BOARD OF GOVERNORS OF' THE

FEDERAL RESERVE SYSTEM WASHINGTON

31

R-956

ADDRESS DF"I'"ICIAL CDRRESPDNDENCE

TD THE SDARD

January 30, 1942

Dear Sir:

Reference is made to the Board's telegram of December 31 re­garding registration undor Regulation W on or after Janua.:r.jr 1, 1942, notifying you that a new F'orm F .R. 563-a waa in preparation bt:tt author­izing the Reserve Banks until furth,~r notice to accept Registration Statements on Form F.R. 563. 1'he new Form F.R. 563-a hns now been ap­proved 'bJ the Board, and several copies indicating the content of this form are enclosed herewith. The new forms are now being printed here on single sheets, 8-1/2 by 11 inches, with instructions on the reverse side.

The distribution of these forms, like the distribution of Form F.R. 563, will in general be in the hands of the Federal Reserve Banks and will be effected by such means as they may determine. A.11

initial supply of 3,000 copies of Form F.R. 563-a will be sent you as soon as they are ready; please- notify the Board when and if you need more copies.

Form F.R. 563-a is intended to be suitable for the registra­tion of all of the classes of persons who will be rGgistering hGnce­forth--such as newly-organized concerns, concerns o1·gardzed to succeed existing businesses, existipg businesses which begin to engage in ac­tivities which are subject to Regulation W, and concerns making instal­ment sales of articles which in tho future, qy amend~ent to Regulation W, become "listed articlos 11 --as well as concerns which should have reg­istered on or before December 31, 1941, but failed to do so.

Because of the varying circumstances under which this form will be used, it will probably be desirable to use several different forms of Notice to Registrants. Thera is enclosed a suggested form of notice which is inten.dGd primarily for those Registrants which arc new concerns; it is rGquosted. that each Reserve Bank det,:m!iine for itself whether to use this suggested form of notice, either as it stands or· with modifications. When and if Regulation W is amended qy the inclu­sion of additional listed articles in the Supplement, it ?."ill pro-bably

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be dcsirab.l.o to use a som.:nvhat different form of notice in add:..·essing the persc1:::1.S who bocomo subject to the regulation .b".f reason of such amendment.

As stated in tho Board's telegram of December 31, you may continue to accept such r<Jgistr/il.tion statements .as may be tondcred o:'l Form F .R. 563 by persons who have alrGady rec<:dvod thc;.t form. On all new requests fo:- f:Jrms in tho futuro, however, copies of tho new Form F.R. 563-u should be supplied. ·

In a.clmowledging the ccHnploted statGme·nts received by the B.oserve Banks on Form F.H. 563-a, it is requested that the Reserve Banl'.:S use the same form of "Hegistra.tion Certificate 11 that they have been using here·::,ofore.

In answeri:::1.g questions regarding this form which Registrants rna;<{ direct to the Reserve B~mks, the "Additional Notes :i1egarding the Filling Out of Form F.R. 563" which the Board sent witl1 its letter R-915 dated Octo bel~ 31 will be ap;Jlicable. It may be noted, howevDr, that new businei:lses, which raDy comprise [:1. substantial proportion of the concijrns registering on Fcrm F·.R. 563-a, will n:)t be; roquired to fill out Question. III of the f\:mn.

Enclosures

• Very truly yours,

Chester r!lc:rrill, 8-:.;cr.:::ta:cy.

TO THE P.H.ESIDENTS O:F ALL FEDERAL RES:,~RVE BANKS

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33 J.l'orm F.R.

This statement is to be filed with the Federa1 Reserve Bank (main office or branch) of the district in whleh the main office of the Registrant Is located. In case you are registering because of an amendment listing additional articles ~nder Regulation w, t~ statement shoUld be s~nt before the end of the second calendar month after the month during which the amendment becomes effective. In case you are registering for any other reason. the $tatement should be sent on or before the date of comrenc ing business which ls subject, to Regutat I on w. The Registrant is automatically licensed upon filing of thls statement; 't 's not nece~sM·y to wtt /Of" acJmotvJe4gunt froa tile 1~f"aL Re!Jef"W &mk before com­mencing business under Regulation w. .

Please leave

this space blank Before aaaweriat the qa .. tloas_ please read the laatractloaa oa the back of

this to!TIIo If you have any question about this form which Is not covered by the instructions on the back, please communicate with the Reserve Bank or branch.

REGISTRATION STATEMENT

Date of f 11 ing ----------­This statement is filed In accordance with the provisions of Regulation w issued by the aoard of Governors

of the Federal Reserve System pursuant to Executive Order Mo. 88~J issued by the President of the United States ~relating to consumer credit.

