Full text of Home Owners' Loan Act of 1933

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Reprinted with index for Home Owners' Loan Corporation.

[PUBLIC— N o . 43— 73D CONGRESS]

[H.R. 3240]
AN ACT
To provide emergency relief with respect to home mortgage indebtedness, to
refinance home mortgages, to extend relief to the owners of homes occupied
by them and who arc unable to amortize their debt elsewhere, to amend the
Federal Home Loan Bank Act, to increase the market for obligations of the
United States and for other purposes.

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That this Act may
be citcd as the " Home Owners' Loan Act oi 1933."
DEFINITIONS

SEC. 2. As used in this Act—
(a) The term " Board " means the Federal Home Loan Bank
Board created under the Federal Home Loan Bank Act.
(b) The term " Corporation " means the Home Owners' Loan
Corporation created under section 4 of this Act.
(c) The term " home mortgage " means a Rrst mortgage on real
estate in fee simple or on a leasehold under a renewable lease for not
less than ninety-nine years, upon which there is located a dwelling
for not more than four families, used by the owner as a home or held
by him as his homestead, and having a value not exceeding $20,000;
and the term " first mortgage " includes such classes of Urst liens
as are commonly given to secure advances on real estate under the
laws of the State in which the real estate is located, together with
the credit instruments, if any, secured thereby.
(d) The term "association" means a Federal Savings and Loan
Association chartered by the Board as provided in section 5 of this
Act.
REPEAL OF DIRECT LOAN PROVISION OF FEDERAL HOME LOAN BANK ACT

SEC. 3. Subsection (d) of section 4 of the Federal Home Loan
Bank Act (providing for direct loans to home owners) is hereby
repealed.
CREATION OF HOME OWNERS' LOAN CORPORATION

SEC. 4. (a) The Board is hereby authorized and directed to create
a corporation to be known as the Home Owners' Loan Corporation,
which shall be an instrumentality of the United States, which shall
have authority to sue and to be sued in any court of competent
jurisdiction, Federal or State, and which shall be under the direction
of the Board and operated by it under such bylaws, rules, and regu­
lations as it may prescribe for the accomplishment of the purposes
and intent of this section. The members of the Board shall con­
stitute the board of directors of the Corporation and shall serve as
such directors without additional compensation.
(b)
The Board shall determine the minimum amount of capital
stock of the Corporation and is authorized to increase such capital
stock from tiRie to time in such amounts as may be necessary, but not
M0634*—33



2

[PuB.43.]

to excced in the aggregate $200^000,000. Such stock shall be sub­
scribed for by the Secretary of the Treasury on behalf of the United
States, and payments for such subscriptions shall be subject to call
in whole or in part by the Board and shall be made at such time or
times as the Secretary of the Treasury deems advisable. The Cor­
poration shall issue to the Secretary of the Treasury receipts for pay­
ments by him for or on account of such stock, and such receipts shall
be evidence of the stock ownership of the United States. In order
to enable the Secretary of the Treasury to make such payments when
called, the Reconstruction Finance Corporation is authorized and
directed to allocate and make available to the Secretary of the Treas­
ury the sum of $200,000,000, or so much thereof as may be necessary,
and for such purpose the amount of the notes, bonds, debentures, or
other such obligations which the Reconstruction Finance Corporation
is authorized and empowered under section 9 of the Reconstruction
Finance Corporation Act, as amended, to have outstanding at any
one time, is hereby increased by such amounts as may be necessary.
(c) The Corporation is authorized to issue bonds in an aggregate
amount not to exceed $2,000,000,000, which may be sold oy the
Corporation to obtain funds for carrying out the purposes of this
section, or exchanged as hereinafter provided. Such bonds shall be
issued in such denominations as the Board shall prescribe, shall
mature within a period of not more than eighteen years from the date
of their issue, shall bear interest at a rate not to exceed 4 per centum
per annum, and shall be fully and unconditionally guaranteed as to
interest only by the United States, and such guaranty shall be
expressed on the face thereof. In the event that the Corporation shall
be unable to pay upon demand, when due, the interest on any such
bonds, the Secretary of the Treasury shall pay to the Corporation
the amount of such interest, which is hereby authorized to be appro­
priated out of any money in the Treasury not otherwise appropriated,
and the Corporation shall pay the amount of such interest to the
holders of the bonds. Upon the payment of such interest by the
Secretary of the Treasury the amount so paid shall become an obli­
gation to the United States of the Corporation and shall bear inter­
est at the same rate as that borne by the bonds upon which the interest
has been so paid. The bonds issued by the Corporation under this
subsection shall be exempt, both as to principal and interest, from
all taxation (except surtaxes, estate, inheritance, and gift taxes) now
or hereafter imposed by the United States or any District, Terri­
tory, dependency, or possession thereof, or by any State, county,
municipality, or local taxing authority. The Corporation, including
its franchise, its capital, reserves and surplus, and its loans and
income, shall likewise be exempt from such taxation; except that any
real property of the Corporation shall be subject to taxation to the
same extent, according to its value, as other real property is taxed.
(d) The Corporation is authorized, for a period of three years after
the date of enactment of this Act, (1) to acquire in exchange for
bonds issued by it, home mortgages and other obligations and liens
secured by real estate (including the interest of a vendor under a
purchase-money mortgage or contract) recorded or filed in the proper
oiEce or executed prior to the date of the enactment of this Act, and
(2) in connection with any such exchange, to make advances in cash



