LOANS—PETTY

2487

ARTICLE 58A.

LOANS—PETTY.

	1-3. License; fee; bond.	16. Duties of licensee.
	4-7. Expiration of license — not assign-	17. Actual amount of loan to be stated;
	able; additional bond; revocation	other requirements.
	of license; posting thereof.	18. Liens.
	8-9. Place of business — change thereof.	19. Assignment of wages.
	10. Investigation by bank commissioner.	20. Prohibition of charge of more than 6%
	11, Reports of licensees. 12. Books and records.	save as authorized herein ; pretended
	13. Disposition of fees.	purchases; services; penalties; loan
	14. False or misleading statements; pen-	not enforceable.
	alty.	21. To what loans this article not appli-
	15. Amount of loan; interest; fees; when	cable.
	loan void.	22. How article cited and construed.

An. Code, 1924, sec. 1. 1912, sec. 1. 1918, ch. 88, sec. 1. 1937, ch. 358, sec. 1.

1. No person, co-partnership, or corporation shall engage in the busi-
ness of making loans of money, credit, goods, or things in action in the
amount, or to the value, of three hundred dollars ($300) or less, and
charge, contract for or receive a greater rate of interest than six (6) per
centum per annum therefor, without first having obtained a license from
the Bank Commissioner.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. 15.

An. Code, 1924, sec. 2. 1912, sec. 2, 1918, ch. 88, sec. 2. 1937, ch. 358, sec. 2.

2. Application for such license shall be in writing and shall contain the
full name and address, both of the residents and place of business, of the
applicant, and if the applicant is a co-partnership, of every member thereof,
or if a corporation, of each officer thereof, also the county and municipality,
with street and number, if any, where the business is to be conducted.
Every such applicant, at the time of making such application, shall pay
to the Bank Commissioner the sum of two hundred dollars ($200.00) as
an annual license fee and in full payment of all expenses for examinations
under, and administration of this Article; provided, that if the license
is issued for a period of less than twelve months the license fee shall be
prorated according to the number of months that said license shall run.

An. Code, 1924, sec. 3. 1912, sec. 3. 1918, ch. 88, sec. 3. 1937, ch. 358, sec. 3.

3. The applicant shall also, at the same time, file with the Bank Com-
missioner a bond in which the applicant shall be the obligor, in the sum of
one thousand dollars ($1,000) with one or more sureties to be approved
by said Bank Commissioner, which bond shall run to the State of Mary-

As to interest and usury, see art. 49.

As to loans upon chattels, interest rate, etc., see art. 23, sec. 151.

As to building associations, see art. 23, sec. 160, et seq.

1 See art. 11, sec. 3 as to Administrator of Loans.