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FE D E R A L R E SE R V E BAN K O F N E W YO R K r Circular No. 3 3 8 0 * 1 L September 22, 1948 J REGULATION W CONSUMER INSTALMENT CREDIT CONTROL Filing of Registration Statements To all Persons in the Second F ed eral Reserve District Concerned with Regulation W : Regulation W of the B oard of Governors of the Fed eral R eserve System relating to consumer instalm ent credit, to which attention has been called in our previous C irculars Nos. 3365, 3371 and 3374, became effective on Septem ber 20, 1948. This circular calls to your attention the requirements fo r the filing of registration statem ents under the regulation. Who must register Pursuant to the provisions of the regulation, a registration statem ent must be filed by each person (1) engaged in the business of making instalment loans in a principal amount of $5,000 or less, or (2) engaged in the business of making instalment sales of any articles listed on the reverse side of this circular, which result in the extension of credit in a principal amount of $5,000 or less, or (3) engaged in the business of discounting or purchasing (or lending on the security of) obligations arising from instalment sales or loans of the kind described in (1) or (2). E ach separate legal entity, whether individual, partnership, o r corporation, must file a separate registration statem ent, regardless of affiliation with other concerns. I f the concern has branches, one registration statem ent filed b y the main office is sufficient. When to register E v e ry person who, on Septem ber 20, 1948, was engaged in a business making him subject to the regulation must file a registration statem ent not later than November 19, 1948. E v ery person who, on Septem ber 20, 1948, was not engaged in a business making him subject to the regulation, but who th ereafter engages in such a business, must file a registration statem ent within 60 days a fte r he has become subject to the regulation. Such statem ent must be filed w hether or not the person had filed such a statem en t under R egu lation W as in effect p rio r to N ovem ber 1 , 1 9 4 7 . Where to register In order that you m ay comply with the requirem ent of the regulation fo r registration, there are enclosed two copies of the registration statem ent, one copy of which should be completed and executed and returned to this bank within the prescribed period, the other being retained fo r your files. The statem ent should be completed in accordance with the instructions appearing on the reverse side thereof. W e shall be pleased to answer any questions you may have in connection with registering, or with respect to the other requirem ents of Regulation W. A dditional copies of this circular and copies of Regulation W and of our prior circulars on this subject will be furnished upon request. A l l a n S protjl, P resident. (O V E R ) ARTICLES LISTED IN SUPPLEMENT TO REGULATION W F o r the purpose of Regulation W , the following articles, whether new or used, are “ listed a rticle s” ; but no such article having a cash price of less than $50 is considered a “ listed a rtic le ” : G roup A — Automobiles (passenger cars designed fo r the purpose of transporting less than 10 passengers, including taxicab s). Group B —'Cooking stoves and ranges, designed fo r household use. Dishwashers, mechanical, designed for household use. Ironers designed fo r household use. R efrig erato rs, mechanical, of less than 12 cubic feet rated storage capacity (including food freezers). W ashing machines designed fo r household use. Combination units incorporating any listed article in the foregoing classifications of this Group B . A ir conditioners, room unit. Radio or television receiving sets, phonographs, or combinations. Sewing machines designed for household use. Suction cleaners designed fo r household use. Fu rnitu re, household, (including ice refrigerators, bed springs, m attresses and la m p s ); and floor coverings, soft surface. F R 563-b Form Approved Budget Bureau No. 55-R-002 If you were subject to Regulation W on September 20, 1948, this statement should be filed by November 19, 1948. If you became subject to Regulation W a fte r September 20, 1948, this statement should be filed within 60 days a fter the date on which you became subject. This statement should be filed with the Federal Reserve Bank (or branch) of the district in which your main office is located. I t is n ot n ec essa ry to w a it f o r ac k n o w led g em en t fr o m th e F e d e r a l R eserv e B a n k b e fo r e com m en cin g bu sin ess u n d er R eg u lation W. A fa ilu r e to file a re g istra tio n sta tem en t a s h er ein sp ecified is a v iolation o f R eg u la tio n W. Any questions you may have about this form afte r you have read the instructions on the back should be referred to the Federal Reserve Bank (o r branch) of your district. REGISTRATION STA TEM EN T OF IN STALM EN T LEN D ERS AND S E L L E R S UNDER REGULATION W Date of filing..