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B-197544 1 (1980-07-10)

handle is hein.gao/gaobadikb0001 and id is 1 raw text is: 6'G6YL DECISION THE COMPTROLLER GENERAL OF THE UNITED STATES VWASHINGTON. 0. C. 20548 FILE: B-197544 DATE: July 10, 1980 MATTER OF: John J. Connors - Real Estate Expenses Los Assumption Fee DIGEST: Transferred employee may not be reimbursed loan assumption fee incurred incident to purchasing a house since fee is.finance charge within the meaning of Regulation Z, 12 C.F.R. § 226.4(a) (1978), despite the fact that such fee merely reflects administrative costs. This action is in response to a request dated January 18, 1980, by Lena M. Jones,tCertifying Officer of the Department of Housing and Urban Development (HUD), regarding the propriety of certifying for payment a reclaim voucher in the amount of $100 in favor of Mr. John J. Connors representing a loan assumption fee incurred in connection with the purchase of a residence in Washington, D.C. The purchase was, made incident to Mr. Connors' change of duty station from New York, New York, to Washington, D.C. Mr. Connors' claim was denied by HUD on the basis that our decisions Dean E. Taylor, B-184626, February 12,. 1976,'and B-178433, June 4, 1973, have held that;.the loan assumption fee is a cost incident to the extension of credit and is therefore a nonreimburse- able finance charge within the purview of Regulation, Z, 12 C.F.R. § 226.4(a) (1978). The pertinent part of Regulation Z states: 226.4 Determination of finance charge. (a) General rule. Except as otherwise provided in this section, the amount of the finance charge in connection with any transaction shall be determined as the sum of all charges, payable directly or indirectly by the creditor as an incident to or as a condition of the exten- sion of credit, whether paid or payable by the customer, the seller, or any other person on behalf of the customer to the creditor or to a third party, including any of the following types of charges:

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