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Show Loan Group Rules Modified By Bill Glen Ivenney, secretary-treasurer of the Cedar- City National Farm Loan association, has received receiv-ed word that President Truman has signed the bill passed by congress con-gress which increases the powers of the association, and speeds up the granting of-"loans to farmers and stockmen. 1 Under the new law, the association associa-tion may lend -up- to- 66 of "the" normal agricultural value of the farm. In the past a loan was limited to 50 of the appraised normal value of the land plus 20 of the permanent improvements. The authority to continue making mak-ing commissioner loans is extended to July 1, 1946. The contract interest rate on these loans is 5 while the contract rate for land bank loans remains at the present all-time low of 4. Secretary-Treasurer Kenney said that many commissioner loans have been repaid and that others have been reduced so that they can now be refinanced with 4 land bank loans. "This", he said, "is of benefit to many borrowers for it reduces their interest rate and consolidates their loans." With a final payment of $1,950,-000, $1,950,-000, the Federal Land Bank of Berkeley has retired all funds of the federal government invested in the bank. The bamk is now owned entirely by the 59 national farm loan association asso-ciation in Arizona, Utah, Nevada, and California and, through the associations, as-sociations, by the farmers and stockmen who are users of the system and members of the associations, asso-ciations, it was announced by Wil-lard Wil-lard D. Ellis, the president of the bank. At one time the government had (more than $25,000,000 invested in the bank's capital and paid-in surplus. sur-plus. This cooperative credit institution, institu-tion, now wholly owmed by its members, has capital stock of $4,400,000; surplus and reserves of j ?17,750,000; and total assets of! over ?68, 000,000. v i |