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B-205149 1 (1981-12-23)

handle is hein.gao/gaobadjyp0001 and id is 1 raw text is: %0 / / DECISION FILE: ew.-4,. B-205149 MATTER OF; DIGEST; DATE: December 23, 1981 Walter E. Sidak--Real estate expenses Finance charge An employee is not entitlqd to rejm- bursement of a loan closinig fee paid incident to the purchase of a resi- dence at his new duty station' The truth-n-lending statement indicates that the loan closing fee was a prepaid finance charge, ieimbursement of any cost found to be a finance charge undeir Regulation Z, 12 C.F.R. 226,4(2) is prohibited by FTR para. 2-6.2d. The issue in this case is whether Mr. Walter E. Sidak, an employee of the Bureau of Reclamation, is entitled to reim- bursement of a loan closing fee of $981 he incurred upon purchase of a residence at his new duty station. Kathryn E. Mitchell, Certifying officer, for the Department of Interior, states that Mr. Sidak's claim was disallowed because it was determined that the fee was a finance charye not reimbursable under Comptroller General decisions. We agree loan closing that I fee as fi. a Sidak may relocation not be reimbursed for the expense. Mr. Sidak transferred from Phoenix, Arizona, to Ord, Nebraska, where he reported for duty on February 1, 1980. He purchased the residence there with a loan approved on August 13, 1981. Although Mr. Sidak contends that the loan closing gee is not a finance charge, the Federal Truth In Lending Disclosure Statement that Mr. Sidak was furnished by the lender characterizes the fee as a prepaid finance charge. Peimbursement of a transferred Federal employee's r cation expenses is governed by chapter 2 of the Federal Travel Regulations (FTR) (FPMR 101-7, May 1973). Part 6 chapter 2 covers residence transactions. FTR para. 2-6. specifically precludes reimbursement of any fee, costs, charge, or expense which is determined to be a finance charge under Title I of the Truth-in-Lending Act, Public elo- of 2d THE cOMPTAROLLE*'CfN tNflAUt kd/&k OF THU UNITEC 1STATES WASHINGQTON, 0,o0, L?540 e -,

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