Registry No. 1721-01

NATIONAL RECOVERY ADMINISTRATION

PROPOSED CODE OF FAIR COMPETITION

FOR THE

PERSONAL FINANCE

INDUSTRY

AS SUBMITTED ON AUGUST 31, 1933

MEMBER

R

U.S.

WE DO OUR PART

The Code for the Personal Finance Industry

in its present form merely reflects the proposal of the above-mentioned

industry, and none of the provisions contained therein are

to be regarded as having received the approval of

the National Recovery Administration

as applying to this industry

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON: 1933

For sale by the Superintendent of Documents, Washington D.C. - - - - - - - - - Price 5 cents
SUBMITTED BY

THE AMERICAN ASSOCIATION OF PERSONAL FINANCE COMPANIES

(UI)
PROPOSED CODE OF FAITH COMPETITION AND TRADE

PRACTICES FOR THE PERSONAL FINANCE INDUSTRY

To effectuate the policy of Title I of the National Ind(listrial Recovery Act, during the period of the emergency, the following practices are established as a Code for the Personal Finance Industry.

1. Deflnitio.-The term " Personal Finance Company " when

used in this Code includes persons, firms, associations, partnerships,

and corporations engaged in the business of lending money, usually

in sums of $300 or less, under the so-called " Inifori Simai Loan

Law " or analagous regulatory state loan laws.

The American Association of Personal Finance Companies is the

national association of Personal Finance Companies and affirms that

it imposes no inequitable restrictions on its membership and participation in its activities, and it is truly representative as a national

association of said business.

2. Prohibition of Child Labor.-After September 15, 1933, no Personal Finance Company shall employ any minor under the age of

sixteen (16) years.

3. Hours of Employment.-(a) No employee shall work in any

personal finance office for more than forty (40) hours per week on an

average of a five (5) week period provided that outside representatives whose duties require their being away from the office the principal part of the day may work not to exceed forty-eight (48) hours

per week on an average of a five (5) week period (such average in

both cases being necessary owing to periodic settlements, payments.

and emergencies in serving the public).

(b) The provision for working hours provided in subparagraph

(a) of this section shall not apply to employees in personal finance

offices employing less than two persons in towns of less than 2.500

population, which towns are not a part of a larger trade area; nor

to employees in a managerial or executive capacity, or in any other

capacity of distinction or sole responsibility who now receive more

than thirty-five ($35) dollars a week.

4. Mininwuna Wage.-No employee shall be paid less than $15.00

per week in any city of over 500,000 population, or in the immediate

trade area of such city; nor less than $14.50 per week in any city of

between 250,000 and 500,000 population, or in the immediate trade

area of such city; nor less than $14.00 per week in any city of between 2,500 and 250,000 population, or in the immediate trade area

of such city; and in towns of less than 2,500 population all wages

shall be increased by not less than 20 percent, provided that this

shall not require wages in excess of $12.00 per week. Population

for purposes of this Code shall be determined by reference to the

1930 Federal Census.

5. Labor Provisions.-1. Employees shall have the right to organize and bargain collectively through representatives of their own

9954-33 (1)
UNIVERSITY OF FLORIDA

3 1262 08582 8910

choosing, and shall be free from interference, restraint, or coercion

of employers of labor, or their agents, in the designation of such

representatives or in self-organization or in other concerted activities for the purpose of collective bargaining or other mutual aid

or protection:

2. No employee and no one seeking emiploymnent shall be required

as a condition of employment to join any company union or to

refrain from joining, organizing, or assisting a labor organization

of his own choosing:

3. Employers shall comply with the maxinun hours of labor,

minimum rates of pay, and other conditions of employment, approved or prescribed by the President.

6. Geial Prorcision..-This Code and all the provisions thereof

are expressly made subject to the right of the President, iin accordanco with the provision of Clause 10 (b) of the National Industrial

Recmery Act, from time to time to cancel or modify any order,

approival. license, rule, or regu lation, issued under Title I of said Act.

Such of the provisions of this Code as are not required to be

incmluled therein by the National Industrial Recovery Act may, with

the approval of the President, be modified or eliminated as changes

in the circumstances or experience may indicate.

7. Adin.nistration.-The American Association of Personal

Finance Companies, through its Executive Committee may from

time to time present to the President or his duly authorized agent

recommended amendments or supplements to this Code. Such reeoininended amendmnents or stUpplements shall, upon approval by the

President or his duly authorized agent, become operative as part

of this Code.

8. K/fctie Date of Code.-This Code shall become effective five

days following the date approved by the President.

9. EDI1tW/n Iate of Code.-This Code shall cease to be in effect

June 16, 1935, or the earliest date prior thereto on which the Presi-

(lent 1,al by proclamation or the Congress shall by joint resolution

declare that the emergency recognized by Section I of the National

Ind istrial Recovery Act has endu d.