ALBERT C. RITCHIE, GOVERNOR. 237

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sections 14, 15, 16 and 18 of Article 58A of the
Annotated Code of Maryland, title "Loans—Petty, " be and
they are hereby repealed and re-enacted with amendments, to
read as follows:

14. Every person, co-partnership and corporation licensed
hereunder may loan any sum of money, goods or things in ac-
tion, not exceeding in amount or value the sum of three hun-
dred dollars ($300) and may charge, contract for and receive
thereon interest at a rate not to exceed three and one-half
(3½) per centum per month.

(a) Interest shall not be payable in advance or compounded
and shall be computed on unpaid balances. In addition to the in-
terest herein provided for, no further or other charge, or amount
whatsoever for any examination, service, brokerage, commis-
sion or other thing, or otherwise, shall be directly or indirectly
charged, contracted for or received, except the lawful fees, if
any, actually and necessarily paid out by the licensee to any
public officer, for filing, or recording in any public office, any
instrument securing the loan, which fees may be collected when
the loan is made, or at any time thereafter.

(b) If interest, or charges in excess of those permitted by
this Article shall be charged, contracted for, or received, the
contract of loan shall be void and the licensee shall have no
right to collect, or receive any principal, interest or charges
whatsoever.

(c) No licensee shall, directly or indirectly, charge, con-
tract for or receive any interest or consideration greater than
six (6) per centum per annum upon the loan, use or forbear-
ance of money, goods or things in action, or upon the loan, use
or sale of credit, of the amount or value of more than three
hundred ($300. 00) dollars. The foregoing prohibition shall
also apply to any licensee who permits any person, as borrower,
or as endorser, guarantor or surety for any borrower, or other-
wise, to owe, directly or contingently or both, to the licensee at
any time the sum of more than three hundred ($300. 00) dol-
lars for principal.

15. Every licensee shall:

(a) Deliver to the borrower, at the time a loan is made, a
statement in the English language showing in clear and distinct
terms the amount and date of the loan and of its maturity, the
nature of the security, if any, for the loan, the name and ad-