[PuB.43.1

3

to pay the taxes and assessments on the real estate, to provide for
necessary maintenance and make necessary repairs, to meet the inci­
dental expenses of the transaction, and to pay such amounts, not
exceeding $50, to the holder of the mortgage, obligation, or lien
acquired as may be the difference between the face value of the
bonds exchanged plus accrued interest thereon and the purchase
price of the mortgage, obligation, or lien. The face value of the
bonds so exchanged plus accrued interest thereon and the cash so
advanced shall not exceed in any case $14,000, or 80 per centum of
the value of the real estate as determined by an appraisal made by
the Corporation, whichever is the smaller. In any case in which
the amount of the face value of the bonds exchanged plus accrued
interest thereon and the cash advanced is less than the amount the
home owner owes with respect to the home mortgage or other obli­
gation or lien so acquired by the Corporation, the Corporation shall
credit the difference between such amounts to the home owner and
shall reduce the amount owed by the home owner to the Corporation
to that extent. Each home mortgage or other obligation or lien so
acquired shall be carried as a Rrst lien or refinanced as a home mort­
gage by the Corporation on the basis of the price paid therefor by the
Corporation, and shall be amortized by means of monthly payments
sufHcient to retire the interest and prmcipal within a period of not
to exceed fifteen years; but the amortization payments of any home
owner may be made quarterly, semiannually, or annually, if in the
judgment of the Corporation the situation of the home owner requires
it. Interest on the unpaid balance of the obligation of the home
owner to the Corporation shall be at a rate not exceeding 5 per
centum per annum. The Corporation may at any time grant an
extension of time to any home owner for the payment of any install­
ment of principal or interest owed by him to the Corporation if, in
the judgment of the Corporation, the circumstances of the home
owner and the condition of the security justify such extension, and
no payment of any installment of principal shall be required during
the period of three years from the date this Act takes effect if the
home ow ner shall not be in default w ith respect to any other condi­
tion or covenant of his mortgage. As used in this subsection, the
term " real estate " includes only real estate held in fee simple or
on a leasehold under a lease renewable for not less than ninety-nine
years, upon which there is located a dwelling for not more than four
families used by the owner as a home or held by him as a homestead
and having a value not exceeding $20,000. No discrimination shall
be made under this Act against any home mortgage by reason of
the fact that the real estate securing such mortgage is located in a
municipality, county, or taxing district which is in default upon
any of its obligations.
^e) The Corporation is further authorized, for a period of three
years from the date of enactment of this Act, to make loans in cash
subject to the same limitations and for the same purposes for which
cash advances may be made under subsection (d) of this section, in
cases where the property is not otherwise encumbered; but no such
loan shall exceed 50 per centum of the value of the property securing
the same as determined upon an appraisal made by the Corporation!
Each such loan shall be secured by a duly recorded home mortgage,




4

[PU B.43.]

and shall bear interest at the same rate and shall be subject to the
same provisions with respect to amortization and extensions as are
applicable in the case of obligations refinanced under subsection (d)
of this section.
(f) The Corporation is further authorized, for a period of three
years from the date of enactment of this Act, in any case in which
the holder of a home mortgage or other obligation or lien eligible
for exchange under subsection (d) of this section does not accept
the bonds of the Corporation in exchange as provided in such sub­
section and in which the Corporation Rnds that the home owner
cannot obtain a loan from ordinary lending agencies, to make cash
advances to such home owner in an amount not to exceed 40 per
centum of the value of the property for the purposes specified in such
subsection (d). Each such loan shall be secured by a duly recorded
home mortgage and shall bear interest at a rate of interest which
shall be uniform throughout the United States, but which in no
event shall exceed a rate of 6 per centum per annum, and shall be
subject to the same provisions with respect to amortization and
extensions as are applicable in cases of obligations refinanced under
subsection (d) of this section.
(g) The Corporation is further authorized, for a period of three
years from the date of the enactment of this Act, to exchange bonds
and to advance cash, subject to the limitations provided in subsec­
tion (d) of this section, to redeem or recover homes lost by the own­
ers by foreclosure or forced sale by a trustee under a deed of trust
or under power of attorney, or by voluntary surrender to the mort­
gagee within two years prior to such exchange or advance.
(h) The Board shall make rules for the appraisal of the property
on which loans are made under this section so as to accomplish the
purposes of this Act.
(i) Any person indebted to the Corporation may make payment
to it in part or in full by delivery to it of its bonds which shall be
accepted for such purpose at face value.
(j) The Corporation shall have power to select, employ, and fix
the compensation of such oSicers, employees, attorneys, or agents as
shall be necessary for the performance of its duties under this Act,
without regard to the provisions of other laws applicable to the
employment or compensation of oSicers, employees, attorneys, or
agents of the United States. No such ofRcer, employee, attorney, or
agent shall be paid compensation at a rate in excess of the rate
provided by law in the case of the members of the Board. The
Corporation shall be entitled to the free use of the United States
mails for its ofBcial business in the same manner as the executive
departments of the Government, and shall determine its necessary
expenditures under this Act and the manner in which they shall be
incurred, allowed, and paid, without regard to the provisions of any
other law governing the expenditure of public funds. The Corpo­
ration shall pay such proportion of the salary and expenses of the
members of the Board and of its ofHcers and employees as the Board
may determine to be equitable, and may use the facilities of Federal
Home Loan Banks, upon making reasonable compensation therefor
as determined by the Board.
(k) The Board* is authorized to make such bylaws, rules and
regulations, not inconsistent with the provisions of this section, as




