Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-03-10

treasury Of the facts relative to the
note, the name Of the veteran, and the
number of his certificate.
"F)-The loan basis Of any certifi-
cate at any time, shall. for the pur-
poses of this section, be the amount
Of the adjusted service credit, plus in
terest thereon from October 1, 1922, ia
such time, at the rate of 1-2 per
centum per annum compounded an
| nually.
"(G)-No payment upon any note
shall be made under this section by
the secretary Of the treasury to any
bank, unless the note when presented
| to him, Is accompanied by an affida-
Wit made by an officer Of the bank be-
fore a notary public or other officer
designated for the purpose by regu-
lstion Of the secretary, and stating
that the bank has not charged or COL
lected or attempted to charge or col
lect, directly or indirectly, any fee or
ether compensation Except interest
as authorized by this section) in re-
spect to or because Of any loan made
under this section by the bank to a
veteran. Any bank which, or director,
officer, or employe thereof, who does
so charge, collect or attempt to charge
any such fee or compensation, shall
be liable to the veteran for a penalty
of one hundred dollars to be recovered
in civil suit brought by the veteran.
"H)-The secret:ry Of the treas
ury shall make regulations for the en-
forcement of the provisions Of this
section"
This safeguarding provision as 10
loans and certificate is contained in
the bill:
mo certificate issued or right con-
ferred under the provisions of this
title shall be negotiable or assignable
or serve as security for loan other
than one made under the provision OF
So and 5O4, (ths provisions authoriz-
ing loans by banks or the federal gov
ernment.) Any loan made In VIOLA
ton of any provision, Of this section
shall be held void. Whenever the
secretary Of the treasury finds that
any such certificate or right has been
negotiated or assigned or has served
as security, in violation of a proyi-
sion of this section, the rights of the
veteran under this title shall be for
feited."
After September 30, 1925, the gov
ernment would loan to veterans on
certificates, the amount advanced II
the loan were made before October
/, 1928 being IS per cent. Of the sum
(1) the adjusted service credit Of the
veteran (fgured on, the basis Of 81
day for domestic service and $125'
for overseas service with the maxi
mum fixed at $s25 for those who
served overseas and $500 for those
who did not, plus (2) interest there
on from October /, 1922, to the date Of
the making of the loan, at the rate OF
1-2 per cent. annually, compounded
annually.
II the loan were made after Octo-
ber l, 1928, and before October
1912, (the date Of the maturity Of the
certificate) the amount advanced
would be seventy per cent, of the sum
of Q) the service credit increased by
25 per cent. plus (2) interest at the
rate Of 1-2 per cent. compounded
semi annually.
If veteran defaulted for one year
in his payments to the government
his certificate would be voided, but II
he borrowed less than the maximum
authorized by the law he would be
paid 80 per cent. Of the difference be-
tween what he borrowed and what he
was authorized by the law to borrow.
If veteran held his certificate for the
full twenty years he would be paid the
sum Of his service credit increased by
25 per cent. plus 1-2 per cent. in 4
terest, compounded annually.