WTS Will Stop Charging Interest on Loans (page 4)

MeneMene

I have wondered for the last few years how they were getting away with operating an illegal banking institution.

I had even toyed with the idea of writing to ask one of the govt banking agencies about the situation. Maybe someone actually did question it.

They have to have hundreds if not thousands of current open loans they have made. Those loans should be covered by either federal or state banking regulations.

Would be nice to know what prompted this change.

If they are now going to be taking in deposits to 'hold' for congregations, it would seem they will have to keep track of each 'account'. This should require an account number. Deposits would be made and withdrawn from the account as needed. This would involve even more banking regulations - Reg D, DD & C.

Suppose they have actually chartered a licensed banking institution that we know nothing about?

blondie

Actually since the WTS is a non-profit corporation (or several corporations) and the congregations are also non-profit corporations, I do believe that they can set up loans to the congregations. I find it helpful to remember that the WTS is not set up like for-profit corporations and that laws are different.

yknot

Wonder how much longer before all KHs are required to send surplus $$$$ to the WTS? Surely the interest of combined funds is profitable to the prophets.

BreakingAway

Whatever the reason, we can be sure they're NOT doing this out of the generosity of their heart.Either there are some legal concerns or they feel it will be in some way more profitable to do away with this practice.Just like the "gas prices" excuse regarding the Book Study.....they always have other selfish motivations.

MissingLink

This is probably to take a bit of the sting away from the "Once you've payed off the loan - the WTS owns your hall" rule.

Farkel

menemene,

Tickle and pasley. (I don't know the book of Daniel that well).

You said:

:Those loans should be covered by either federal or state banking regulations.

No. Private loans on real estate are not regulated, except and perhaps only by laws of usury in various states. Two or three percent interest is not usuary by anyone's definition. The US government has regulated us enough, but they haven't gone there yet.

Farkel

Bring_the_Light

I always thought it was weird to charge soldiers payroll taxes. :oP Although it is fitting to screw soldiers at every opportunity, it just seems like unnecessary paperwork. It was also depressing, because at the end of the year, my ARNG income was just about right to pay my civilian tax bill for the year.... Serve country, country charges you money makes sense, but it "being a wash" as opposed to either more or less made it feel unfair somehow.

blondie

Because the congregations are set up as non-profit corporations, when they pay off their loan, the congregation who holds the territory the kingdom hall is located on holds ownership. The WTS would take ownership as a parent non-profit corporation if that congregation were to be dissolved. That's the way the laws governing non-profit corporations works.

Gayle

After all this time of getting away with it, now it just stops. ??? Seems like some legalese is involved. How can a 'charitable' organization charge interest on services to helping people. Seems clearly like such a contradiction, doesn't it?

escaped

I am sorry...this may sound stupid, but once the Halls are paid for, who owns them?

WTS Will Stop Charging Interest on Loans

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