[Pun.43j

5

may be necessary for the proper conduct of the affairs of the Corpo­
ration. The Corporation is further authorized and directed to retire
and cancel the bonds and stock of the Corporation as rapidly as the
resources of the Corporation will permit. Upon the retirement of
such stock, the reasonable value thereof as determined by the Board
shall be paid into the Treasury of the United States and the receipts
issued therefor shall be canceled. The Board shall proceed to liqui­
date the Corporation when its purposes have been accomplished, and
shall pay any surplus or accumulated funds into the Treasury of the
United States. The Corporation may declare and pay such divi­
dends to the United States as may be earned and as in the judgment
of the Board it is proper for the Corporation to pay.
FEDERAL SAVINGS AND LOAN ASSOCIATIONS

SEC. 5. (a) In order to provide local mutual thrift institutions
in which people may invest their funds and in order to provide for
the financing of homes, the Board is authorized, under such rules and
regulations as it may prescribe, to provide for the organization,
incorporation, examination, operation, and regulation of associations
to be known as "Federal Savings and Loan Associations", and to
issue charters therefor, giving primary consideration to the best
practices of local mutual thritt and home-financing institutions in
the United States.
(b) Such associations shall raise their capital only in the form of
payments on such shares as are authorized in their charter, which
shares may be retired as is therein provided. No deposits shall be
accepted and no certificates of indebtedness shall be issued except
for such borrowed money as may be authorized by regulations of
the Board.
(c) Such associations shall lend their funds only on the security
of their shares or on the security of first liens upon homes or combi­
nation of homes and business property within fifty miles of their
home ofHce:
That not more than $20,000 shall be loaned on
the security of a first lien upon any one such property; except that
not exceeding 15 per centum of the assets of such association may be
loaned on other improved real estate without regard to said $20,000
limitation, and without regard to said fifty-mile Emit, but secured by
first lien thereon:
That any portion of the
assets of such associations may be invested in obligations of the
United States or the stock or bonds of a Federal Home Loan Bank.
(d) The Board shall have full power to provide in the rules and
regulations herein authorized for the reorganization, consolidation,
merger, or liquidation of such associations, including the power to
appoint a conservator or a receiver to take charge of the affairs of
any such association, and to require an equitable readjustment of the
capital structure of the same; and to release any such association from
such control and permit its further operation.
(e) No charter shall be granted except to persons of good charac­
ter and responsibility, nor unless in the judgment of the Board a
necessity exists for such an institution in the community to be served,
nor unless there is a reasonable probability of its usefulness and suc­
cess, nor unless the same can be established without undue injury to
properly conducted existing local thrift and home-financing insti­
tutions.




6

fPrB.43.)

