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AMENDMENTS T O REGULATION W ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AMENDMENT No. 12 Regulation W is hereby amended in the following respects, effective July 10, 1944: 1. By amending section 13(c) entitled “Down Payment on Automo biles and Motorcycles” so that it will read as follows: (c) Down Payment on Automobiles and Motorcycles.— For a new or used automobile or a new or used motorcycle, the down pay ment (which may be in cash or in the form of a trade-in or in both forms) shall be one-third of the cash price. 2. By amending section 13(e) entitled “Maximum Amount of Loan” so that the last paragraph will read as follows: A loan to purchase a new or used automobile or a new or used motor cycle shall not exceed two-thirds of the cash price. AMENDMENT No. 13 Regulation W is hereby amended effective June 22, 1944, by striking out subsection (b) of section 12 and substituting the following: (b) Extension o f Credit for Mixed Purposes.-—In case an extension of credit is partly subject to one section of this Regulation and partly subject to another section, the amount and terms of such exten sion of credit shall be such as would result if the credit were divided into two or more parts and each part were treated as if it stood alone. In case an extension of credit is partly subject to this Regulation and partly not subject to the Regulation, the amount and terms of such extension of credit shall be such as would result if the credit were divided and the part subject to the Regulation were treated according to the applicable provi sions of the Regulation; the part not subject to the Regulation may be treated as if the Regulation did not exist. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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