About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

B-178433 1 (1973-06-04)

handle is hein.gao/gaobaadnq0001 and id is 1 raw text is: COMFTnOLLER GENERAL OF TM UNITED STATES WA,I,,HTON. D.c. MIu )7 ba178433 June 4, 1973 Hr; T. A. Evans Civilian Diobvrsing Officer OhIo Rivor Divicion, Corpe of Engtncenr Depurtnrt. of the Arwy P.O. rox 1159 Cincirnati, Ohio 45201 Dear Ir. Evsn2t This refers to your letter of March 1, 19Y3, reference OREE3C-F, fori'arJed to thiv Office on Ipril 10, 1973, by the Per Die, Travel and Trancportr.tion Allr.n06 Corittee, PDTATAC Control No. 73-21, in which you requect a decision as to the propriety of certifying for payment a recloin voucher in the amount of $150 subnitted by Mr. altcr E. Hanilton, an eployco of the Ohio River Divioion of the Corps of Engineers. Thc'&unt in question represents a loan aaunuption fee chorged Ct. lrailton In eonnecttwo with the purchaso of a residence foll.int his permuent tnaenge of station to Cincinnati, Ohio, on June i 1970. His claim was ad,6!nistratively disallovo'cd on the basis that our decisions B-1691:,l Ap:f- 15, 1970; r-16Ufl70 Fcbrunry 13, 1970; and B-3fS359, Velrusry 2, 19i3, held that a loan assu-ption Leo is to be regarded as a finance chate under Regulation Z of the Board of C'vornirs of tho Federal Reserve Systen, and as such is not raimbursable. r. )lanflton points out, however, that thi cited decicions have cil invflvad per- centago fees rn'wr than a Mt fee as in his caBa, and that the SEavinc. and Lonn Assocv. ion with which ho dealt did not rato a ncrw loan but merely transferrod en existing one. Hie has cubmitted a otateont [ron nn officer of the t'nvingo am Loan Ansocintian to the effect that the $3.50 fen charucu i not a finance chnrce but is instecd a flat charge to raiviburse the w6rtgace holder for expenses incurred in processing the Asuumption. We addrease1 the question of whether a, flat fee purportedly harr.ed only for administrative costs in connection with a loan ass=ptitn wgg rainburonble in B-170787, Iovetbcr 17, 1970, a copy of which is enclosed. Iu that deciulon we noted that an officiaL of the Board of Covernors of * ths Federal Resecvs ystea had advised un that a loan aasunptira fee on a flat fe basis is regardrd ea a finnnco charge, notwithatn6ing the assertion that such a fete etoly covers admtaistrative costs. BEST DBCU;,EWT AVAILABLIE 1 14,/ )/14n-r _!-

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most