Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1913-08-29

3 The asssntentcnt Of farm loa'is at a
person to serve as dollars per aiinun
salary not exceeding three thousa eSpenses, ana the
plus actual and necessary ~, me- form such duties
sI,nfri1tendept Of farm loans snal ~ MIN The com
aul a,aissJoers shall assign 70 i -, fine u,
,nsaenfrs may alse appoint assla' as the das,
~ ei'e,t me number OF applications ~ -gans IS
ss,acient 10 REQUIRE the services OF reasonable ~
cc,iritieS and the revenue WINCH = ding OF lnsns
t;td ,ciil be derived from the pi"t sstat,,s ~
Il Sufficient to pay the salaries u
pointed. ,otapon society Or cor
roratfon desiring to pace loans Oh ae 80 &c hsra;
hsnh The agency of the commissioner v,.t N
after provided may list his or ~ s,rniy he row sr
commissioners under an asfeeneI st,ccified in tbe
nsssenrrs with funds Of an amount ait set In th e
ea3 AZ anv time within q IIdt - &C. -, ~ the
agreement and the commissioners lS ,d ecorpoeatios
persons firms, associations, fd whenever funds
so listing heir names. tor iuiiu5 ~ tn,st ilnds 80
| additional to these available III ing ny aemanSs ~ ~
the state are necessary TO supply l i frorc s t9
loais. te 4, The same manner IN whlsh and
subject to the same conditions uhael ' s,,nds 800 80
/ au horiztd to make loans from 'Le f"'' -
ies '' PeonT borrowers to pay annual charge not
exceeding SIX per cent Cor the use OF Lie 40 ,sta
al Retain from each annual charge, a. paia 70
, ", s-it,,lrs ~ borrowers q sum equal to one
49, cent ~ M principal or the unpaid oalase o. the
,riprfnal o. the loan upon which the ehaIee - aaae
ami shall cause the balance OF ne aliI" slafses
ene,ved from borrowers te be paid TO Inc persons
arms associations societies or corporations 'uppylns
The funds used in making the loans ana
lei Make for terms Of less tlan '@s years
,chtn 60 directed by the person hrln, as9Soelauon
society or corporation supp ying the fuhus ioaise
The sta.e shall be liable for the sale eusss1y OF
private funds received by the commissioners vi 9ais
until these funds are pald to borto"tIs GU shai
also b liable for all Moneys due 70 the oNlers Of
these funds from borrowers after tle ntoAess are
received fy the commissioners from borowSIs or from
tbr salc Of ands held as securities and unl tney are
paid by the commissioners to the oWhers u e unus
loaned but the state shall assume no haulHy Tor
the repayment by borrowers either OF the lthlpal or
~
subsection. =, -
whether Of mofeys from he trust FUNDS or moneys
eron private sources execute mortgages therefor IN
such form and enhodyng such conditions as me COM
mssioners shall deem necessary 70 sa esuIu the IN
forests Of the mortgage but the commissioners shall
lCcnire all mortgages executed to contain an agree
mont ly the martgagor;
~ 10 rcpay hg i6an in fun on or before the
,rate of twenty years from the date of the loan
ar in the case of loans from funds from private
sources on cr before tile expiration Of such Term Of
years as The commissioners shall FIX:
(2) To pay an annual Charge q hVe per cent OF
Tho amount of the principal owing on or before each
anniversary Of the date of the loan when the loan is
made from moneys in the trust funds, ana TO pay In
he same manner such an annual charge not exceed
4,g six pr cent as The commissioners may determine
when the loan is made from FUNDS optaiheu from
Csl TO keep all buildings. fences and other i'm
proyemenls upon the properly mortgaged IN good re-
pair and condition and to abstain from the commits
sion Of waste on the property until the ioan Is
t4) That if he shall fail TO pay any part Of the
principal Interest Of he can when either BECOMES
due or to conform comply with any Of the lore
going conditions 6r any other condition imposed by
his section or Ivy the commissioners under the author
ity granted by this section or ne snan maze any
false sta cmet in his application for the loan or with
reference to the TO be made Of the loan the
Whole sum of money secured by the mortgage shall at
the option Of the commissioners, become due and
payable at once without notice to the mortgage. his
heirs assigns. and hat the commissioners may
forecose the mortgaged property in the manner pro-
yided by for the foreclosure OF real estate mort
cages and hold lease SCH the property in accord
with the provisions OF subsection b OF this
section.
g. Whenever the commissioners have taken posses
sion Of mongaged property under foreclosure proceed
ngs hey shall fer sixty days advertise the property
fer sale with the state commissioner Of immigration.
and in one newspapers printed in the county
in which the property is situated or in one OF more
newspapers which circulate generally in the county.
