The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-03-07
BONUS BILL TEXT
(By the Associated Pressl

the text Oh the Ddllh loan pAONASAOA
bill:
"A-That a loan may be made to any
veteran prior TO September ~, no, upon
eordance with the provisions OF this sec
Those Authorized.
"B-Any national bank, or any bank
or trust company incorporated under the
laws OF any stefs 5s55VTy I'm
this section called 'bankD is authorized
to loan TO any veteran upon ms promlis-
certificate with or without The consent
/ of the beneficiary thereof any amount not
I In excess of fifty pereentum or Its loan
basis Gas defined in subdivision F, of this
Z sectionl, such loan TO mature on or before
September 30, 1875. The rate of interest
charging upon the loan by the bank shall
not exceed by more than two percentum
per annum the rate sharged at the date OF
paper under section u Of the federal re-
serve act by the federal reserve bank for
bank is located.
Concerns Non-Payment.
elf the veteran does not pay the
principal and interest Of the loan within
in any even by september 80.
the certificate iii and the Hi note to the
| secretary Of the treasury not earlier than
May, so, 1928, and not later than October
10 1925 The secretary shall thereupon
to the bank the amount OF unpaid prin-
cipal due it, and the unpaid interest ac-
crued. at the rate fixed by the note. up
to the date of the check is issued to the
The difference between so per cent of
the loan basis of the certificate Mt the time
amount so paid 70 the bank shall be IN
mediately paid by the secretary to the
death after the expiration of the six
months after the maturity Of the loan or
80. 1925, such difference shall be paid to
the beneficiary under the certificate eN-
cept that IL such beneficiary dies. before
named, or If the beneficiary in the first
instance has not yet been named then the
payment shall be made to the estate OF
the veteran
When Veteran Dies.
"D7-If the veteran dies before the
principal is due, the amount or the I'M
paid principal and the unpaid interest ae-
crued up to the date of his death, shall
be Immediately due and payable In such
cipaI is due but before the expiration OF
the six months after the principal is due
or before October ], 1925, the bank shall
upon notice of death present the certificate
and note to the secretary who shall there
upon cancel the note and pay to the bank
in full satisfaction of its claim the amount
Of the unpaid principal and interest at the
rate fixed in the note accrued up to date
of the check issued to the bank; except
notified Of the death bv the secretary Of
the treasury, and fails 10 present the Ger
tificate and note to the secretary within
fifteen days after notice such interest
such notice. The secretary shall de-
duct the amount so paid from the face
of the certificate.
E-when any loan is in default, the
bank shall within thirty days thereafter
notify the secretary of the treasury of the
facts relative to tn note the name OF the
%F@The loan basis OF any certificate
at any time, shall for the purposes Of this
seeon' De the amount OF the aa11 listed
October 1, 1872 to such time at the rate
Of AZ per centum per annum compounded
Payment Explained.
i"G-No payment upon any note shall
be made under this section by the secre-
the note when presented to him, is accom-
panied by an affidavit adopted by an
officer of the bank before notary public
or other officer designated for the purpose
by regulation Of the secretary and stating
or attempted to charge or collect directly
or Indirectly, any fee or other compeusa-
ton 3,o Except interest as authorized by this
SechonJ IN respect to or because or any
loan made under this section by the bank
to a veteran ANY bank, which, or direc
tor, officer or emplOye thereof who does
SO charge. collect or attempt to charge or
collect any such fee or compensation shall
be liable to the veteran for a penalty or
one hundred dollars to be recovered in a
civil suit~brought by the veteran.
Safeguards All Loans.
"H-The secretary Of the treasury
shall make regulations for the enforce
ment Of the provisions of this section"
This safeguarding provision as to loans
and certificates is contained in the bill;
No certificate issued or right conferred
under the provisions Of this title shall be
negotiable or assignable or serve as Sc
curHy FOR a loan other than one made
under the provision OF SOP and 5O4 (the
provisions authorizing loans by banks or
the federal goyernmentD Any loan made |
IN violation Of any provisions Of this see !
ton shall be held void Whenever the Sec |
rotary of the treasury finds that any sUSh |
certificate or right has been negotiated or |
assigned or has served as security in !
violation Of n provision OF this section |
the rights Of the veteran under this title !
shall be forfeited
Minimum and Maximum Fixed.
After Sept 30, 1925. the government
amount advanced if the loan were made |
before october !, 1928, being So per cent 1
OF the sum OF ~ the adjusted service |
OF 81 a day for domestic services and $125 /
for overseas service with the maximum |
seas and 500 for those Who did r' not plus plus
~ interest thereon from October l. 1922 /
to the date of the making of the loan at |
pounded annually. II the loan were made !
after October /, 1923, and before October J.
1912, 1.-THE date of the maturity of the GER |
tificate) the amount advanced would be 20 |
per cent OF the sum of (1) the service /
credit increased by % per cent. plus (2) /
interest rest, at the rate OF IA per cent com |
If a veteran defaulted for one year in /
his payments to the government his Ger
rowed less than the maximum authorized |
by the larg, he would be paid 90 per cent i
Of the difference between what he Dor 1
rowed and what he was authorized by law
to borrow. If a veteran held his certifi- |
cate for the full twenty years he would /
creased by % per cent plus AZ per cent /
interest, compounded annually.
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Newton Candidates Are Ready.