714 LAWS OF MARYLAND. [CH. 358

SECTION 1. Be it enacted ly the General Assembly of Mary-
land, That Sections 1, 2, 3, 4, 5, 6, 8, 9, 10 and 11 of Article 58A
of the Annotated Code of Maryland (1924 Edition) be and
they are hereby repealed and re-enacted with amendments, to
read as follows:

1. No person, co-partnership, or corporation shall engage in
the business of making loans of money, credit, goods, or things
in action in the amount, or to the value, of three hundred dol-
lars ($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 Commissioner
of Loans.

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 con-
ducted. Every such applicant, at the time of making such
application, shall pay to the Commissioner of Loans 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.

3. The applicant shall also, at the same time, file with the
Commissioner of Loans 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 Commis-
sioner of Loans, which bond shall run to the State of Mary-
land for the use of the State and of any person or persons
who may have a cause of action against the obligor of said
bond under the provisions of this Article. Such bond shall
be conditioned that said obligor will conform to and abide by
each and every provision of this Article, and will pay to the
State, and to any such person or persons, any and all moneys
that may become due or owing to the State and to such per-
son or persons from said obligor, under and by virtue of the
provisions of this Article.

4. Upon the filing of such application and the approval of
said bond and the payment of said fee, the Commissioner of
Loans shall issue a license to the applicant to make loans in
accordance with the provisions of this Article for a period
which shall expire the first day of May next following the
date of its issuance. Such license shall not be assignable.