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S J H F Z FEDERAL RESERVE BANK OF ST. LOUIS S t . L o u is 2, M o . December 8, 1950 DISA STER C R ED ITS REGULATION W— CO NSUM ER CR ED IT Under authority contained in Section 7 (j) of Regulation W we have today declared th a t an emergency exists affecting a sub stantial number of inhabitants of Bond and M acoupin Counties, Illinois, by reason of a tornado which struck in those counties on Saturday, December 2, 1950. Accordingly, any extension of credit to finance the repair or replacement of real or personal property damaged or lost as a result of the tornado mentioned above, is exempt from the pro visions of Regulation W provided such extension is made prior to June 30, 1951, and provided further th at a statem ent describing the damage or loss is preserved in the R egistrant’s files. The declaration of a disaster area was not made under Regula tion X- Residential Real E state Credit, in view of relief afforded by Section 5 (e)-Casualties, of Regulation X, which states th a t the prohibitions of Regulation X shall not apply to any extension of Real Estate Construction Credit as to which the R egistrant accepts in good faith a signed statem ent of the borrower certifying th a t the proceeds thereof are to be used solely for the replacement, recon struction, or repairs of a residence destroyed or substantially damaged by flood, fire, or other similar casualty. F. GUY H IT !' F irst V ice President
@FedFRASER