SPIRO T. AGNEW, Governor                        795

6.

(a) Usury is the collection by a lender from a borrower of
either interest or other payments in addition to interest or both,
CHARGES in amounts greater than allowed by this Article.

(b) 7. Notwithstanding the other provisions of this Article, it shall
be lawful to charge, contract for, and receive any rate or amount
of interest on any loan to any business or commercial organization
or to a person or persons owning or desiring to acquire a business
as a sole proprietor or joint venture, if the loan is transacted solely
for the purpose of carrying on or acquiring a business or com-
mercial investment. , PROVIDED THAT THE PRINCIPAL OF
SAID LOAN IS IN EXCESS OF $5,000.

7. 8.

Any person violating the usury provisions of this Article shall
forfeit three times the amount OF INTEREST AND CHARGES
collected on any loan in excess of the interest and other charges
authorized by this Article OR THE SUM OF $500.00, WHICHEVER
IS GREATER, which forfeiture shall inure to the benefit of any
borrower who pleads usury and proves it, unless the violation is the

result of clerical error or mistake, these moneys shall not be for-

feited if the interest or other payments collected in excess of that

authorized by this Article are returned within fifteen (15) days

from the time the person discovers the clerical error or mistake or

is notified thereof, whichever is first, and if any future obligations

of the borrower on the loan are revised to exclude such illegal charges.
PROVIDED, HOWEVER, THAT NO CLAIM OR PLEA OF
USURY SHALL BE VALID IF WITHIN THIRTY (30) DAYS
FROM THE DAY THE CONTRACT OF INDEBTEDNESS WAS
EXECUTED:

(1)    THE LENDER NOTIFIES THE BORROWER AND ANY
OTHER PARTIES TO THE CONTRACT OF INDEBTEDNESS
THAT THE LOAN WAS USURIOUS, AND

(2)    PROVIDED FURTHER THE LENDER AGREES THAT
THE LOAN CONTRACT BE MODIFIED SO THAT IT IS NOT
USURIOUS AND THAT IT BE AT THE RATE OF INTER-
EST STATED ON THE CONTRACT PROVIDING THAT THE
STATED RATE IS NOT OF ITSELF USURIOUS.

Every plea of usury shall state the sum of money lent or advanced,

with the time at which the same was or were so lent or advance,

and the lender shall be entitled to recover the sum of money actually
lent or advanced, less the forfeiture.

9.

No claim or plea of usury shall be available against any legal
or equitable assignee or holder of any bond, bill obligatory, bill
of exchange, mortgage, deed of trust, security agreement, instru-
ment, promissory note, or other evidence of indebtedness, if the as-
signee or endorsee or holder received the same for a bona fide
and legal consideration, without notice of any usury in the creation
or subsequent assignment thereof.

8.