Name of Registrant (print or typ~): state al~o trade name If different from legal-;-&me

Street addr·e-ss--····--·- --my--·· ... - - --County State

I. Indicate by check mark whether Registrant is (or is to be) in business as an individual _________________ • partnership ___ , corporation __ , or other fonn (specify) _______________ _

I I. Prhclpal Basiaess of iegistraat (Check Oae) A. FinanCial business

[J 1. 00 2.

.3. 8 ~. 5. 0 6.

Sales finance company Commercial bank or trust company Industrial loan company or bank State-licensed small loan company credit union Other financial business (specify) ___________ _

B. Dealer. contractor, or other business 0 7. 0 s. 8 9.

10. 0 11. 0 12. 0 1.3.

0 t4.

0 15.

Department or general store Automobile dealer Furniture or hQuse furnlsnJngs store Household appltance or rad o store Electric or gas utility company Hardware or automotive accessory store Dealer or contractor in heating, plUmbing or air-conditioning equipment · Dealer or contractor ln other construction or repair materials , Manufacturer (specify type of prodYCt} __ _

Cl16. Other (specify) ___________ _

Ill. fredit oatstaading and sales Whether or not subject to Regulation Wl Note- In case Reglstrant Is a new bustness or successor to an existing bus I ness. Registrant , should note the fact under Question VI and need not answer any part of Question lit)

-'• blli..J.Ufltf in !il~V~ 1 !O . ~please r.:pod the unpalo (In even dolUJrs, balance of retail and per.. cents Olllitted; Wiler sonal Installment paper held a11l01Mlt b ncm~twU' at close of business on a ~") date within two months prior to date of filing of this Statement; Date used 1. Rc;ta 11 -i;-:ns:_:ta:::l;:me=:n:t~p::ap=e:r- 1 ______ _

purchased••••••••••••••• t~l'-------t 2. Retail instalment credit

(loans) extended directly t"Ls."--------1 3. Personal Instalment

casn loans •••••••••••• ,. . .. 1-------+ 13, i,tgiJttryy la dUIH 7-lD:

1..6 please report tt\e1'onoW­rng data using a date within two months prior to date of filing of this Statement; Date used....., ___ ..,.... __ _

Retail s~l~s--12 months end­ing on date used. (tncluding all retail sales of listed and unlisted articles and of serv tees): ,.-------.,-~. Total net sales •••• 1 •••• ~.:i:....------l 5, The sales reported n

· item~ were approximately: a. Instalment sales (Incl.

dow~p.:~ymen t s) ••••••• ___ I b, Other credit sales •• ·---~ c. Cash sales, •••• ~··•••---''

ietail receivables beld~uu-paid balaac:e at close of business on date used: 6. tnst:alment receivables. E'------11 1. Otner receivables ... ••• .L;:;.i_. _____ __.._

IV. Dol!~ Registrant have any branches? ___ lf so, how many? __ (Please attach a 1 ist of branches and their <~ddresses)

V. Is 501 or more of Registrant•s voting stock own0d or controlled directly or Indirectly by any other com-, pany? If so, please fill in und,:r t;uestlon VI the narre and address of the controlling company and state the nature of its business.

lrl. Any explanatory matter which Registrant may wish to add (In case Registrant is successor to an existing

business, see uenerat Instruction Vt on back of form):----------------'-------

\'Jl. .Tnts Is to certify that to the best of my knowledge and belief the foreoolng statement is correct (except as to any items marked •est.• which ar~ estimated in qood faith}. ·

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INSTRUCTIONS FOR REGISTRATIOt4 .STATEMENT (t.urrbered to correspono with quest ions on Registration statement)

..!.!..h.-Instalment credit should include creoit for which the agreeo repa)'lllf:nt is in two or· mort: parts. Instalment sales snovld lncludti sahs Mde otfll'l&hlment credit.

A business not yet·ln operation will nave nothing to report under Question HI. tv.-sranches should Include stor.:s or otrlc:es at whteh the Registrant i.s engaged in making instalment sales

or oth;rwise extendlng instalment credit, or purthasing or discounting or making 1oans on instalment obl igat,lons. tf Registrant's business is nOt yet ln operation. please inclicate whether Registrant w!ll have branches

.C~fter C:Oilm!llC i ttg Ope(~t tons. ' .~4-ln <:<'~se Registrant Is succlieding to all or part ot the business of one or more existing c:ortcerns, the

Mmes of the predecessors should be not<Jd un<Jer Ql.lestion VI. ff only pan of an old business is belng taken over, the part h.ken wer shouio be indicated.