___ ____________________________ This statement is filed under the provisions of Section 2(b ) of Regulation W issued by the Board of Governors of the Federal Reserve System pursuant to Executive Order No. 8843, issued by the President of the United States relating to consumer credit, and Public Law 905 approved August 16, 1948. Name of Registrant (print or type) ; state also trade name if different from legal name Street address City Principal Business of R egistrant (Check one) A. Financial business □ 1. Sales finance company □ 2. Commercial bank or tru st company or Industrial Bank □ 3. Industrial loan company □ 4. State-licensed small loan company □ 5. Credit union □ 6. Other financial business (specify)—---- ----B. Dealer, contractor, or other business □ □ 7. Department or general store 8. Automobile dealer County State 9. 10. 11. 12. 13. Furniture or house furnishings store Household appliance or radio store Electric or gas utility company Hardware or automotive accessory store Dealer or contractor in heating, plumbing or air-conditioning equipment □ 14. Dealer or contractor in other construction or repair materials □ 15. Manufacturer (Specify type of product) □ □ □ □ □ □ 16. Other, (specify)__ ___ ________ ____ _____ ___ ----------- -—......... II. Instalment receivables owned (read instructions II on reverse side) $________________________ III. Number of branches (read instruction III on reverse side)_________________________________ IV. This is to certify th at to the best of my knowledge and belief the foregoing statement is correct. Please print or type here the name and official title of the http://fraser.stlouisfed.org/ person whose signature appears at the right Federal Reserve Bank of St. Louis Authorized signature INSTRUCTIONS (numbered to correspond with questions on statem ent) II.— General. Report all instalment receivables owned whether or not subject to Regulation W. Report figures as of the close of business September 30, 1948, or within 2 months prior to date of filing this statement. Reasonably accurate estimates may be made where it would cause undue hardship to report exact figures. Where estimates are used, so indicate by noting “est”. For Financial Businesses— Numbers 1 through 6 on statem ent. Include the unpaid balances of all retail instalment paper pur chased from or rediscounted for dealers or others even if collections are made by the sellers; and all secured and unsecured instal ment loans which were made to individuals, including those used for retail purchases and for such purposes as consolidation of debts, medical attention, general personal expenditures, etc. Do not include any loans to business concerns for business purposes nor loans secured by m ortgages or other liens on real estate nor agricultural loans nor loans made to dealers and finance companies on their own promissory notes, even if secured by the pledge of instalment paper. F o r Other Businesses— Numbers 7 through 16 on statem ent. Include the unpaid balances of all instalment receivables, whether represented by notes, book accounts, or otherwise. Include instalment receivables pledged as security for loans but do not include instalment receivables sold to or discounted with any bank or finance or other company (with or without recourse) even if col lections are made by you. Also include any instalment receivables you may have purchased or otherwise acquired. III.— Include all stores or offices through which you extend instalment credit or through which you purchase, discount or make loans on the security of instalment obligations. If you have not commenced business indicate whether you will have branches and how many. A ttach a list of all branches and their addresses. Subsidiaries and affiliates which are separate legal entities should register separately. IV.— The statem ent may be signed by any official ordinarily authorized to sign statements for you. If you are succeeding to all or part of the business of one or more existing concerns, the name of the predecessor should be noted on this form or an attachm ent. aJf 33 hi Federal Reserve Bank of N ew Y ork N ew Y o r k 45, N. Y. September 22, 194-3* To Biember Banks and .Nonmember Clearing Banks in the Second Federal Reserve District; We have received from the Federal Reserve Bank of Atlanta advice to the effect that, as a result of the recent hurricane in Florida, numerous banks are closed or are operating with skeleton forces and communications, and mail service are not in operation or are greatly delayed* As a result, cash letters addressed to banks located in the affected area are subject to undetermined delay at present» We will continue to give credit in accordance with our time schedule for cash items payable in the affected area, and in other areas in Federal Reserve districts which may have been affected by the recent hurricane, but advice of nonpayment and return of unpaid items may be delayed« Vie, of course, reserve the right to charge back any unpaid item at any time* ALLAN SPROUL, President#