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CHAP. 208.
Unlawful to
charge more
than the
lawful rate of
interest.
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thereof, a lien upon any household furniture and effects, musi-
cal instruments, typewriters and sewing machines or any other
personal chattels, whether such lien shall be in the nature of a
conditional sale, chattel mortgage, bill of sale, whether recorded
or unrecorded, or any other lien of any character whatsoever,
to have or charge for the use of money so loaned more than
the lawful .rate of interest thereon, as fixed by the provisions
of section 57, of Article 3, of the Constitution of the State
of Maryland, and that no additional sums, either in the way
of bonus or otherwise, shall be required or exacted of the
borrower or borrowers ; and further, that no charges for
examination or valuation of property offered, insurance of
same, and preparation, execution and recording of neces-
sary papers shall be imposed except as follows: ior examina-
tion or valuation of property offered for security for loan and
preparation of papers (both included) the sum of five dollars,
where the amount loaned does not exceed fifty dollars ; six
dollars where the amount exceeds fifty dollars and equals one
hundred dollars or less; and five per centum additional of the
excess over one hundred dollars, where the amount loaned
exceeds one hundred dollars and equals one thousand dollars
or less ; and two and one half per centum additional of the
excess over one thousand dollars where the amount loaned
exceeds one thousand dollars ; for necessary affidavits, record-
ing papers, revenue stamps and fire insurance premiums the
amounts actually to be paid for same ; provided, that the fore-
going charges aud interest as herein provided may be deducted
from the principal of the loan when the same is made ; and
provided further, it shall not be lawful to make any charges
for renewals or extensions of loans, nor to divide or split up
loans under any pretext whatsoever for the purpose of requir-
ing or exacting any other or greater charges than prescribed
herein ; and provided, that where a loan is paid off before
maturity interest shall be rebated to the borrower or borrowers
at the rate of six per centum per annum on the amount so paid ;
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Penalty
lor violation.
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and any violation of the provisions of this Act shall be a
misdemeanor and punishable by a fine of one hundred dollars
for the first offense, and of a like tine and imprisonment in
jail for thirty days for the second and each subsequent offense;
and further, the entire amount loaned shall be forfeited to the
borrower or borrowers, and the mortgage therefor given
become null and void.
SEC. 2. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved April 8,1902.
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