Wl'lere tnere is ooubt whether the successor Is ccwered by tl\e r'l!glstration of a predecessor or whether a new registration Is required, it is suggested .that a new form ~e filed; this may be 'lecompanl.t:d, if tl\e Registrant oesires, by a st&t~nt of the circumstances ana a requust that. tne new form be ret\!rnc.~ If not re~uirea.

m.-This statem(;nt may be signed by any officlal ordjmrlly authorized to sign statements for the Registrant;

lVE~TIQN ·''·''-=lf~~~ ~ ~"'r,JON§ FOR UlWf.hl A~ §MA'If~Es, (Sales finance canpany, bank, loan eompan,y, c:r~:;Jlt union, or other financial business)

1 !f~A.-Any hypot heeateo payment;. or deposits Which are for the purpose of ret Iring loans sho"'lO be oeeuct~d before reportIng the unpaid ba1 a!)Ces of such loans. tn case a Registrant c.annot re:JOily ~wre an exact di\' isioQ. of its outstan<Jings between lte~ 111-~--1. 2 and .,, the oivisiun may be estimated.

IH•A-tand l.-tnclud~ the unpc:ild balances of ~J • ..i.!'~!!!l;.~t crQ~it$ ar1t:;;ins fwg the r~.t,!i,1.ga1.i of ano · secure9 oy art !cY<:s, wOOthS( or not l i,ste91n R~oulg~ such as autom®iles, trucks, .nousel'\o)d app)lances, furni.ture, clothing, jewelry, ~:~tc;, , incluoing also loans for ouil.,ing repair or modernization (whether or not insured \Jlder FHA Title l dn<l whether or not secured). Any retail instalment paper 2urc¥§el01 frOIII ot regi§COUllteu.

!Or .:ft;alers or oth,;rf Should l;>e reported in item 111-~1 arv,l 1 oanS made (lj reyHy to COnjur!ler! for the purchase Of W secured by such articl~ shculo be rep<!rt.;;a iniii-A-2. Qo net inclu2e hans mad~ to.oealers and finance companies on their own promlss ..• ry notes, even .if Si.->GIIred bJI too pledge of instalm<:nt pafX!r.

II 1-M.~eport the unpaia balances of .tll secured ana unsecured !nst"lm.;:nt 1 oans which were made to indlviouals, inclwlng those used for such purposes as c;,nS<')Hdatlon "f debts, medical "ittentlpn, general perso~ ~xpena itures, etc:. (but do nvt. I ncl uoe any L)ans rep.)rteo in ittm •H••A-z, nor loans to business CNteerns for )uslness purposes, nor loans securea oy mQI"tgages '>r other I iens on real estate, nor agricultural loans).

'2U§S\Jo~ u ·-~e£' • Ak , NsTrws;I tgNs ma gu~~§· cows6cn:as. &Ho oTHif)~; • . 111-8.,...--Glve net retal,l sa:les fig~re (gross sales less returns and oiscounts), bu' oo not oe<M:t traoe-.ins,,j

Jn th<. ev-ent that th<. Registrant Is n(lt atlle to furnish an exact figure without undue inconven.lence or expense, <I the flgute may be estimated. A stort: should Include sales of leased aepartment:> for wtli<:h.it arranges atd hcl1GsJ retail credit. A Registrant which ls'OO!;jage<l In mwtactvring or other business shoulo report only the sale:; ; which it makes at retail. • Registrant who is a Si!'\ffM?\~r sttoulo include recdpts from repair work ancS the lik~ There shOuld be excluded from item ltf.,.&-1, however, sales of elac;trl![hf or uas by a Registrant whO is a utJHtYj company and sales of real estate (and receivables arlslfl9. from such sales should also be excludeo from items ·· lit~ an<J 11. · . . .

A concern which has not been in operation .for u months snould report sales for the perlod tor Which i~ has operateo, indicating clearly the length of such period. 1

· lti...S-5.-•Jnstalment sales• should Include all sales on instalment credit, regardless of whether the paper 1 is sold or discounted or held oy the Registrant, anci shoul<l incluoe the dawn paylll<:!nt (wh<.ther cash or trade-in) j as well as the amount oeferred. •oths;r creoit sa}e§• sl'lould lnclud<.: those on op6n cr ... ait, ·charge account, or · similar basis, . 111-B-6 ano l.·-Retal.l receivattl es sl'loul o r;;present the unpaid balances of all rece lvables, whether rer: r·J· senteu by note, book acco~nho, or otherwise, arising fr()m rc:tail sales bY the R<ijgistrant, incl udl"9 sales of

' a~,~tomobiles, trucks, househOld appliances, furniture. clothirnJ, jewelry, l)uildlng tepaif' Nld tnod~rnization . 1

(11hether or not insured unaer FH4 TiUe fl, etc. Retail r~ceiv.,bles should incl!Kie svch credits eti!Cf\ it pleQgeg as ~~::curity for loans to tht: Registrant, but should .!:!21 inclwe credits sola to {or aiscountt:d witl'l) a bank or flnance or other company with or without recourse.

