1900. ] OF THE HOUSE OF DELEGATES. 1389

prevention of usury and extortion on the part of certain
concerns or individuals lending on chattel mortgages in
the State of Maryland.

"Section 1. Be it enacted bo the General Assembly of
Maryland, That an additional section, to be known as
'Section 7, ' be added to Article 49, of the Code of Public
General Laws, tide 'Interest and Usury, ' to read as fol-
lows:

" Sec. 7. Be it enacted by the General Assembly of
Maryland, That from and after the passage of this Act
it shall not be lawful for any individual, partnership,
association or corporation lending money upon chattel
mortgages, within the limits of this State, to have or
charge for the use of money so loaned more than two
and one-half per centum per month, and that such per-
sons loaning money as aforesaid shall be put on the
same basis as pawnbrokers in this connection, and that
no additional sums, either in the way of bonus or other-
wise, shall be required or exacted of the borrower, and
further, that no charges for examination or valuation of
property offered, insurance of same and preparation, exe-
cution and recording of papers, shall be imposed, except
as follows:

'For examination of valuation of property offered for
mortgage and preparation of papers (both inclusive), the
sum of ten dollars when the amount loaned does not ex-
ceed fifty dollars; eleven dollars when the amount ex-
ceeds fifty dollars and equals one hundred dollars or less,
and five per centum additional of the excess over one
hundred dollars when the amount loaned exceeds one
hundred dollars and equals one thousand dollars or less,
and two and one-half per centum additional o. f the
excess over one thousand dollars when the amount
loaned exceeds one thousand dollars, for necessary
affidavits, recording of papers, revenue stamps and
fire insurance premium the amount actually paid for
same; provided, that the foregoing charges for ex-
amination or valuation of property offered for mortgage,
insurance of same and preparation, execution and record-
ing of papers, may be deducted from the principal of the
loan when the same is made; and provided further, that
in no case shall it be lawful to deduct interest in advance

»