(f) Each such association, upon its incorporation, shall become
automatically a member of the Federal Home Loan Bank of the
district in which it is located, or if convenience shall require and the
Board approve, shall become a member of a Federal Home Loan
Bank of an adjoining district. Such associations shall qualify for
such membership in the manner provided in the Federal Home Loan
Bank Act with respect to other members.
(g) The Secretary of the Treasury is authorized on behalf of the
United States to subscribe for preferred shares in such associations
which shall be preferred as to the assets of the association and which
Ehall be entitled to a dividend, if earned, after payment of expenses
and provision for reasonable reserves, to the same extent as other
shareholders. It shall be the duty of the Secretary of the Treasury
to subscribe for such preferred shares upon the request of the B oard;
but the subscription by him to the shares of any one association shall
not exceed $100,000, and no such subscription shall be called for unless
in the judgment of the Board the funds are necessary for the encour­
agement of local home financing in the community to be served and
for the reasonable financing of homes in such community. Payment
on such shares may be called from time to time by the association,
subject to the approval of the Board and the Secretary of the Treas­
ury ; but the amount paid in by the Secretary of the Treasury shall
at no time exceed the amount paid in by all other shareholders, and
the aggregate amount of shares held by the Secretary of the Treasury
shall not exceed at any time the aggregate amount of shares held by
all other shareholders. To enable the Secretary of the Treasury to
make such subscriptions when called there is hereby authorized to be
appropriated, out of any money in the Treasury not otherwise appro­
priated, the sum of $100,000,000, to be immediately available and to
remain available until expended. Each such association shall issue
receipts for such payments by the Secretary of the Treasury in such
form as may be approved by the Board, and such receipts shall be
evidence of the interest of the United States in such preferred shares
to the extent of the amount so paid. Each such association shall
make provision for the retirement of its preferred shares held by the
Secretary of the Treasury, and beginning at the expiration of five
years from the time of the investment in such shares, the association
shall set aside one third of the receipts from its investing and bor­
rowing shareholders to be used for the purpose of such retirement.
La case of the liquidation of any such association the shares held by
the Secretary of the Treasury shall be retired at par before any pay­
ments are made to other shareholders.
(h) Such associations, including their franchises, capital, reserves,
and surplus, and their loans and income, shall be exempt from all
taxation now or hereafter imposed by the United States, and all shares
of such associations shall be exempt both as to their value and the
income therefrom from all taxation (except surtaxes, estate, inheri­
tance, and gifttaxes) now or hereafter imposed by the United States;
and no otate, Territorial, county, municipal, or local taxing authority
snail impose any tax on such associations or their franchise, capital,
reserves, surplus, loans, or income greater than that imposed by such
authority on other similar local mutual or cooperative thrift and
home financing institutions.



y

fPTB.43.!

(i)
Any member of a, Federal Home Loan Dank may con vert itself
into a Federal Savings and Loan Association under this Act upon a.
vote of its stockholders as provided by the law under which it oper-?
ates; but such conversion shall be subject to such rules and regula­
tions as the Board may prescribe, and thereafter the converted asso­
ciation shall be entitled to all the benefits of this section and shall be
subject to examination and regulation to the same extent as other
associations incorporated pursuant to this Act.
ENCOURAGEMENT OF SAVING AND HOME FINANCING

SEC. 6. To enable the Board to encourage local thrift and local
home financing and to promote, organize, and develop the associa­
tions herein provided for or similar associations organized under
local laws, there is hereby authorized to be appropriated, out of any
money in the Treasury not otherwise appropriated, the sum of
$150,000, to be immediately available and remain available until
expended, subject to the call of the Board, which sum, or so much
thereof as may be necessary, the Board is authorized to use in its
discretion for the accomplishment of the purposes of this section
without regard to the provisions of any other law governing the
expenditure of public funds.
SEC. 7. The provisions of this Act shall apply to the continental
United States, to the Territories of Alaska and Hawaii, and to
Puerto Rico and the Virgin Islands.
PENALTIES

SEC. 8. (a) Whoever makes any statement, knowing it to be false,
or whoever willfully overvalues any security, for the purpose o i
influencing in any way the action of the Home Owners' Loan Cor­
poration or the Board or an association upon any application, advance,
discount, purchase, or repurchase agreement, or loan, under this Act,
or any extension thereof by renewal deferment, or action or other­
wise, or the acceptance, release, or substitution of security therefor,
shall be punished by a fine of not more than $5,000, or by imprison­
ment for not more than two years, or both.
(b)
Whoever (1) falsely makes, forges, or counterfeits any note,
debenture, bond, or other obligation or coupon, in imitation of or
purporting to be a note, debenture, bond, or other obligation, or cou­
pon, issued by the Home Owners' Loan Corporation or an association;
or (2) passes, utters, or publishes, or attempts to pass, utter, or
publish, any false, forged, or counterfeited note, debenture, bond,
or other obligation, or coupon, purporting to have been issued by the
Home Owners' Loan Corporation or an association, knowing the same
to be false, forged, or counterfeited; or (3) falsely alters any note,
debenture, bond or other obligation, or coupon, issued or purporting
to have been issued by the Home Owners' Loan Corporation or an
association; or (4) passes, utters, or publishes, or attempts to pass,
utter, or publish, as true any falsely altered or spurious note, deben­
ture, bond, or other obligation, or coupon, issued or purporting to
have been issued by the Home Owners' Loan Corporation or an
association, knowing the same to be falsely altered or spurious, shall
be punished by a fine of not more than $10,000, or by imprisonment
for not more than five years, or both.



&

(PUB. 4S.!

