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Federal reserve Bank OF DALLAS Dallas, Texas, May 11, 1951 REGULATION X ANNOUNCEMENT OF REGISTRATION REQUIREMENTS To All Persons Engaged in the Business of Extending Real Estate Credit in the Eleventh Federal Reserve District: The Board of Governors of the Federal Reserve System announced today a registration of persons subject to Regulation X covering Real Estate Credit. The text of the Board’s announcement is as follows: PUBLIC ANNOUNCEMENT OF REGISTRATION UNDER REGULATION X The Board of Governors of the Federal Reserve System, in accordance with the pro visions of Section 3(b) of Regulation X, hereby announces that every person engaged in the business on May 31, 1951, of extending real estate credit with respect to residences, residential property, multi-unit residential property, or nonresidential property, including any person who acts as an agent for a lender in arranging for such credit, must register on or before June 30, 1951, with the nearest Federal Reserve Bank or Branch on Form F. R. 269, which may be obtained at any such bank or branch. Every person who hereafter becomes engaged in the business described above must register within 30 days after the date on which he becomes engaged in the business. For the purposes of Regulation X, a person is deemed to be engaged in such business if, in his own right or as agent or fiduciary, he either (1) extends or has extended such real estate credit more than three different times during the current calendar year or during the preceding calendar year, or (2) extends or has extended such real estate credit in an amount or amounts aggregating more than $50,000 during the current calendar year or during the preceding calendar year. The registration statement requires only the name and address of the Registrant and certain basic figures on mortgage loans held by the Registrant and serviced for others. This simplified form was developed after extensive consultation with industry representa tives, including those of major trade associations. In connection with the Board’s announcement as quoted above, Amendment No. 5 to Regula tion X was issued by the Board, effective May 11, 1951. A copy of the amendment is enclosed. (Over) This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) Two copies of the Registration Statement form are also enclosed. One copy should be executed and sent to us as soon as possible after May 31, 1951, by each recipient of this circular who is engaged in the business of extending real estate credit. Instructions printed on the reverse side of the form fully explain who are deemed to be engaged in such business. THE ENTIRE INSTRUC TIONS SHOULD BE CAREFULLY STUDIED BEFORE THE FORM IS EXECUTED. The extra copy of the form should be retained by the Registrant. Registrants in this Federal Reserve district should mail their statements to the head office of this bank or to the appropriate branch if they are located in the territory served by one of its branches at El Paso, Houston, or San Antonio. There is also enclosed for your files a copy of Amendment No. 4 to Regulation X, which became effective April 16, 1951, and which added to subsection (e) of Section 5 of the regulation a pro vision exempting from the prohibitions of subsections (a) and (b) of Section 4 extensions of credit to be used solely to finance the purchase or construction of residential, multi-unit residential or nonresidential property to be used in substitution for similar structures of which the borrower has been deprived through or by reason of eminent domain or condemnation proceedings. Additional copies of this circular or of any of the enclosures mentioned will be furnished upon request. This bank and its branches at El Paso, Houston, and San Antonio will be glad to comply with requests for information regarding the enclosed material or any other phase of the regulation. Yours very truly, R. R. GILBERT President REAL ESTATE CREDIT REGULATION REGISTRATION STATEMENT UNDER REGULATION X BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For instructions refer to reverse of this form Legal name of Registrant (print or type) Street address City State also trade name if different from legal name Zone No. County State I. Indicate by check mark whether Registrant is in business as (1) individual _____ , (2) partnership _____ , (3) corpora tion _____ , or (4) other form (specify) ------------------------------------------------ --- ----------- ______________________________________ II. Principal business of Registrant. (Check only one.) □ (1) Commercial bank or trust com pany □ (2) Trust department of commer □ (3) Savings bank □ (4) Savings and loan association □ (5) Insurance company □ (6) Sales finance company □ (7) State-licensed small loan com pany □ (8) Mortgage company □ (9) Mortgage broker or agent □ (10) □ (ID □ (12) cial bank □ (13) ing, plumbing, air condition ing equipment, etc., or reno vation and repairs 'O chool, university, charitable foundation, church, or simi lar educational, charitable, or nonprofit organization o U to G 3 □ (14) □ (15) Eh □ (16) .5 'J2 a CD O § III. Outstanding amount of loans secured by real estate, held by Registrant for own account as of May 31, 1951. mate any figures which are not readily available and mark them “ est.” ) A. On residences, residential properties, or multi-unit residential properties: (1) Insured by the Federal Housing Administration (Please esti Amount outstanding ..................................................................... (2) Guaranteed or insured by the Veterans Administration (including the VA guaranteed second mortgage part of “ combination” loans) ..................................................................... $_____________ 11 $________________ 12 (3) Not insured or guaranteed. . 