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Proceedings and Acts of the General Assembly, March 30, 1868
Volume 142, Page 1972   View pdf image (33K)
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1868.] OF THE SENATE. 559

Henkle, Walsh,
Hyland, Welch—15.
Hammond,

Mr. Clarke offered the following amendment :

Section 2, line 8, insert " no greater rate of interest than
ten per cent. shall be allowed when contracts are made be-
tween the borrower and lender, and if any greater sum than
ten per cent. is demanded and received, then the lender shall
forfeit and pay to the State, for the benefit of the Free
School Fund, a sum equal to the whole amount of interest
received. "

Which was rejected.

Mr. Henkle offered the following as a substitute for the
bill under consideration, to be inserted after the enacting
clause:

A bill entitled an Act to provide for the rate of interest in
this State, in pursuance of the 57th section of the 3d Article of
• the Constitution.

Section 1. Be it enacted by the General Assembly of Mary-
land, That from and after the first day of May, in the
year eighteen hundred and sixty-eight, it shall be law-
ful for merchants and factors doing business in this State to-
charge, deduct, allow and recover interest upon all advances,
mutual debts and credits and balances made and arising in
their regular course of dealing with their respective custom-
ers, at the rate of seven per centum per annum, or at such
greater rate not exceeding ten per centum per annum as
may be agreed upon between the parties.

Sec. 2. And be it enacted, That from and after said first
day of May, 1868, promissory notes, bills of exchange or
other commercial paper not having more than four months
to run, may be discounted by persons or corporations resid-
ing or doing business in this State at the rate of seven per
centum per annum, or at such greater rate not exceeding
ten per centum per annum, as may be agreed upon between
the parties.

Sec. 3. And be it enacted, That the rate of interest in all
cases not embraced by the provisions of the foregoing sec-
tions, shall be six per centum per annum ; provided, howev-
er, that it shall be competent for parties in all cases to con-
tract for a greater rate of interest not exceeding ten per
centum, in which case such greater rate shall be clearly ex-
pressed by agreement in writing.

Sec. 4. And be it enacted, That any person or corporation
exacting interest at a greater rate than that allowed by


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Proceedings and Acts of the General Assembly, March 30, 1868
Volume 142, Page 1972   View pdf image (33K)
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