(c)
IVhoever, being connected in any capacity with the Board or
the Home Owners' Loan Corporation or an association (1) embezzles,
abstracts, purloins, or willfully misapplies any moneys, funds, securi­
ties, or other things of value/whether belonging to it or pledged or
otherwise intrusted to it; or (2) with intent to defraud the Board or
the Home Owners' Loan Corporation or an association, or any other
body politic or corporate, or any individual, or to deceive any oHicer,
auditor, or examiners of the Board or the Home Owners' Loan Cor­
poration or an association, makes any false entry in any book, report,
or statement of or to the Board or the Home Owners' Loan Corpora­
tion or an association, or, without being duly authorized, draws any
order or issues, puts forth, or assigns any note, debenture, bond, or
other obligation, or draft, mortgage, judgment, or decree thereof,
shall be punished by a fine of not more than $10,000, or by imprison­
ment for not more than five years, or both.
(dl The provisions of sections 112, 113, 114, 115, 116, and 117 of
the Criminal Code of the United States (U.S.C., title 18, secs. 202 to
207, inclusive), insofar as applicable, are extended to apply to con­
tracts or agreements of the Home Owners' Loan Corporation and an
association under this Act, which, for the purposes hereof, shall be
held to include advances^ loans, discounts, and purchase and repur­
chase agreements; extensions and renewals thereof; and acceptances,
releases, and substitutions of security therefor.
(e)
No person, partnership, association, or corporation shall make
any charge in connection with a loan by the Corporation or an
exchange of bonds or cash advance under this Act except ordinary
charges authorized and required by the Corporation for services
actually rendered for examination and perfecting of title, appraisal,
and like necessary services. Any person, partnership, association,
or corporation violating the provisions of this subsection shall, upon
conviction thereof, be fined not more than $10,000, or imprisoned
not more than five years, or both.
SEPARABILITY PROVISION

SEC. 9. I f any provision of this Act, or the application thereof to
any person or circumstances, is held invalid, the remainder of the
Act, and the application of such provision to other persons or circum­
stances, shall not be affected thereby.
Approved, June 13, 1933.




INDEX
A
Act, Home Owners' Loan, of 1933_________________________
Act, application to United States, Alaska, Hawaii, Puerto
Rico, and the Virgin Islands________________ ____________
Advances:
And boitd'j not to exceed $14,000--------------------------------And bonds not to exceed 80 percent of real estate value__
Cash, not exceeding 40 percent of real estate value_______
For assessments______________________________________
For expenses ajid repairs______________________________
For taxes____________________________________________
Agents, Corporation to select_________________ ____________
Alaska, application of act to ______________________________
Allocation of funds for Government stock subscription_______
Altering, penalty for false-------------------------------------------------Amortization____________________________________________
Annual payments------------------------------------------------------------Application of Act to United States, Alaska, Hawaii, Puerto
Rico, and the Virgin Islands____________________________
Application of United States Criminal Code________________
Appraisal, board to make rules for_________________________
Appraisal, Corporation to make___________________________
Assessment advances_____________________________________
Association defined______________________ _____ ___________
Association, Federal Savings and Loan_____________________
Attorneys. Corporation to select___________________________
Authorized charges_______________________________________
B
Balance, unpaid, interest on_______________________________
Beard, Federal Home Loan Bank__________________________
Direction uf Corporation by___________________________
To liquidate the Corporation__________________________
To make by-laws for the Corporation__________________
To make Rules for appraisal__________________________
Bonds___________________________________________________
Corporation may issue and sell________________________
Corporation to cancel_________________________________
Denominations of____________________________________
Exemption from taxation of___________________________
Interest on__________________________________________
Maturity o f__________________________________________
Not to excced $14,000 with advances------------------------ Not to exceed 80 percent of the real estate value, with
advances_________________________ _________________
Of Corporation acceptable at face value in payment of debt
to Corporation_______________J------------------------------To be exchangeable to redeem foreclosed real estate------Bylaws of the Corporation, Board to m ake--------------------------

Section

Pag*

1

1

7

7

4 (d) (2)
4 (d) (2)
4 (f)
4 (d) (2)
4 (d) (2)
4 (d ) (2)
4 (j)
7
4 (b)
8 (b) (3)
4 (d) (2)
4 (d) (2)

2
2

7
(d)
(h)
(2)
(2)
(d)
5
4 (j)
8 (e)

8
4
4 (d)
4 (d)
2

4 (d)
2
4
4
4
4

4
2
2
2
4
7

1

7
2
2

7
8

4
2
2

1

5
4
8

(2)
(a)
(a)
(k)
(k)
(h)
4
(c)
(k)
(c)
(c)
(c)
(c)
(2)

2

4 (d ) (2)

2

4 (k)
4 (g)
4 (k)

-4

4
4
4
4
4
4
4 (d)

