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Administrative History

Under an act of April 4, 1837, surplus monies received from the U.S. Treasury were loaned to each county. The money was to be loaned out by two commissioners, appointed by the governor, to residents of the county on mortgages on improved land at 7% interest. The office of Loan Commissioner was abolished in 1911.

The laws of 1883 required local treasurers to transmit a list to the comptroller of all lands to be sold for unpaid taxes. The comptroller was then required to transmit to the treasurer a list of all lands belonging to the state or that were mortgaged to the "commissioners for loaning certain moneys of the United States," or against which the comptroller held a bond or lien. It was then the duty of the treasurer to bid for the state on each and all of the lands listed and to notify the comptroller with a statement showing the amount of each bid made.