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F E D E R A L R E S E R V E B A N K O F ST. L O U ISSt . L o u is 2 , M i s s o u r i

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March 24, 1952REGULATION W

STATEM ENT UNDER SECTION 7 ( j)—DISASTER CREDITS

In accordance with the provisions of Section 7(;) of Regulation W, Consumer Credit, this bank has today declared that an emergency exists in the Eighth Federal Reserve District* in southeast Missouri, Arkansas, north­west Mississippi, western Tennessee, and western Kentucky, which areas were stricken by tornadoes on March 21 and 22 and subsequent floods which have affected the credit needs of a substantial number of inhabitants of the disaster areas and of the surrounding areas.

Accordingly, the provisions of Regulation W (other than Section 8(a) relating to the preservation of records) shall not apply to (1) any extension of instalment credit made prior to September 24, 1952, with respect to which the registrant accepts in good faith a statement signed by the obligor certifying tha t such credit is to be used for the replacement or repair of property lost or damaged as the result of such tornadoes or floods, nor (2) any extension of instalment credit made prior to September 24, 1952, with respect to which the registrant accepts in good faith a statement signed by the obligor certifying that the credit is needed as a result of the tornadoes or floods, stating the circumstances giving rise to such needs and that such credit, on the basis extended, is necessary to avoid undue hardship on him or his dependents, nor (3) any renewal or revision made prior to September 24, 1952, of any instalment credit now outstanding with respect to which the registrant accepts in good faith a statement signed by the obligor certifying that due to conditions created by or resulting from such tornadoes or floods he is unable, without undue hardship, to comply with the requirements of Regulation W. If any such instalment obligation is transferred from the original registrant, a copy of the signed statement of the obligor must accom­pany the obligation.

Reference is made to Section 5(e) of Regulation X, Real Estate Credit, for provisions exempting from certain requirements of that regulation exten­sions of real estate construction credit used solely for the replacement, reconstruction, or repair of structures destroyed or substantially damaged by Hood or other similar casualty.

FEDERAL RESERVE BANK OF ST. LOUIS Regulation W Department

•The Eighth Federal Reserve District consists of all of Missouri except the western row of countics; tha t portion of Illinois south of and including Adams, Brown, Morgan, Macoupin, Montgomery, Favette, Effingham, Jasper, and Crawford countics; tha t portion of Indiana south of and including Sullivan, Greene, Lawrence, Jackson, Scott, Jefferson, and Switzerland counties; that portion of Kentucky west of and including Gallatin, Owen, Franklin, Anderson, Mercer, Boyle, Casey, Russell, and Wayne counties; that portion of Tennessee west of and including Henry, Benton, Decatur, and Hardin countics; tha t por­tion of Mississippi west of and including Tishomingo, Itawamba, Monroe, Lowndes, and Noxubee counties and north of and including Washington, Humphreys, Holmes, Attala, Winston, and Noxubee counties; and all of the State of Arkansas.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis