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438 LOANS——PETTY. [ART. LVIIIA
1918. ch. 88, sec. 14.
14. Every person, co-partnership and corporation licensed here-
under may loan any sum of money, goods or things in action, not
exceeding in amount or value the sum of three hundred dollars ($300)
and may charge, contract for and receive thereon interest at a rate not
to exceed three and one-half (3 1/2) per centum per month.
(a) Interest shall not be payable in advance or compounded and
shall be computed on unpaid balances. In addition to the interest
herein provided for, no further or other charge, or amount whatsoever
for any examination, sendee, brokerage, commission or other thing, or
otherwise, shall be directly or indirectly charged, contracted for or
received, except the lawful fees, if any, actually and necessarily paid
out by the licensee to any public officer, for filing, or recording in any
public office, am instrument securing the loan, which fees may be col-
lected when the loan is made, or at any time thereafter.
(b) If interest, or charges in excess of those permitted by this Arti-
cle shall be charged, contracted for, or received, the contract of loan
shall be void and the licensee shall have no right to collect, or receive
any principal, interest or charges whatsoever.
(c) No person shall owe any licensee at any time more than three
hundred dollars ($300) for principal.
1918. ch 88. sec 13.
15. Every licensee shall:
(a) Deliver to the borrower, at the time a loan is made, a statement
in the English language showing in clear and distinct terms the amount
and date of the loan and of its maturity, the nature of the security, if
any, for the loan, the name and address of the borrower and of the
licensee and the rate of interest charged. Upon such statement there
shall be printed in English a copy of Section fourteen (14) of this
Article;
(b) Give to the borrower a plain and complete receipt for all pay-
ments made on account of any such loan at the time such payments are
made;
(c) Upon repayment of the loan in full, mark indelibly every
paper signed by the borrower with the word "Paid" or "Cancelled,"
and release am mortgage, restore any pledge, cancel and return any
note and cancel and return any assignment given by the borrower as
security.
1918, ch. 88, sec. 16.
16. No licensee shall take any confession of judgment or any power
of attorney, nor shall he take any note, promise to pay, or security that
does not state the actual amount of the loan, the time for which it is
made and the rate of interest charged, nor any instrument in which
blanks are left to be filled after execution.
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