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Investigation of nonresident applicants applying for loans in Eleventh Farm Credit District, in addition to application fee, $7.50. (Sec. 7, 39 Stat. 365, as amended, sec. 13 "Ninth," 39 Stat. 372, secs. 32, 33, 48 Stat. 48, 49, as amended; 12 U.S.C. 723 (e), 781 "Ninth", 1016 (e), 1017, and Sup.) [Res. Ex. Com., May 24, 1938]

31.4 Inspection fees. If loan funds are used for buildings or improvements, necessitating appraiser's inspection upon completion, the fee charged is $7.50. (Sec. 7, 39 Stat. 365, as amended, sec. 13 "Ninth", 39 Stat. 372, secs. 32, 33, 48 Stat. 48, 49, as amended; 12 U.S.C. 723 (e), 781 "Ninth", 1016 (e), 1017, and Sup.) [Res. Ex. Com., May 24, 1938]

31.5 Reappraisal fees. A reappraisal fee equal to the original application appraisal fee is charged when a reappraisal is requested from sources outside of the Federal land bank system. (Sec. 7, 39 Stat. 365, as amended, sec. 13 "Ninth," 39 Stat. 372, secs. 32, 33, 48 Stat. 48, 49, as amended; 12 U.S.C. 723 (e), 781 "Ninth", 1016 (e), 1017, and Sup.; 6 CFR 19.4019) [Res. Ex. Com., May 24, 1938]

31.6 Partial release fees. Selling portion of farm; construction of highway across farm; selling water rights; removing trees or timber, gravel or buildings from mortgaged land; easements for rights-of-way; mineral subordinations, fee to accompany application: Direct land bank loans and Land Bank Commissioner loans, $15.00. Land bank or joint loans through associations, $20.00. Partial release application filed simultaneously with new loan application, both application and partial release fees charged.

Release or partial release of Commissioner chattel mortgage, if appraiser's inspection is necessary, $15.00.

(Sec. 7, 39 Stat. 365, as amended, sec. 13 "Ninth", 39 Stat. 372, sec. 32, 48 Stat. 48, as amended, secs. 1, 2, 48 Stat. 344, 345; 12 U.S.C. 723, 781 "Ninth", 1016, 1020, 1020a, and Sup.) [Res. Ex. Com., May 24, 1938]

31.7 Return of fees. Bank appraisal fee is returned if application is rejected before appraisal.

Nonresident personal investigation fee of $7.50 is returned if investigation is unnecessary.

Partial releases, easements or subordinations appraisal fees are returned if appraisal deemed by bank to be unnecessary, or if application is rejected before appraisal. (Sec. 7, 39 Stat. 365, as amended, sec. 13 "Ninth", 39 Stat. 372, secs. 32, 33, 48 Stat. 48, 49, as amended, secs. 1, 2, 48 Stat. 344, 345; 12 U.S.C. 723, 781 "Ninth", 1016, 1017, 1020, 1020a, and Sup.; 6 CFR 19.4019) [Res. Ex. Com., May 24, 1938]

31.8 Conversion fees. For loans closed after March 16, 1936, one-half of 1 percent of the amount of direct loan closed collected by the bank when the loan is closed.

For loans closed prior to March 16, 1936, fee of $5.00 or 14 of 1 percent of unpaid amount of indebtedness, whichever fee is greater, provided the amount of fee collected shall not exceed 1 percent of the unpaid indebtedness. (Sec. 7, 39 Stat. 365, as amended, sec. 13 "Ninth", 39 Stat. 372; 12 U.S.C. 723, 781 "Ninth") [Res. Ex. Com., May 24, 1938]

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(Sec. 7, 39 Stat. 365, as amended, sec. 13 "Ninth", 39 Stat. 372; 12 U.S.C. 723, 781 "Ninth"; 6 CFR 19.4023) [Res. Ex. Com., May 24, 1938]

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If buildings are not replaced and fire loss funds are applied by the bank to reduce or protect loan, no fee is charged. (Sec. 7, 39 Stat. 365, as amended, sec. 13 "Ninth", 39 Stat. 372, sec. 32, 48 Stat. 48, as amended, secs. 1, 2, 48 Stat. 344, 345; 12 U.S.C. 723, 781 "Ninth", 1016, 1020, 1020a, and Sup. ; 6 CFR 10.337) [Res. Ex. Com., May 24, 1938]

