LOANS—PETTY. 2087

An. Code, sec. 14. 1918, ch. 88, sec. 14. 1924, ch. 115, sec. 14.

14. Every person, co-partnership and corporation licensed hereunder
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 p'ayable 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,
service, 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, any instrument securing the
loan, which fees may be collected when the loan is made, or at any time
thereafter.

(b) If interest, or charges in excess of those permitted by this Article
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 licensee shall, directly or indirectly, charge, contract for or
receive any interest or consideration greater than six (6) per centum per
annum upon the loan, use or forbearance of money, goods or things in
action, or upon the loan, use or sale of credit, of the amount or value of more
than three hundred ($300.00) dollars. The foregoing prohibition shall
also apply to any licensee who permits any person, as borrower, or as
endorser, guarantor or surety for any borrower, or otherwise, to owe,
directly or contingently or both, to the licensee at any time the sum of more
than three hundred ($300.00) dollars for principal.

An. Code, sec. 15. 1918, ch. 88, sec. 15. 1924, ch. 115, sec. 15.

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 payments
made on account of any such loan at the time such payments are made.

(c) Permit payment of a loan in whole or in part prior to its maturity
with interest on such payment to the date thereof.

(d) Upon repayment of the loan in full, mark indelibly every paper
signed by the borrower with the word " Paid " or " Cancelled," and release
any mortgage, restore any pledge, cancel and return any note and cancel
and return any assignment given by the borrower as security.