Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-01-29
Richmond, lst Mo. 10, 1920.
USURY LAW

On Thursday the House of Delegates
resolved itself into a Committee of
the Whole, on the Usury Bill-Mr. Brock
enridge in the Chair
On MIR. Harris's motion the time for its
going into effect was fixed at January Ist,
1922; UhIs distant day WAS named for the
purpose OF giving sufficient notice of the
change in the Laws.)
The Bill is as follows:
II Biit0 repeal " 1n act 10 reduce into one fhe
SeUerdt acts against Usu,y" and 10 regulate The
rHfs 81 interest teifhin this commonwealth.
l. ne az enacted 6y the General assembly, Thatihe
act ehttlea, An act TO reduce into the several
acts against usuTy," be, and the same is hereby re
pealed.
2. Ind be it further enacted That in all cases of
written contracts for the payment of money whether
by bond bii note deed where the rate oil int
is not expressed in such contracts and in all cases in
law OF equity, where interest is allowed given in
the form OF damages the interest shall be calculated
and allowed after the rate Ofx per per
3. -fHdH be IL further enacted, That il shall and
may be lawful for the lender of money receive any
rate Of interest which the borrower borrowers may
III writlng contract or stipGlate to pay Provided,
ihat whenever action shall brought or suit insli
tuted IN ANY court Of law equity on any bond BILL
is reserved, or stipulated to be paid than that specified
IN the preceding section snch shall render judg
ment or decree for the principal lent with interest
Al me rate OF six per centun per annum, aud
And u in such there he judgment by default on
which the clerk Of the court MAY by law issue
culion the said clerk shall endorse on The execution
that the interest levied by such execution shall
be at the rate Of six per ceHtu per alnu as afufe.
said.
4. AHd be H further enacted That aBy borrower of
money or other thing, may EXHIBIT bill in chancery
against the LENDER aud compel him discover oath
the money or other thing really lent and all bargains
contracts and shifts which shall have been Tesored to
relative TO such loan and the payment thereof with
t9e interest or othei consideration for the same and
u theTeupon IL shall appear that interest was
demanded or reserved than six per cenum per annum
'he lender sha be compelled 10 accept his principal
money, ana interest OH his principal money, al the
rate OF six per csntum per annum, shall pay all
costs.
S. Ana be IL further enacted That nothing in this
act contained shall construed authorize any bank
TO make loan, or to discount note, bill or other
writing obligatory for greater interest or per cenlum
than thai specified ia its charter.
g. And all acts aud parts Of coming within the
pnTview OF this act, shall be- and the hereby
repealed PTOUided That all rights, remedies, penal
ues ioIietnres, actions and prosecutions heretofore
accrued, incurred commenced shall be, aud remain
~ the same condition as II this act had never been
passed.
This act shall commence and be in force from aud
after the st Of January, 1922.
Mr.. Goodwin moved 10 Withdraw the
substitute which he had offered two days
ago, which was accordingly granted-and
then submitted the following amendment
TO the original bill by way Of substitute
Whereas il is found by experience. that the
laws prohibiting the practice OF usury, as they
now stand, are inadequate TO attain the OBJ.
Ject for which they are intended:
BE u enacted by the General Assembly, llat
'ShN any DItdEu VI PROVISIONS " Tue
laws against usury shall be adudged msde.
meanOr, punishable by fine not exceeding
dollars, at the discretion of a ju-
Iy, upon conviction OF the offender; which
tine shall be TO tile use of the poor of the cOun-
ty or corporation where the offence is commit.
ted.
And be II further enacted, that any person
guilty of such nIiSdemeanOT, shall and may be
presented by the Grand Jury IN any superior
or inferior court in this common ealth having
Ip nr .Ia1l x.a, tlNr-
nation or indictment az in other cases OF mis-
demeanOr; aud wherever Judgment shall he
rendered against any such offender the sum
OF twenty dollars for fee to the attorney fOi
tne commonwealth conducting such prOSecu-
non shall he taxed in the bill of costs, and le-
wed of The goods and chattels of such Oflep-
der Tor the use of such Attorney.
And he ii further enacted that this act and
all other laws against usnry shall constantly
be given in charge by the court 10 eVety
Grand Jury in the superior or inferior courts
OF this commonwealth.
This act shall commence and be ~ force
from and after the first day OF June ucxt.
Mr.. Graves supported Ibis substitute
with great zeal, coniendiug that the pre-
sent Usury laws were inefficient; thai
this was sufficiently proved by The nun
Der of shavers which prey upon society,
aud tie avidIiy with which they seize
their pTey--thai the bill now before the
House would have the effect Of making
tic weak weaker, and the strong stronger
| and That instead Of relaxing, II was lhC
duty Of fhe Legislature 10 dsaw tighter
the cords Of tie Usury Law that the pro.
| posed bill would not encourage Usury, rs
| tlIe Insurer would III least have SIX pei
| cent, and as much more as he could sc
| cure.
MIR. Smith Of Isle Of Wight advocated
the bill he had proposed, at some length
conteDding that Tie present Usury law.
were utterly inefficient; that il was time
TO chaDge the system; that the effect o
the proposed bill would be fo make IN,