31.11 Liquidation or prepayment fees. For land bank loans less than five years, prepayment in excess of 20 percent of original loan during any single year, including partial release payment on principal, 1/2 of 1 percent per annum is charged on unexpired portion of first five-year period computed on the amount of the additional principal payment made by the borrower. (Sec. 12 "Second", 39 Stat. 370, as amended; 12 U.S.C. 771 "Second"; 6 CFR 10.387) [Res. Ex. Com., May 24, 1938]

31.12 Reamortization fees. Land bank, joint and Commissioner loans-$7.50. (Sec. 13 "Thirteenth", as added by sec. 4, 47 Stat. 1548, sec. 32, 48 Stat. 48, as amended, secs. 1, 2, 48 Stat. 344, 345; 12 U.S.C. 781 "Thirteenth", 1016, 1020, 1020a, and Sup.; 6 CFR 19.4043, 19.4045) [Res. Ex. Com., May 24, 1938]

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California: If case is handled by attorney not on bank's staff:

Balance of loan plus delinquencies under $5,000__
Balance of loan plus delinquencies over $5,000__

Arizona, Utah and Nevada :

$1,000 to $1,400

$1,500 to $2,400.

$2,500 to $3,400_

$100.00

200.00

$50.00

62.50

75.00

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(Sec. 7, 39 Stat. 365, as amended, sec. 13 "Ninth", 39 Stat. 372, sec. 32, 48 Stat. 48, as amended, secs. 1, 2, 48 Stat. 344, 345; 12 U.S.C. 723, 781 "Ninth", 1016, 1020, 1020a, and Sup.) [Res. Ex. Com., May 24, 1938]

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Federal land bank fees on bank and Commissioner loans: See §§ 19.401919.4024.

Fees and charges in connection with extensions and reamortizations of Commissioner loans: See §§ 19.4043, 19.4045.

Prepayment of loans: See §§ 10.386, 10.387.

Section 32.1 Loan fees-(a) Loan application fees; payable with application. On each loan application a fee is charged as follows:

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If the application is cancelled or rejected before appraisal, the entire fee is refunded. If the application is cancelled or rejected after appraisal, the entire fee is retained by the bank.

If the applicant does not reside in the twelfth farm credit district, an additional fee of $7.50 will be charged to cover the cost of securing an appraisal report from the district of his residence.

If a reappraisal is required because of delay of the applicant, or is made at the applicant's request, another appraisal fee, fixed in accordance with the above schedule, will be charged.

(b) Loan closing fees; payable when loan is closed. On each loan closed, a loan fee is charged as follows:

$15.00 on the first $1,000.00 loaned and $2.50 for each additional $1,000.00, or any fractional part thereof loaned. The application fee collected by the bank is applied on the loan fee in determining the net fee to be charged. The loan fee is the total charge made by the bank for appraisal and determination of title. The loan fee on any additional loan closed shall be determined as above provided on the amount of the additional loan granted.

(c) Local correspondent's fees; payable when loan is closed. On direct land bank loans a local correspondent's fee equal to 34 of 1 percent of the amount of the loan is charged (exclusive of $1.00 local correspondent's fee).

(d) Building inspection fee. An inspection fee is charged a borrower when the proceeds of a loan is disbursed for buildings on the property mortgaged and where the value established by the bank is predicated on such new buildings to be constructed. The fee of $7.50 is charged for the inspection made by the appraiser after the loan

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has been closed and the buildings erected, but before the loan is completed.

(e) Other expenses. Each applicant will also be required to pay actual cash outlays for abstract expenses, title insurance fees, notarial fees, recording fees, or other disbursements necessary for completion of the loan. (Sec. 13 "Ninth," 39 Stat. 372, secs. 32, 33, 48 Stat. 48, 49, as amended; 12 U.S.C. 781 "Ninth", 1016 (e), 1017, and Sup.; 6 CFR 19.4019-19.4022) [Circ. Letter 184Á, Jan. 10, 1936, Special bulletin 273, Aug. 1, 1935]

32.2 Partial release of security fees. On each application for a partial release of security, a fee is charged as follows:

Single application:

If no appraisal required

If appraisal required--.