1
1

4
4
4

i

2

4
2
2

2
2

2

4
4

C
Capital of Federal savings and loan associations--------------—
Capital stock of Corporation______________________________
Cash advanced to redeem foreclosed real estate-------------------Cash advances not to exceed 40 percent of real estate value—




9

5 (b)
4 (b)
4 (g)
4 (f)

5
4
4

10
Ecction

Cash loans______________________________________________
Not to exceed 50 percent of real estate value____________
Secured by home mortgages__________________________
Certificates of indebtedness, Federal savings and loan asso­
ciation________________________________________________
Charges, authorized______________________________________
Chartering of Federal savings and loan association--------------Code, application of United States Criminal________________
Compensation___________________________________________
Of personnel, to be fixed by the board_________________
Of personnel wilt in no case exceed compensation of mem­
bers of the board_____^------------ ------- ---------------------Conservator of associations, appointment of-----------------------Consolidation of Federal savings and loan associations______
Conversion to Federal savings and loan association__________
Corporation:
Board to liquidate___________________________________
Bonds acceptable in payment of debts to the CorporationCapital stock of______________________________________
Creation of home owners' loan________________________
Definition of_________________________________________
Exemption from taxation of_________________ _________
Free use of mails b y__________________________________
Liquidation of_______________________________________
Home Owners' L oan.------ --------------------------------- -------May acquire home mortgages_________________________
May issue and sell bonds_____________________________
May make advances for expenses and repairs___________
May make assessment advances_______________________
May make tax advances______________________________
May use facilities of the Federal home loan banks______
Real property subject to taxation_____________________
Rules and regulations to be made by the board------------To cancel bonds_____________________________________
To determine necessary expenditures__________________
To fix compensation oi personnel______________________
To make appraisals__________________________________
1 o make reasonable compensation for use of bank facilities
To pay dividends to the United States_________________
To-pay proportionate share of expenses of the board____
To retire stock_______________________________________
To select employees oiEcers, attorneys, and agents______
Counterfeiting, penalty for________________________________
Creation of Home Owners' Loan Corporation_______________
Criminal Code, application of United States______ - ________
D
Deceiving, penalty for____________________________________
Default, taxing districts in ________________________________
Definitions_______________________________________________
Defrauding, penalty for___________________________________
Denominations of bonds__________________________________
Deposits of Federal savings and loan associations____________
Direction of board________________________________________
Direct loan provision, repeal o f____________________________
Dividends to United States, Corporation to p ay____________
Dwelling defined__________________________________________
E
Embezzelment, penalty for________________________________
Employees, Corporation to select__________________________
Encouragement of saving and home financing_____________ 6
Evidence of stock ownership, receipts to be_________________
Examination of Federal savings and loan associations________




4 (e)
4 (e)
4 (e)
5 (b)
8 (e)
5 (a)
8 (d )
4
4 (j)
4 (j)
.5(d)
5 (d)
5 (i)

4
4
4
4

4

8

4 (k )
4 (i)
4 (b)
4
2 (b)
4 (c)
4 (j)
4 (k)
2 (b)
(d) (1)
4 (c)
(d) (2)
(d) (2)
(d) (2)
4 (j)
4 (c)
4 (k)
4 (k)
4 (j)
4 (j)
(d) (2)
4 (j)
4 (k)
4 (j)
4 (k)
4 (j)
(b) (1)
4
8 (d)

8 (c) (2)
4 (d ) (2)
2
8 (c) (2)
4 (c)
5 (b)
4 (a)
3
4 (k)
2 (c)
8 (c) (1)
4 (j)
4 (b)
5 (a)

Page

11
Excessive charges, penalty for_____________________________
Exemption from taxation, Federal savings and loan asso­
ciations ________________________________________________
Exemption from taxation of bonds_________________________
Exemption from taxation of Corporation___________________
Expenditures, Corporation to determine necessary............. ......
Expenses and repairs, Corporation to make advances for____
Expenses of board, Corporation to pay proportionate share ofFalse altering, penalty for_______________________________
False entry, penalty for_________________________________
False statement, penalty for_____________________________
Federal Home Loan Bank Board________________________
Federal home loan banks, Corporation may use facilities of.
Federal savings and loan associations____________________
Capital of_________________________________________
Chartering of_____ ________________________________
Definition of_______________________________________
Deposits of________________________________________
Examination of____________________________________
Exemption from taxation o f________________________
Government shares not to exceed 8100,000___________
Government shares to equal all other shares__________
Incorporation of___________________________________
Investments of_____________________________________
Liquidation o f_____________________________________
Loans o f_ -__ ______________________________________
Member of hoine-loan bank_________________________
Merger of_________________________________________
Necessity of_______________________________________
Operation of_______________________________________
Organization of____________________________________
Readjustment of capital o f______________ ___________
Receiver of___________________________________ _____
Regulation of__________________________ ______ _____
Release of_________________________________________
Reorganization o f__________________________________
Retirement of shares of_____________________________
Success of_________________________________________
Usefulness o f______________________________________
First mortgage____________________________________ ^
------Forced sale________ _____ ______________________________
Forclosed real estate:
Bonds exchangeable to redeem______________________
Cash advanced to redeem---------------------------------------Forgery, penalty for------------------------------------------------------Free use of mails by Corporation------------------------------------Funds, Reconstruction Finance Corporation to allocate-----Funds, surplus, to be paid into Treasury--------------------------

