The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-03-07
AGREED
Continued from Page One.)

of the adjusted service credit, plus in
terest thereon from Oct 1, 1922, to
such time, at the rate of Az per-
centum per annum compounded an
Eually.
Affidavit Required
"(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 affidavit
made by an officer of the bank before
a notary public or other officer desig-
mated for the purpose by regulation of
the secretary, and stating that the
bank has not charged or collected or
attempted to charge or collect, directly
or indirectly, any fee or other COM
pensation Except interest as author
lied by this section) in respect to or
because of any loan made under this
section by the bank to a veteran. Any
bank which, or director, officer or en-
ploye thereof, who does so charge col
lect or attempt to charge or collect
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.
Provisions Set Out.
"(H) The secretary of the treas
ury shall make regulations for the en-
forcement of the provisions of this
section" This safeguarding provision
as to loans and certificates is con-
tanned in the bill: mo certificate is
sued or right conferred under the pre-
visions of this title shall be negotiable
or assignable or serve as a security
for loan other than one made under
the provision of 502 and 504, (the
provisions authorizing loans by bank;
or the federal government). Any loan
made in violation of any provision of
this section shall be held void. When
ever the secretary of the treasury
finds that any such certificate CT
right has been negotiated or assigned
or has served as security, in violation
of provision of this section, the
rights of the veteran under the title
shall be forfeited"
After Sept 80, 1925, the government
would loan to veterans on certificates
the amount advanced if the loan were
made before October /, 1928, before
SIS per cent of the sum of % the ed
iusted service credit of the veteran,
Figured on the basis of 81 a day for
domestic service and S1.25 for over
seas service, with the maxium fixed
at 1925 for those who served overseas,
and $500 for those who did not, plus
(2) interest thereupon from October
/, 1922 to the date of the making OF
the loan, at the rate of Az per cent
annually, compounded annually.
If the loan were made after Oct.
1928, and before Oct. l, 1912, tine
date of the maturity of the certificate
the amount of advance would be ~
per cent of the sum of Cd the service
credit increased by 20 per cent, piu1
or interest at the rate OF Az per
cent compounded semi-annually.
IF a 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 b"
tween what he borrowed and what ne
was authorized by the law to borrow
If a veteran held his certificate for tha
full 20 years he would be paid tbe
sum of his service credit increased by
25 per cent, plus 4 Y per cent interest,"
compounded annually"