The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1916-06-09
RULES LAID DOWN
FOR FARM LOANS

The new rules adopted by the state
land board governing the making Of
farm loans, were given out for pub
LEGATION as revised and corrected to-
|day,nby Hebef G. Hale, acting regis
ter of the state land department.
While the rules do not make many
radical changes in the procedure,
they are of importance to applicants
who wish to borrow money from the
state and are herewith published in
corrected form since their revision
and adoption:
/. Application for loans must be
made on forms furnished by the reg
lister of the state land board, upon
request. Applications must be care
fully executed and sworn to before
a notary public. ...
2. Application blanks will be sent
only to bona fide applicants for
loans. Applicants are encouraged to
deal directly with the state land
board in loan matters. Fees and
commissions to agents are unneces-
sary.
8. Loans will be made to residents
of the state Of Idaho only.
4. The applicant must file with
his application certified check,
bank draft, or money order in an
amount equal to one per cent OF the
amount applied for. This fee is in
tended to cover all costs to the ap-
plicant in making inspection and ap-
praisement of the lands. 81
5. 1t will be considered that the
too, hnu
loan is granted and completed in the
amount applied for. If loan Is grant
ed in amount less than applied for,
the difference in fee will be refunded.
II loan is denied by the board or not
accepted by the applicant, then the
approximate cost of appraisement ex-
pense will be retained from the fee
and the balance, if any, will be re-
turned to applicant.
8. Considerations will not be
given to the renewal Of loan un-
less application in regular form &C
companied by one per cent fee is
filed. If it is found that reappraise-
ment of the lands is unnecessary, the
fee will be returned to the appli-
can't
7. The maximum amount any one
person may borrow is $1,000. No
land will be appraised for more than
5000 an acre. This rule applies to
renewals also.
8. Loans are limited to one-third
of the appraised valuation of the
land, exclusive of improvements.
8. Loans are made for five years
h1 In iINfn Oh DOT
The interest rate is per cent, pay
able semi-annually, on January and
July 1.
10. AS soon as application is
granted, the applicant will be direct
ed to file an abstract brought down
to date, showing clear title. Much
delay is caused by sending in an in
complete or imperfect abstract.
II. Abstract must show United
States patent before loan will be
made.
70. The state will accept first
mortgage only.
10. Note and mortgage will be
prepared and sent mortgagor by the
register free of charge, but the mort
gagor must attach to principal note
revenue stamps properly cancelled in
the amount of two cents for each one
hundred dollars or fraction thereof
on said note.
IA. Both husband and wife are
required to sign the principal note
as we'll as all the interest notes and
the mortgage.
Is. If the applicant wishes bank
or other agent to act for him and
receive the money, he should file a
written order to this effect with the
register.
16. If the abstract of title to the
lands offered as security shows an
outstanding mortgage or other liens
against the property, and it is desired
to pay off the same and clear the
title with the money borrowed from
the state, the applicant may, in such
case, request that the state warrant
be issued and placed in escrow in
some reliable bank in the state pend
ing the clearing of title and compile
tion of the loan papers.
II. All correspondence in connec-
tion with farm loans should be ad-
dressed to the register,
HEBER @. HALE,
49, Ill