198 LAWS OF MARYLAND. [CH. 8S

given as security for any such loans; prescribing certain
duties of the bank commissioner; repealing Chapters 835
and 836 of the Acts of 1912, Bagby's Annotated Code, Arti-
cle 49, Section 7, and Article 56, Sections 21-A to 21-C, in-
clusive; and all other Acts and parts of Acts inconsistent
with the provisions of this Act.

WHEREAS, There is and has long been conducted in this
State an extensive business, in the making of small loans of
three hundred dollars ($300) and less, to persons in need of
funds to meet immediate necessities;

AND WHEREAS, The conduct of such business has long been
a cause of general complaint, and of much hardship and in-
justice to borrowers, and there is no regulation or provisions of
law which has proved effective for the protection of such
borrowers and for the punishment of usurious money lenders;

AND WHEREAS, It is recognized that the business of lending
small sums of money upon security that is not acceptable to
ordinary financial institutions does and will exist and there is
a real need for the enactment of a law that will enable its con-
tinuance under proper supervision;

AND WHEREAS, It appears that in the conduct of such busi-
ness, greater risk is incurred than is ordinarily incident to
lending money by banks, trust companies and other money
lenders to whom marketable security is given, and greater
labor and expense is required in examining into the character
and circumstances of the borrower, searching public records
and collecting the money loaned, therefore, this remedial Act;

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That no person, co-partnership, or corporation shall en-
gage in the business 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.

SEC. 2. Application for such license shall be in writing
and shall contain the full name and address, both of the resi-
dence and place of business, of the applicant, and if the appli-
cant is a co-partnership, of every member thereof, or if a cor-
poration of each officer thereof, also the county and municipal-
ity, with street and number, if any, where the business is to be