2 to R egu la tion W — C on su m er C redit, e ffectiv e M on day, F e b ru a ry 26, 1951. Th e am en dm en t exem p ts fr o m th e d ow n p a y m en t and m on th ly p aym en t req u irem en ts o f R egu la tion W certa in sh ort-term , non ren ew able leases w h ich n eith er exten d b eyon d th ree m on th s n o r involve a d elivery in con n ection w ith su bsequ en t leasin g o r sale arran gem en ts. “ R egu la tion W , as reissu ed b y th e B oard o f G overn ors effectiv e S ep tem b er 18, 1950, p rescrib es d ow n p aym en t and m on th ly p a ym en t req u irem en ts f o r leasin g a rra n g e m en ts, in stalm en t sales, and o th er instalm en t fin ancin g o f autom obiles, h ou seh old electrical appliances, fu rn itu re , m a jo r con su m er durable good s, and con su m er instalm en t loans in gen eral. T h e am en dm en t serves to rela x th e re g u lation w ith res p e ct to certa in seasonal and o th e r special ized sh ort-term leases.” T h e te x t o f th e am en dm en t is rep rodu ced on th e rev erse o f th is letter. T h is ban k and its bran ch es at E l P aso, H ou ston , and San A n to n io w ill be glad t o fu rn is h a n y in fo rm a tio n w h ich m a y be d esired con cern in g th e regu lation . Y o u rs v e r y tru ly, R . R . G IL B E R T P resid en t This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) C O N S U M E R C R E D IT A M E N D M E N T N O . 2 T O R E G U L A T IO N W IS S U E D B Y T H E B O A R D O F G O V E R N O R S OF TH E F E D E R A L R E SE R V E SYSTEM E ffe c tiv e F e b ru a ry 26, 1951, S ection 7 o f R egu la tion W is h e reb y am ended b y adding, a t th e end th e r e o f a fte r th e p resen t su b section ( k ) , a n ew su bsection (Z) rea d in g as f o llo w s : (Z) C ertain T em p ora ry R en tals.— A n y co n tra ct o r sim ila r a rra n gem en t f o r th e rental, lea sin g o r bailm ent o f a listed article f o r a specified p eriod o f n o t m ore than 3 m on th s i f (1 ) th e tran saction is to be term in a ted, and th e a rticle retu rn ed to th e reg istra n t, on o r b e fo r e the e x p ira tion o f th e specified period, and (2 ) th e tran saction is n ot ren ew able and does n ot d irectly o r in d irectly relate to o r in v olv e a n y su bsequ en t lease, use o f, o r o th e r in terest in, th e a rticle or a n y sim ilar article. (OVER)
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