FRANK BROWN, ESQUIRE, GOVERNOR.

CHAPTER 629.

AN ACT to add an additional section to Article 23 of the
Code of Public General Laws of Maryland, title "Corpora-
tions." sub-title " Building or Homestead Associations," to
follow Section 104, and to be known as 104 A.

991

SECTION 1. He it enacted by the General Assembly of
Maryland, That an additional section be added to section 104
of Article 23 of the Code of Public General Laws of Mary-
land, title "Corporations," subtitle "Building or Homestead
Associations," to be known as section 104 A, and to read as
follows :

New section.

104 A. And that no corporation incorporated under the laws
of this State for any purpose whatsoever, nor any foreign cor-
poration doing business in this State, shall offer to procure or
act as agent for any person or persons in procuring or making
any loan of money or other valuable thing on the security of
any chattels, nor shall make any loan of money or of any other
valuable thing on the security of any chattels or otherwise,
except in its own proper corporate name and for its own
behalf or benefit; and no such corporation making any such
loan, as aforesaid, shall be entitled to charge any borrower
of money from it, or shall take from any borrower from it,
or other person, any other thing for or in the name of
premium, or of compensation for renewing or continuing any
such loan, as it may be authorized to lawfully make, other than

Loans to be
made under
corporate
name only.

lawful interest at the rate of six per centum per annum, for
the term during which such loan shall be renewed or continued ;
and every security taken by any such corporation for any
such loan as aforesaid, shall express plainly the period of time
for which such loan is made, and the entire interest agreed to
be paid for said loan for the term of such loan, which entire
interest shall in no case nor by any means, be made to exceed the
rate of six per centum per annum on the money or other thing
loaned for the term of such loan; and any contract or security
for any such loan, or providing for the renewal or continuance
of any such loan, made in violation of this section, shall be abso-
lutely null and void. And no person or persons in this State
shall assume to deal or act as a corporation, or in any corporate
name, or in any other than in his, her or their own proper
name or names, in any of the matters or things prohibited by
this section, under a penalty of not less than fifty dollars for
every offence, to be recovered by indictment in any court

Interest to be
charged.