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Session Laws, 1900
Volume 97, Page 685   View pdf image (33K)
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JOHN WALTER SMITH, ESQ., GOVERNOR. 685

any of them to, or to consolidate the same with those of any May consolidate.
company incorporated under the laws of this State or any other
• state of the United States.

SEC. 7. And be it enacted, That this company shall annually Annual report
report to the Insurance Commissioner, as now required by to insurance
law, pay the required fees and be subject to all the general commissioner.
provisions of law now existing, or as may be enacted by the
regulations of life-insurance companies in this State, and
shall have all the rights, powers and privileges as provided
undeF the provisions of the General Corporation Laws of tins
State, so far as the same may be necessary for the purposes of
this Act, and not contrary to or in conflict with the provisions
thereof.

SEC. 8. And be it enacted, That this Act shall take effect
from the date of its passage.

Approved April 7, 1900.


CHAPTER 404.

AN ACT to add an additional Section to Article of the
Code of Public General Laws, title “Interest and Usury,”
to be known as Section seven of said Article, and to pro-
vide for the prevention of Usury and Extortion on the part
of certain concerns or individuals lending money on chattel
mortgages in the State of Maryland.

SECTION 1. Be it enacted by the General Assembly of Mary
land, That an additional section, to be known as Section Interest and
seven, be added to Article of the Code of Public General Usury.
Laws, title ‘‘Interest and Usury,'' to read as follows:

Sec. 7. It shall not he lawful for any individual, partner-
ship, association or corporation lending money upon chattel Prevention of
mortgages within the limits of this State to have or charge for Extortion.
the use of money so loaned more than the lawful rate of inter-
est thereon, as fixed by the provisions of Section fifty-seven
of Article 4, of the Constitution of the State of Maryland, and
that no additional sums, either in the way of bonus or other-
wise, shall be required or exacted of the borrower or
borrowers; and further, that no charges for examination or
valuation of property offered, insurance of same, and prepara-
tion, execution and recording of necessary papers shall be
imposed, except as follows: For examination or valuation of Fees for
property offered for mortgage and preparations of papers


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Session Laws, 1900
Volume 97, Page 685   View pdf image (33K)
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