810 ARTICLE 58A.

ARTICLE 58A.

LOANS—PETTY.

19. To what loans this article not applicable ; special provision for Frederick County.

1.

This article did not repeal art. 8, secs. 11-17. Wight v. B. & O. R. R. Co., 146
Md. 72.

See notes to sec. 14.

14.

Cited but not construed in Fid. & Dep. Co. v. Loan Assn., 153 Md. 190.

Loans under this article may be secured by real estate or personal property
or by both, since statute does not define the security to be taken. Finance Co.,
Inc., v. Catterton, 161 Md. 652; Standard Founders v. Wiley, 162 Md. 83.

16.

This section held to be valid. Palmore v. B. & O. R. Co., 156 Md. 4.

17.

Assignment of wages as security for loan is limited to six months by art. 8,
sec. 16. Finance Co. v. Schlissler, 165 Md. 587.

An. Code, 1924, sec. 19. 1918, ch. 88, sec. 19. 1929, ch. 564.
19. This Article shall not apply to any person, co-partnership or cor-
poration doing business under any law of this State, or of the United
. States, relating to banks, trust companies, or building and loan asssocia-
tions, or to companies or corporations making loans at a rate of interest not
exceeding 6% per annum, charging a fee not exceeding two per cent.
(2%) of the amount of the loan, and in Frederick County charging a fee
not exceeding 4% on loans of Three Hundred Dollars ($300) or less and
charging a fee of not exceeding 2% on loans above Three Hundred Dollars
($300), to cover the cost of investigating the character and circumstances
of the borrower and of the co-makers of the borrower's note evidencing the
loan, and requiring the borrower as security for such loan, to purchase Cer-
tificates of Investment or choses in action equal in amount to the sum bor-
rowed and to pay therefor in equal weekly or monthly installments cover-
ing approximately the period of the loan, provided that the proceeds of
said Certificates of Investment or choses in action shall, at the option of
the borrower, be received at maturity in payment of said loan.¹
See notes to sec. 14.

¹ This article referred to in upholding constitutionality of sec. 131, art. 23—see
notes thereto. Carozza v. Federal Finance Co., 149 Md. 246.