The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1850-05-27
AN ACT

~ Duhhb hO" sohthB uDuys
SEC. l. Be 1t enacted by the General de-
scmbly oftM State of Ohio, That the fourth
section Of an act entitled an act in relation
to the State Bank of Ohio, and other bank
ing companies, passed February "a, l648,
be and the same is hereby repealed, and the
sixty-first section of an act entitled San act
to incorporate THE State Bank Of Ohio, and
other banking companies, passed February
"a, lS45, is hereby re-enacted as far as the
same may have been repealed by the enact
ing of the said fourth section above recited.
SEC. 2. Whenever any person or persons
shall have paid to banking institution Of
this State sum of money for the loan or
forbearance 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
therefor within six months from the time OF
such payment, it shall be lawful, and it is
hereby made the duty Of the prosecuting at
torney Of the county in which such banking
institution is located, to institute suit against
such banking institution in an action Of debt
in the name Of the State of Ohio, and prose-
cute the same to final recovery for the
amount of the debt or demand on which
such illegal interest shall have been charged,
reserved or taken as aforesaid, and all mo-
neys SO recovered shall be paid over for the
benefit of common schools in the county in
which such bank is located; Provided, that
the prosecuting attorney shall be entitled to
charge and retain commission of twenty
per centum on the frs. thousand dollars, and
4ho
thousand dollars of all moneys SO by him col
lected and paid over as aforesaid, and pro-
vided such sui. shall be commenced within
eighteen months from the payment Of such
principal sum.
Sec. 3. II shall not be lawful, for any
banking institution in this State to charge,
reserve, receive or take more than six pei
centum in advance on the discount or pur.
chase Of any note, bill Of exchange or evi.
dence Of debt payable at any place within
the State OF Ohio, nor to charge, receive, re-
serve or take under any pretext whatever, on
the discount or purchase of any note, bill o.
exchange or evidence Of debt payable at 9
place without this State, any per centage o.
sum greater than six per cent interest in ad
vance, and the actual cost TO such bank o.
converting the proceeds Of such note or bill
Of exchange into available funds at par
when the current rate of exchange is not in
favor Of the place Of payment; provided
that such banking institution may charge
and receive on the discount or purchase Of
notes, bills OF exchange, or certificates o.
deposits, bona fide, drawn upon or payable
at place within the State other than the
place of such discount or purchase, reason.
able sum for the collection thereof, moi
however exceeding one fourth Of one pei
cent. thereon.
SEC. a. 1t shall not be lawful for an,
banking institution in this State, in the dis.
count or purchase Of notes or bills Of ex.
change on time, drawn on any place withou,
the State, and while the current rate of ex.
change is in favor of such place and against
the place where such bank is located, tc
charge, reserve, receive or take any per cent
age or sum by way Of discount or interest
which when added to the current premium
Of exchange in favor Of such place of pay
ment at the date of such discount or pur
chase, shall produce to said bank nett prof
of more than at the rate Of twelve percent
um per annum on the,money SO paid or rloan
ed by such bank, and when the current pre-
MUM Of fexchange as aforesaid shall be equa
to or exceed the rate of twelve per centun
|. per annum, it shall be unlawful for sucl
bank to charge, reserve or receive any dis
count or interest on such note or bill Of ex
change.
SEC. 5. The discount or purchase by on,
banking institution in this State Of any not
or bill Of exchange on time, or other eyi
dence Of debt on time, payable at a plac
without the State, when the officer or agen
of such bank knows or has reason 20 believ
that the parties to such paper will not b
prepared, or do not intend to pay the sam
at the place Of payment, or when any de
vice is resorted to in order to secure to sal
bank a greater profit than it could realiz
from the discount or purchase of such pa
peri ifmade payable at its own counter, s6a
be deemed and held usuriSus and un.awfr
| within the meaning OF this act; Provide
that nolhingcontained in the third and fourt
sections Of this act shall in any way impai
or affect any right conferred upon any ban
heretofore incorporated or organized.
y BENJAMIN +. LETTER,
| Speaker Of the House of Representative,
| CHARLES G. C0NVERS,
March 10, 1850. Speaker Of the Seaat