At the time appointed for he sale one or more OF the
commissioners the superintendent Of farms loans or
of his assistants shall attend the ace o. sale
and make sale of so much Of the mortgaged property
TO the highest bidder, for cash. as viii pay the
amount due for principal interest damages and the
cost of advertising and selling the property In case
no one will bid the fun amount due to the state.
the person acting behalf Of the commissioner shall
bid in the property for the state; and the commits
sloptrs shall soon as possible sell he property to
the highest bidder for cash or on an inStalmsnt plan
requiring the payment of not less than one-tenth OF
the purchase price in cash at the line Of purchase
and the balance in equal annual payments with In
terst al five per cent in not to exceed twenty years
on any annual interest date in less than twenty
years; or, In the commissioners deem II more
advantageous to the state. they shall hold and lease
he property bid In by them on such terms as they
deem best until such time they deem 1t expedelit
to dispose of the property by sale No property taken
by the commissioners to the amount of loan
shall be sold by them for less sum than that charge
able On Che land. and If sold fer greater sum the
excess shall be paid to the mortgagor his heirs, or
assigns.
Z. Except as provided in subsections l ~ and Q
tc Of this section the applicant for loan shall gay
no charges to the commissioners or to any county
officer for any services rendered in compliance with
the terms Of this section
s. Any applicant for loan who shall knowingly
make any false Statement In his application for
loan or with TO the completion OF the inn
prcvement for the making of which the loan was
granted or who shall in any way mislead or attempt
to misesd the commissioners In any matters pertain
ing to the granting or the use Of the loan or who
shall in any manner procure any loan from the com
mssioners contrary to the spirit ana intention Of this
section; and any state county officer employee
who shall aid any applicant for q loan in so pro-
curing a loan or who shall exact a charge in any
form manner in addition to the charges hereinbore
prescribed for services rendered In compliance With the
provisions OF this Section shall be deemed guilty Of
inistemeanor and upon conviction thereof shall be
punished by imprisonment In the county Jail for not
less than sixty days nor more than year.
8. The state treasurer shall act ex offeio as treas
lrer for the commissioners and shall have charge of
The receipt and disbursement OF all funds received and
dtsburscd BY the commissioners under this section
but he shall neither receive disbuTse any such
funds except upon the order Of the Commissioners
H. Inc commissioners shall set aside from the
annual charge paid by each borrower having loan
Of money from the trust funds OF the state sum Of
money equal to three and oneh half per cent interest
on the principal the balance of the principal of the
loan held by the borrower and the state treasurer
snail pay each such sum received into the appropriate
trust lund. The treasurer shall pay the remainder
OF each annual five per cent charge paid by borrowers
under The terms of subsection Of this section into
the farm loan fund hereinafter provided for
IL. IL Inc treasurer shall pay all moneys received
from borrowers which not payable to the trust
fVnGs or to private investors into fund to be
known as the farm loan fund. and the treasurer
shSn keep this fund separate and make disbursements
from II only upon the order Of the commissioners and
for the following purposes and no other.
tal For paying the salaries Of the superintendent
or farm loans and his assistants and their necessary
met by The TWO per cent fees provided for In subsection
(el Of this section:
10 For printing and distributing blank .pplica-
lions fer loans and explanatory circulars among per-
sohs requesting information
tcl Tor paying expenses incurred in conducting the
SAFE 81 securities sold by the commissioners to re-
cover the interest principal Of loans IN Tho pay
ment OF which borrowers have made default
IL. There Is annually Appropriated ont of any
money III the state treasury otherwise appropriated
sum not exceeding five thousand dollars 10 carry
out the provisions Of this section but no part Of this
sum shan be used except when there is no money
available in the farm loan fund
Section l. This act shah take effect and be In
force from and after its passage and publication
Approved July 81, 1918
NO. 1V2' Al Published July "a. 1918
CHAPTER 645, LAWS OF 1914
AN ACT TO create section l40Sm--l0 ana s,bsection
oI section 1877 OF the statutes relating to
fesdiauohs on heels and restaurants In the state