The herald and news. [volume] (Newberry S.C.) 1903-1937, 1921-12-30

the physica! valuation of the property
upon which they are issued has been
fled with the government Loan bu-
reau. This shall apply to all notes
and bills of exchange issued or drawn
for commercial. agricultural, or indus
trial purposes, and under no circum-
stances for carrying stocks or bonds
/ or other securities for speculative IN
vestment. Warehouse receipts meet
; ing the requirements of the Loan bu-
reau shall be eligible to discount.
: Paragraph /. Farm loans.-The
term farmer" for the purpose Of
this act shall be construed as meaning
any person engaged in the business Of
tilling the soil and raising farm pro-
ducts, or that shall hereafter engage
in the said business. The bureau
shall make loans to farmers on farm
lands located in any of the states OF
the Union or in the District of Co.
lumbia, under rules and regulations
made by the board Of supervision as
hereinbefore provided. Said loans
shall be made payable to the bureau
and shall bear interest at the rate of
not more than per centum, payable
annually. 1t shall be the policy of
the board in making loans to discour-
age speculation in lands.
! Subpar. /. Amortization premi-
ums.-The terms of every loan eX-
tending for more than five years shall
contain a provision for its amortiza-
ton or reduction by annual payments
Of l per centum on account of the
principal. The terms of every loan
shall provide that at any interest date
the borrower shall have the right to
pay the entire loan or to make pay
ment of $50 or any multiple thereof
on the principle thereof, and upon
such payment being made the interest
ON the amount so paid shall thereon
cease.
: Subpar. 2. Loan time limit-No
loan shall be made for more than
thirty years.
Subpar. 3. Application for loans.
No person shall be entitled to a
loan until he has made application
therefor under oath upon blanks to
be furnished by the Loan bureau.
Such application can be sworn to Sc
fore any person authorized to admin
ister an oath, and all postAlsaters and
their deputies in the United States
are hereby authorized to administer
oaths to applicants making application
for loans under this act, and to ad
minister oaths to such applicants or
other persons in connection with the
preparation of other affidavits made
necessary by the rules and regula tions
of the board of supervision. Wncn-
ever any oath is administered by a
postmaster or deputy postmaster no
charge shall be made therefor.
Subpar. 4. To whom loans shall he
nrade.-No loan shall be, made to any
person who is not an actual resident
on the land and engaged in the cult
walton of land offered as security:
Provided, That where the applicant
for the loan is endeavoring to secure
money for the purpose of building
house upon the land, or for the pur-
pose Of making part payment upon
the purchase thereof, the bureau may
waive the stipulation if convinced
that it is the intention of the applicant
to reside upon the land as soon as
possible ard to cultivate the same.
Subpar. 5. Amount Of loans linn
ited--No loans shall be made for
more than 60 per centum Of the val
ue of the land ofered>as security and
90 per centum of the value of the
improvements attached TO the land.
Whenever the Improvements are a
part Of the security for any loan, such
buildings or destructible property
; shall be insured by the borrower to
the satisfaction of the bureau.
f! Subpar. 6. Tenant Farmers loans.
If a tenant farmer desires to pur-
chase farm for home and said far
mer is found to be reliable and of
good character, the Loan bureau, or
its branches, are autho;zed to loan
said farmer rs per centum of the
value of said farm.
! Suhpar. 7. Town tenants.-The
provisions contained in this section
shall apply to farm or town tenant
desiring to purchase homestead.
! Subpar. s. Total loan x on single
mortgage for more than $4,000, and
no loan shall be made for less than
c000 and loans 1lnon cinUln mort