Joint application (Federal land bank loan and Land Bank Commissioner loan):

If no appraisal required.
If appraisal required_-

Fee

$5.00

20.00

7.50

22.50

(Sec. 13 "Ninth", 39 Stat. 372, sec. 32, 48 Stat. 48, as amended, secs. 1, 2, 48 Stat. 344, 345; 12 U.S.C. 781 "Ninth", 1016, 1020, 1020a, and Sup.) [Circ. Letter 181A, Dec. 4, 1935]

32.3 Loan segregation fees. On each application for a segregation of a mortgage lien, that is, where two or more owners of the security desire to have the mortgage allocated to respective ownerships, an application fee will be charged as follows:

Where original owners only are involved, $10.00.

Where other parties than original borrowers are involved a fee is charged as for closing a new loan.

(Sec. 13 "Ninth", 39 Stat. 372, sec. 32, 48 Stat. 48, as amended, secs. 1, 2, 48 Stat. 344, 345; 12 U.S.C. 781 "Ninth", 1016, 1020, 1020a, and Sup.) [Circ. Letter 184A, Jan. 10, 1936]

32.4 Reamortization and long-term extension fees. On each application for the reamortization or the long-term extension of a loan, a fee is charged as follows:

$10.00 on single Land Bank Commissioner loans.

$10.00 on single land bank loans up to $7,500.00, plus $5.00 on each additional $5,000.00 or fractional part thereof.

$15.00 on joint land bank and Land Bank Commissioner loans up to $15,000.00 (both loans being so extended), plus $5.00 on each additional $5,000.00 or fractional part thereof.

Each applicant will also be required to pay actual cash outlays for abstract expenses, notarial fees, recording fees, or other disbursements necessary for completion of the transaction. (Sec. 13 “Thirteenth", as added by sec. 4, 47 Stat. 1548, secs. 1, 2, 48 Stat. 344, 345; 12 U.S.C. 781 "Thirteenth", 1020, 1020a, and Sup.; 6 CFR 19.4043, 19.4045) [Gen. Memo. 672, Apr. 7, 1938]

32.5 Fees on prepayment of loan less than five years old. The following fees are charged in connection with the prepayment of land bank loans less than five years old:

No penalty is charged on prepayment of a loan on any interest paying date prior to the expiration of five years, if such payment

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does not exceed 20 percent of the loan for each year that has expired, and provided such funds are derived from the borrower's earnings or savings.

On amounts in excess of such 20 percent prepayments and on payments made from funds not derived from the borrower's earnings or savings, a service charge will be collected as follows:

No penalty if the funds are derived from sources beyond the borrower's control.

A service charge of 1/2 of 1 percent per annum for the unexpired time from the date of payment to the end of the five year period, if payment is from the borrower's own resources.

A prepayment charge of 1 percent per annum on the unpaid balance of the loan for the unexpired portion of the five-year term, provided the loan is being refunded. (Sec. 12 "Second", 39 Stat. 370, as amended; 12 U.S.C. 771 "Second"; 6 CFR 10.387) [Circ. Letter 179A, rev., Feb. 14, 1938]

Subchapter D-Federal Intermediate Credit Banks

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The

(c) Person.

(d) Agricultural purpose and agricultural paper.

(e) Staple agricultural product. (f) Discounts; purchases.

Section 40.101 Functions. Federal intermediate credit banks are designed to furnish a constant and dependable supply of funds to finance, on a sound basis, the seasonal production and marketing of agricultural products, including livestock, as distinguished from long-term farm mortgage loans. They are not banks of deposit, nor do they engage in a general banking business. They operate principally as banks of discount, handling farm and livestock paper for production credit associations and for banking and other financing institutions. They discount paper for the banks for cooperatives organized under the Farm Credit Act of 1933 (48 Stat. 257), and may make certain types of loans direct to cooperative associations of agricultural producers. The Federal intermediate credit banks may make loans to banks and other financing institutions upon the security of agricultural and livestock paper; and to production credit associations and banks for cooperatives upon the security of such collateral as may be approved by the Governor of the Farm Credit Administration.

The Federal intermediate credit banks are not emergency institutions or relief organizations. They are designed to serve as permanent sources of agricultural and livestock credit. Since the major portion of the funds used in their lending operations is obtained through the issuance and sale of debentures, which are not guaranteed

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