Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-03-08
TEXT OF LOAN PROVISION OF
COMPROMISE BONUS MEASURE
Try THE ASSOCIATED pREss.l

JlA aILA Il hllDSsJ
! tificate at any time shall, for the
purpose of this section, be the
amount OF the adjusted service
credit, plus interest thereon from
October 1, 1922. to such time, at
the rate Of ~ per centum per an
mum compounded annually.
"(G) No payment on any note
shall he made under this section
by the secretary of the treasury 10
! any bank, unless the note, when
presented to him, is accompanied
by affidavit made by an officer of
the bank before a notary public or
other officer designated for the
purpose by regulation of the Sec
rotary. and stating that the bank
has not charged or collected or at
tempted to charge or collect, di-
rectly or indirectly, any fee or
other compensation Except in
terest as provided in this section)
with respect or because of any
loan made under this section by
the bank to q "eteran. Any bank
whose director. officer or employe
thereof, who does so charge. col
leCt or attempt to charge or col
lect any such fee or compensation
shah be liable to the veteran for
a penalty of 500 to be recovered
in q civil suit brought by the vet
eran.
"tH) The secretary of the treas
ury shall make regulations for the
enforcement Of the provisions of
this section"
This safeguarding provision as to
loans and certificates is contained
in the bill:
mo certificate issued on right
conferred under the provisions of
this title sh IL be negotiable or as
signahle or serve as security for a
loan other than one made under
the provisions of $40 and 504 (the
provisions authorizing loans by
banks or the federal governmenD.
Any loan made in violation Of any
provision Ct this section shall be
held void. Whenever the secre-
tary of the treasury finds that any
such certificate or right has been
negotiated or assigned or has
served as security in violation of a
provision Of this section, the rights
of the veteran under this title shall
be forfeited
After September So 1925. the
would loan to veterans
on certificates, the amount adj
vanced il the loan were made before
October /, 1928, being 50 per cent
Of the sum of % the adjusted serv-
ice credit of the veteran figures on
the basis of 81 a day for domestic
service and $l.25 for overseas serv-
ice with the maximum fixed at
$625 for those who served over
seas and $500 for those who did !
not plus (2) interest thereon from |
October /, 1922. to the date of the !
making of the loan, with the rate
Of Az per cent annually, com
pounded annually.
If the loan were made after Oc-
cher I, 1928, and before october !.
1912, Ohe date of the maturity OF
the certificate) the amount ad-
'anced would be 70 per cent of the
sum of % the service credit in
,reased by IS per cent plus CIV in
crest at the rate of 4 Y per cent
semt-annually.
If q veteran defaulted for one
ear in his payments to the gov
,rnment his certificate would he
'oided, but if he borrowed less thar
he maximum authorized by the
aw he would be paid 80 per cent
" the difference between what he
borrowed and what he was author
zed by the law to borrow. If a
-eteran held his certificate for the
ull twenty years he would be paid
he sum Of his service credit i'm
reased by 25 per cent plus 4 y per
cnt interest, compounded annual
Y