Scction
8 (e)

Page
8

5 (h)
4 (c)
4 (c)
4 (j)
4 (d) (2)
4 (j)

6
2
2
4
2
4

8 (b) (3)
8 (c) (2)
8 (a)
2 (a)
4 (j)
5
5 (b)
5 (a)
2 (d)
5 (b)
5 (a)
5 (h)
5 (g)
5 (g)
5 (a)
5 (c)
5 (d)
5 (c)
5 (f)
5 (d)
5 (c)
5 (a)
5 (a)
5 (d)
5 (d)
5 (a)
5 (d)
5(d )
5 (g)
5 (e)
5 (e)
2 (c)
4 (g)

7
8
7
1
4
5
5
5
1
5
5
6
6
6
5
5
5
5
6
5
5
5
5
5
5
5
5
5
6
5
5
1
4

4 (g )
4 (g)
8 (b) (1)
4 (j)
4 (b)
4 (k )

4
4
7
4
1
4

5 (g )
4 (c)

6
2

Government shares__________
Guaranty of interest on bonds.

H
Hawaii, application of .act to --------------------------------------Hom e_______________ ______ ______ ________ ____ _____
Home financing, encouragement of saving and-------------Home-loan bank, associations must become members of.
Home Loan Bank Board, Federal-------------------------------Home mortgage dehned---------------------------------------------Home mortgages, Corporation may acquire-----------------Home Owners' Loan Act of 193$, title------------------------Home Owners' Loan Corporation-------------------------------Creation of--------------------------------------------------------




7
2 (c)
6
6 (f)
2 (a)
2 (c)
4 (d) (1)
1
2 (b )
4

6
2

12
Page

Homestead_______________ ______________________________
Home, value of______________________ ___________________

2 (c)
2 (c)

1
1

I
Incorporation of Federal savings and loan associations________
Institutions, mutual thrift________________________________
Instrumentality of the United States_______________________
Interest, guaranty o f_____________________________________
Interest, obligation of Corporation to the United States_____
Interest on bonds________________________________________
Interest on unpaid balance________________________________
Interest, payment of______________________________________
Investments of Federal savings and loan associations________

5
5
4
4
4
4
4 (d)
4
5

(a)
(a)
(a)
(c)
(c)
(c)
(2)
(c)
(c)

L
Leasehold--------------------------- ------------ --------- ---------------------2 (c)
2 (c)
Lease, renewable_________________________________________
Liquidation of corporation________________________________
4 (k)
Liquidation of Federal savings and loan association_________
5 (d)
Loan associations, Federal savings and_____________________
2 (d)
Loan Corporation, Home Owners__________________________
2 (b)
Loan provision, repeal of direct____________________________
3
Loans, cash______________________________________________
4 (e)
Loans not to exceed 50 percent of real estate value, cash________
4(e)
Loans of Federal savings and loan associations______________
5 (c)
Loans secured by home mortgages, cash____________________
4 (e)
4 (d) (2)
Location of real estate____________________________________
M
Mails, free use of, by Corporation_________________________
Maturity of bonds_______________________________________
Merger of Federal savings and loan associations____________
Minimum capital stock of Corporation_____________________
Misapplying funds, penalty for----------------- --------- --------------Monthly payments, amortization b y__________ ____________
Moratorium of 3 years----------------------------------- -----------------Mortgage, first______________________________ ____________
Mortgage, home----------------------- ------------------------ --------- —
Mortgages, Corporation may acquire_______________________
Mutual thrift institutions---------- --------- ------------------------------

5
5

1

2
2

2

2

2
5

1
1
4
5

1
1
1

3
3
5
3

2
4
2
5

4 (j)
4 (c)
5 (d)
4 (b )
(c) (1)
(d) (2)
(d) (2)
2 (c)
2 (c)
(d) (1)
5 (a)

8
2
2

4 (j)
5 (e)

4
5

OfEcers, corporation to select______________________________
Operation of Federal savings and loan associations__________
Organization of Federal savings and loan associations_______
Overvaluing security, penalty for___________ ________ ______

4 (j)
5 (a)
5 (a)
8 (a)

