Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1873-04-08
The Rate of Interest on Money.

Both houses of Assembly on 31st concurred
in passing the following bill, which is substl-
tute reported by the last conference to House
bill 159:
Be it enacted by the General Assembly, That
the act in relation to intereston money, approved
March 18th, 1870. be amended and re-enacted
80 as to read as follows:
l. Sections four and five of chapter one hun
dred and forty-one, section thirty three of chap
ter So, and section six of chapter fifty nine of
the Code of eighteen hundred and sixty are
amended and re-enacted so as to read as fol-
lows:
Section 4. Legal interest shall continue to be
at the rate Of six dollars upon the one hundred
dollars for year, and proportiopately for a
greater or less amount and for longer or short
er time but it shall be lawful to receive any
rate OF interest," not exceeding per centum per
| annum, which may be agreed upon by the orr
glnal parties to the contract, and be speclfed 10
the bond, note or other writing evidenclng the
| debt
Section 5. All contracts and assurances made
directly or indirectly for the loan or forbearance
of money or other thing at a greater rate of in
terest than is provided for or allowed by the
preceding section shall be void as to such inter
| est in excess OF per cent. per annum, and the
lender shall forfeit to the borrower all interest
| in excess of six per centum on the money OF
other thing so lent or forborne.
Section 33. Any bank authorized to carry on
business as bank of circulation, deposit and
| discount, may loan money for period not ex-
ceedlng six months, and discount any bill of ex-
change, promissory note, or other negotiable
paper for the payment of money which will be
| payable within months from the time of dis
counting the same. A bank may take interes.
on its loans or discounts at the rate of thirds
| Of one per centum for thirty days and such rate
of interest may be taken in advance.
Section 6. The money received on deposit,
| and other funds OF the institution, society OF
bank, may be invested in or loaned 10 any stocks
or real security or be used In purchasing or dis
counting bonds, bills, notes or other paper, sub
ject to the following restrictions: That DO secur
| lty for money Or other valuable thing which may
have become payable, other than certificates Of
debt of this State or of the United States, Oh
of corporations, shall be purchased for less thar
the full value thereof, with all the interest due
thereon; and no debt or claim to become due
other than such certificates shall be purchased
or discounted at rate of discount or Interest
exceeding the rate of thirds Of per centun
for thirty days.
2. ANY licensed banker or broker, and any
corporation authorized by law to make loans, OF
to purchase or discount bonds, bills, notes o.
other paper, may loan money or discount an,
bill OF exchange, promissory note or other nego
table paper at rate not exceeding two-third
OF one per centum for thirty days, and may re
ceive such interest 10 advance.
3. Section eleven OF chapter one hundred ant
forty-one Of the Code Of eighteen hundred ant
sixty is hereby repealed.
| 4. This act shall be In force from its passage