The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1850-04-24
Mach s2. 1850.


AN ACT to restrain banks from taking usury
| SEC. /. BE 1t enacted by the General As.
scmJty Of the StatE ef Ohl0. That tie
ieuIlh section oi an act tHul!sd an act in
reiatioa 10 The State Bank Of Ohio, and other
banking companies, passed February 24tb,
1913. be. and the same is hereby repealed,
and Inc sIx!y first section OF an act entitled
an act TO incorporate the State Bank Of
ONO. and other banking companies, passed
February 24Ih, lG4S, is hereby re enacted
as far ns The same may have been repealed
by tbs snactins oi tho said fourth section
above fecied.
SEC 2. WheneversHy person or persons
shall have paid 'oa banking institution Of
this State a sum Of money Tor the loan or
feTbsarsDce OF which such banking institu
tion shall have charged, received, reserved,
or taken illegal interest, and such person or
! persons shall omit or Neglect TO bring suit
theTsier within slz months lroEa the time of
lueh payment, il Bhall ba la wful, and il is
hereby made the duty OF the prosecuting at.
J torney oil the county in which such banking
4 institution is located, 30 Institute suit a.
gaI0st such banking institution ia an action
si debt, in iAs name OF the Stale of Ohio,
/ and prosecute ths same to fnal recoverY
for the amount OF the debt or demand on
/ which such illegal interest shall have been
charged, reserved or taken as ete.eaaid, and
all moneys so recovered shall be psid over
fer tls benefit ol common schools in the
0 county in which such bank is located, prv.
7 vidsd that the prosecuting attorney shall bs
e eatitled TO charge and retain commission
d Oi twenty per centum on the first thousand
dollars. ard five per cenum on the excess
= ever one thousand doIlars OF sIl moneys so
by him collected and paidsoyer as aforesaid,
: and provided such suit shall be commenced
. within eighteen nonths irom the paymenI
y ei such principal sum.
Il SIC. 5. II shall not be lawful for sny
r banking institution 10 this State TO charge
Ie reserve, receive or take more than six peI
,e ceDtum 10 advance on the discount or pur
% chase OF any note, bill Of exchange or evi
Aence OF dGbt payable at any place withir
= ths sState ei Ohio, nor 10 charge, receive, re
~ asrvs or taksundsr any ptetext whatever OF
the discount or purchase OF any note, bill O
a! exchange OF evidence Of deBs payable al
he place without this State any ps1 cenIage Of
- sum greater than six per cent. ihterestin ad
vsncs and The actual cost 10 such bank o
" cenVertiBE the proceeds of such note or bill
'u' oi exchange into available luHds at pal
n when the cufIsntrsts Of exchange is not il
ch iAror OF the place oil payment, provided ths
TerI such banking iHEiiIqslon may charge an
led receive ON the discount orphrchsss OF note
an. bllla Of exchange, or certificates oil deposit
n. bona hde. drawn upon or payable at pEat
within the Safe other than the place
sueh discount or purchase, a reasonable su
no Tor the collection lhsrest, not however Q
laI Gssdipg onslOufth OF oas per sentum ther
I've on.
SIC. 4. II shall no, be lawful fer o.
" bsakinE institution in this Ssate in the
count or purchase Of nptes or bills Of {
ars' chSpgs ontimt draws on any place vii
her out IbS State and while the current rate
ame txehsRgs is ia iAssr OF such place and
DIS gainIt the pacs where such bank is lccat
cx. 10 ehSTgs.I reserve, receive or take any
and centbgs oTt sam by wey OF discount, or
dnn tsissl which wher added 10 the cure
premium Of exehAngs in favor OF such plg
- Of paTmsHt, 81 the dste Of such discount
wy purchase. hhsIl Ipreducs TO said bank
sa'u Proht 81 more than at the rate OF Twelve
esntdm per snnum en- ithe money 50 paid
lsaned' BY sueh bank, end whsn the cur
raj premium Of sxshsHge ss Aforesaid shall
Q A equsi 10 or exceed The rate oil twelve
Ell, csnlum per anauE, it shall be unlawful
Nh. such bank 10 chstgs, reserve or receive 1
w.n, ~, discount o. interest on such note OF bill
Inc exchaHgs.
REc. 5. The dissosHf o. purchase By I
veral banking institutions IL ihls SlSts Of any .
the Or bill sf exchange OF iine % olhsT {
4 In dense OF dslt On tine, payable ala pl
A Without The State, wksn thS sfiesf or a.
I,ys, o.sueh bank kHsws 81 has reaAsn 10 bsli
that the parties ts sush paper will nsl
pats prepared 81 De net iHtead 10 pay, the o.
ps q - the place Of rsgment. eT whsn any
q o. vice is TessElsd T. II oFasF 10 sseuEa 70 :
| the bank a greater pTeat than ID could real
from shs discount or purchase Of such ps