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B-208837 1 (1982-12-06)

handle is hein.gao/gaobadktr0001 and id is 1 raw text is: DECIBION FILE: B-208837 MATTER OF: DIGEST: THI COMPTROLLIER IEONEIAL 6i OF THIS UNITED ETATlEB / WASHINGTON 0. 90,121540 U(L DATE:December 6, 1982 Jerry D. Taylor and Samuel R. Keyes - Real Estate Expenses - Finance Charge Two transferred employees incurred finance charges in the form of loan closing fees. Although, in each in- stance, the lender states that the fee does not constitute a finance charge, the Government is not bound by a lend- ing institution's characterization of a payment, but must examine the charge against Regulation Z (12 C.F.R. S 226.4 (1982)). Since there is no itemiza- tion of specific expenses included in the loan closing fees, and lump-sum loan fees generally are regarded as nonreimbursable finance charges under Regulation Z, the employees' claims may not be paid. Anita 11. Smith, an authorized certtfying officer of the U.S. Department of Agriculture, lational Finance Center, requests a decision on reclaim vouchers sub- mitted by Messrs. Samuel R. Keyes and Jerry D.. Taylor, for reimbursement of loan closing fees in the amounts of $2,421.25 and $2,212, respectively. For the reasons set forth below, we hold that the amounts in question may not be certified for payment, since a loan closing fee constitutes a finance charge within the meaning of Regulation Z, 12 C.F.R.. S 226.4(a) (1982). Mr. Keyes was transferred from Souderton, Pennsylvania, to Bristol, Virginia, in August 1981. lie purchased a residence at his new duty station, financing it through the East Tennessee Federal Land Bank Association. Mr. Keyes filed a claim requesting reimbursement of $2,421.25 in closing costs, composed of a 2 percent loan fee imposed by the Federal Land Bank, and a 1-1/4 percent fee imposed by the Federal Land Bank Association. Mrs to Dodge purchase Taylor, who transferred from llalstead, Kansas, City, Kansas, in December 1981, financed the of a-residence at his new duty pout through -- -- - - - 4-. 0 fl - 0-0...-e~

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