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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 "W* dealing with consumer credit. 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.
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