OCR Text |
Show Warning About Loans on the Certificates "Beware of money lenders who seek to get their hands on your World war adjusted compensation certificates," is the reiterated warning that American Legion service officials at Washington are sending to veterans throughout the country. The warning Is the result of a report from the secret service division di-vision of the Treasury department that certificates have been used as the basis of loans not sanctioned by law. Agents of the secret service reported that 235 adjusted service certifies! s had been accepted by a money lender In San Antonio; An-tonio; Texas. The Legion officials point out that the World war adjusted compensation act provides that after the expiration of two years from t lie date of the certificates, cer-tificates, loans may be made. Any national na-tional bank,' or any bank or trust company com-pany Incorporated under the laws of any state, territory, possession or the District of Columbia, Is authorized to loan any veteran upon his promissory note, secured by his adjusted service certificate; and the act expressly makes void any negofiatlon, assignment assign-ment or loan made In violation of these provisions. These restrictions were placed in the act to avoid exploitation of veterans by unscrupulous money lenders, while the provision allowing them to nego-j nego-j tlate loans upon their eertificnles un-der un-der certain conditions were intended 1 further to protect their Interests. |