13 (4) Total, residential properties. 14 B. On all other properties: (1) Farm...................................................................................................................................................... $„ 25 (2) Other ..................................................................................... .............................................................. <jL 26 (3) Total, all other properties................................................................................................................... 27 C. Total, loans secured by real estate (Sum of A (4) and B(3) above). 38 IV. Outstanding amount of loans secured by real estate which were being serviced by Registrant for others as of May 31, 1951..................................................................................................................................... I certify under the penalties of Regulation X of the Board of Governors of the Federal Reserve System that to the best of my knowledge and belief the foregoing facts are correct (except as to any items marked “ est.” which are estimated in good faith). Date Signature of Registrant or of officer authorized to sign for Registrant Title 49 Form FR 269 Form Approved Budget Bureau No. 55-R-184 REAL ESTATE CREDIT REGULATION REGISTRATION STATEMENT UNDER REGULATION X BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM INSTRUCTIONS All those subject to Regulation X, the Real Estate Credit Regulation of the Board of Governors of the Federal Reserve System, are to register in accordance with Section 3 ( b) of the regulation. How and where to register—Those subject to Regulation X should register by filling out this form and returning it to the nearest Federal Reserve Bank or Federal Reserve branch. When to register— Those subject to Regulation X as of May 31, 1951, should return this form properly filled out not later than June 30, 1951. Those who become subject to the regulation after May 31, 1951, should return this form within 30 days after they become subject. Who is to register—A Registrant is defined in the regulation as a person who either (1) extends or has extended real estate credit more than three different times during the current calendar year or during the preceding calendar year, or (2) extends or has extended real estate credit in an amount or amounts aggregating more than $50,000 during the current calendar year or the preceding calendar year. In other words, you should register if you extended real estate credit four times or more in either 1950 or so far in 1951, or if you extended more than $50,000 of such credit in either of these years. Extension of real estate credit includes not only credit secured by real estate, but also credit for the purpose of purchasing, financing, or carrying real estate. The number and amount of credit extensions includes transactions as a fiduciary or as agent, as well as for your own account. Examples of those who should register are given below. If after studying these instructions and examples you are still uncertain whether or not to register, you may consult the nearest Federal Reserve Bank or branch. (a) Organizations and individuals lending on mortgages, deeds of trust, land contracts, or the like, whether first or junior liens, or purchasing or discounting such instruments. (b) Builders or other sellers of real estate selling subject to, or with assumption of, previously existing mortgages on which they were the obligors. (c) Mortgage or real estate brokers, or others who arrange for extensions of credit in connection with real estate as agents for the lender. (d) Loan and finance companies, commercial banks and trust companies, credit unions, and similar organizations or individuals lending to others for the purchasing, carrying, or financing of real estate, regardless of the nature of the security. Subsidiaries, affiliates, and branches— Subsidiaries and affiliates which are subject to the regulation should register whether or not the parent organization registers. Organizations or other persons maintaining branch offices should register fo r the head office and all branch offices, show combined figures in Items III and IV for all offices, and attach a list of branch offices unless Registrant is a bank. Fiduciaries— Fiduciaries, including trustees, trust companies, and trust departments of commercial banks, should file sepa rately from any organizations or other persons with which they are affiliated. Fiduciaries should report in Item III as “ loans held for own account” loans which they hold or service in any fiduciary capacity, regardless of the degree of discretion or con trol involved, including loans which they hold or service as agents for others. FILL OUT THE STATEMENT ON THE REVERSE OF THIS FORM AND RETURN TO THE NEAREST FEDERAL RESERVE BANK OR BRANCH. YOU MUST RETURN THIS FORM BY JUNE 30, 1951, OR WITHIN 30 DAYS AFTER YOU BECOME SUBJECT TO THE REGULATION, WHICHEVER IS LATER.
@FedFRASER