4
5
5
7

P
Passing and uttering, penalty for false_____________________
Payment of debt, bonds acceptable as_________________ ____
Payment of interest___ ______________________________ 1___
Payments____________________ _______ ____________________
Payments, 3-year suspension of-----------------------------------------Penalties_____________________________________________ ___
Penalty for false altering--------------------------------------------------Period of amortization____________________________________
Personnel, compensation of, not to excced compensation of
board members_____________________________ - __________

8 (b) (2)
4 (i)
4 (c)
4 (d) (2)
4 (d ) (2)
8
8 (b ) (3)
4 (d) (2)

7
4
2
7
7
2

4 (j)

4

8
4
4
4

1

1
1

2

5

N
Necessary expenditures, Corporation to determine__________
Necessity of Federal savings and loan associations__________

0




2
2

13
Scction

Page

Personnel, Corporation to iix compensation o f______________
Power of sale.........................................................................................
Proportionate share of board expense, Corporation to pay___
Publishing, penalty for false_______________________________
Puerto Rico, application of act to __________________________
Purloining, penalty for_________________________ __________

4 (j)
4 (g)
4 u)
8 (b) (2)
7
8 (c) (1)

4
4
4
7
7
8

Quarterly payments______________________________________

4 (d) (2)

2

5 (d)

5

4 (g)
4 (g )
4 (f)
4 (e )
4 (d )(2 )
4 (c)
4 (k)
4 (b)
5 (d )
4 (b)
5 (a)
4 (k)
5 (d)
2 (c )
5 (d)
4 (d) (2)
3
5 (g)
4 (k)
4 (h)

4
4
4
3
2
2
4
1
5
1
5
4
5
1
5
2
1
6
4
4

R
Readjustment of capital of Federal savings and loan associa­
tions---------------------------------------------------------------------------Real estate:
Bonds exchangeable to redeem foreclosed______________
Cash advanced to redeem foreclosed___________________
Cash advances not to excecd 40 percent of value of_____
Cash loans not to exceed 50 percent of value o f_________
Location of__________________________________________
Real property of Corporation subject to tax________________
Receipts to be canceled___________________________________
Receipts to evidence stock ownership______________________
Receiver of Federal savings and loan associations___________
Reconstruction Finance Corporation to allocate funds_______
Regulation of Federal savings and loan associations_________
Regulations, rules and, for Corporation_____________________
Release of Federal savings and loan associations____________
Renewable lease_______________________________ ______ ____
Reorganization of Federal savings and loan associations_____
Repairs, Corporation may make advances f o r ... ____________
Repeal of direct loan provision____________________________
Retirement of shares, Federal savings and loan associations..^
Rules and regulations for Corporation______________________
Rules for appraisal, board to make________________________

6
5
Secretary of the Treasury, stock subscription of^.
Security, penalty for overvaluing_______________
Statement, penalty for false______________________
Stock, corporation to retire______________________
Stock of Corporation, capital____________________
Stock ownership, receipts to evidence_____________
Stock subscription of the Secretary of the Treasury Success of Federal savings and loan associations, Surplus funds to be paid into Treasury___________

Tax advances, Corporation to m ake_______________________
Taxing districts in default_________________________________
Taxation of bonds, exemption from________________________
Taxation of Corporation, exemption from__________________
Taxation, real property of Corporation subject to ___________
Three-year suspension of payments________________________
Thrift institutions, Mutual________________________________
Title, Home Owners' Loan Act of 1933------------------------------Treasury, surplus funds to be paid into____________________
Trustee sale______________________________________________




4 (b)
8 (a)
4 (d) (2)
9
8 (a)
4 (k )
4 (b)
4 (b)
4 (b)
5 (c)
4 (k)
4 (d) (2)

4 (d) (2)
4(d)(2)
4( c)
4 (c)
4 (c)
4 (d) (2)
5 (a)
1
4 (k)
4 (g)

7
5
1
7
2
8
7
4
1
1
1
5
4
2

2
2
2
2
2
2
5
1
4
4

14
u

United States:
Application of act to _________________________________
Corporation to pay dividends to _______________________
Application of Criminal Code_________________________
Interest is obligation of Corporation to _________________
Unpaid balance, interest on_______________________________
Usefullness of Federal savings and loan associations_________
Use of mails by Corporation, free__________________________
Uttering, penalty for false passing and_____________________

Section

Page

4 (k)
8 (d)
4 (c)
4 (d) (2)
5 (e)
4( j )
8 (b) (2)

7
4
8
2
2
5
4
7

V
Value:
Advances and bonds not to exceed 80 percent of real
estate_____________________________________________
Cash advance not to exceed 40 perccnt of real e sta te..
Cash loans not to exceed 50 pcrcent of real estate_______
Of home_____________________________________________
Virgin Islands, application of act to -----------------------------------Voluntary surrender of real estate to mortgagee.^___________

4 (d)
4
4
2
7
4

2
4
3
1
7
4




o

7

(2)
(f)
(c)
(c)
(g)