In case a Registrant, in a<Jdition to holding receivables "'rising out of its owo retail sales (reportab against items II t-8-6 and 7), also holdt recelvat>les which were purchased or which arose Uom lending bX tne R~istrant, the receivables of the latter types shoulo be reported against t.he appropiate items In group Ht-A~ .(SOlliE: Registrants-such as somt;; manufactur"'rs or put>lic utility companies-may nave no retaH sales or r.:tan crwit to report under group 111•8 but should report their purchased pa.per or loans under group lit-A.}

ln case the Registrant Is unable to aetermine e)(actly. without undue inconvenience or expense, ttle . 1 oivislon of tts receivables between instalment ancl other,cr<:oit, this division may be estimated.

Rdftt-Si!lctlon '3fd} of Regul;:~tion w provioes in part as follows: •The license of any Registrant may, after reasoMbl;;; notk<: ::~nd opportunlt.y for hearing, be ,uspen<led by t.

Board, either In Its entirety or as to particular activities or particular off1ces or tor specifted piriods, c'n a~ of the following grounasf

(t) Any material misstatt:ment or omi~slon willfully ornegllgently maae in the regist.re.tion statement; .·· f2l Any willful or negligent failure to comply with any provision of this regulation or any re~irement of

the Boaro pursuant thereto. •

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Federal ~eserve Bank of -----------

.LWTICE REGi\...'IDING REGISTRATION IN CONNECTION WITH REGULATION VI ON CONSUME.t't CREDIT

H-956-a

(This notice is intended primarily for persons who begi'!1, on or after JanUSJ:"'J 1, 1942, to engage in business that is subject to Hegulation W.)

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Under authority of Executive Order No. $843 issued by the Pres­ident of the United States, dated August 9, 1941, the Board of Governors of the Federal Reserve System issued Hegulation W dealing with Consumer Credit. Section 3 of this regulation provides that all those vrho are sub­ject to the regulation are required to file a Rogistrction Statement on tho prescribed for.r:; and. there~r h::come licensed. This notice is to de­scribe who must rr)gister ru1d how registration is to be o.ccomplishod. Two CO!)ies of ti-10 required form r..ru ::tttached to this notice.

Vfuo Must Register

A Registration Statement should ~Je filed en Form F .R. 563-a by any person or· organization {other than one which has alraac'.,y filed a Reg­istration Statement .::>n this form or on Form F .R. 563) whicl: is to engage in the busiaess of:

(1) making instalment sales of an~r of the articl~)S listed in the Supplooent to R0gulaticn W (which list, us of ---...,.-.----' 1942, is printed on the tack of this notice), or

(2) making instalment loans in a:.l•JUilts of ~1, 500 or loss, or instalment loans in any runount secured by articles listed in the Supplement, or

(3) discGunting or purchasing (or lending on the security of) instalment obligationa arising from-transactions described in (1) or (2).

The types of concerns which should register on~Form F. R. 563-a will include newly-organized concerns (and concerns succeedii:tg to .estab­lis!'led businesses) which are to engage in any of the- types of business mentioned in clauses (1), (2) or (.3) above, a..11d als::::. any 0ther Ci,Oncerns (not already registered) which arc ·ab.)ut to engage in a."'l._V such types 0f

business.

How to Register

Registration is to be accomplished by filling out Form F.R. 563-a a~1d filing it with the Federal Reserve Bank (main office or branch) of the

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-2- P-956-a

district in which the ltegi strant.' s main o.i'fice is loca.ted. A nap of the United States, showing t~1e locations of the Federal ltcserve Ba::.ks and branches, is pri.r.tod on the reverse: side of this notice. O:al;y o>.J.e copy of the Registration Stetoment n::::ed be filed; the second copy is provic~.c~d for the files of the d.Ggistrant. Additional copivs of Form F'.R. 563-a may be sacurod from any F~::;der·al P..8serve Bank or branch.

CJnly one Registration Statement is required for ru:y one person or corlJoration, which will cover the ma.in office and r.ll branches, l)ut eacll subsidiar;, if' it is a separate corporate entity a.l'J.d is engaged in the business outlined above, is required to file u s.;.:parate R~gistration Statement.

Imjtructions for filling in Form F.H. 563-a are givt'lll on tho back of the form, and th0se ard intondod to en!::bld the P.egistrant to fill in tho form quito rcad~ly. If in eor:rpl,:~ting tho :.::'tat0ment, however, any Registrant has o.uestions which o.re :wt o.r,sr!Grec~ by these instructio:lS, or finds that following the instructio:1s exactly would cause U..Yldue expense or inconvenience, the Registrant sJ::.ould take up such q·.wstions with the Federa~. Rese:::-vo Ba~1k.

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