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F ederal Reser ve Ba n k o f D allas D A L L A S. T E X A S 75222 C ir c u l a r No. 77-77 J u l y 11, 1977 EXPIRATION OF PUBLIC LAW 93-501 TO THE CHIEF EXECUTIVE OFFICER OF ALL STATE MEMBER BANKS IN THE ELEVENTH FEDERAL RESERVE DISTRICT: Public Law 93-501, w hich w as e nacted by C o n g re s s in 1974, e s ta b lis h e d uniform in te r e s t rate c e i lin g s w h ic h F e d e r a l l y - i n s u r e d financial in stitution s could pa y on b u s i n e s s a n d a g r i c u l t u r a l loans in the amount of $25,000 o r m ore. U n de r the s ta t u te , the ra te w as tied to the F ederal R e s e r v e d is c o u n t rate and w as i r r e s p e c t i v e of c o n t r a r y i n t e r e s t r a te r e s t r ic tio n s in state laws. T h e p u r p o s e of th e legislation w as to p r e v e n t d is r u p t i o n in the flow of c r e d i t in states w h e r e m a rk e t ra te s e x c e e d e d p r e s c r i b e d state limits. Public Law 93-501 e x p i r e d on J u l y 1, 1977. State m ember b a n k s a r e a d v is e d to c o n s u lt local legal cou nsel on the application of state law to t h e i r p a r tic u la r c ir c u m s t a n c e s . S in c e r e ly y o u r s , R obert H . Boykin F i r s t Vice P r e s id e n t Banks and others are encouraged to use the follo win g to ll-fr e e incoming WATS numbers in contacting this Bank: 1-8 0 0-492-4403 (intra s ta te ) and 1 -8 0 0 -52 7 -4 97 0 (in te rs ta te ). For c a lls placed loc a lly , p lease use 651 plus the extension referred to above. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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