The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-03-23
INTEREST ON MoNEY.-The following is the
interest bill as passed by both Houses of the
E<narn3 Assembly. 4z.it,s ~

INTEREST ON MoNEY.-The following is the
interest bill as passed by both Houses of the
General Assembly:
]. Be it enacted by the General Assembly,
That sections 4, 5. 6, Z, and of chapter 1877
Of the Code Of 1873, and section of chapter
SO Of the same be amended and reenacted so
as to read as follows:
4. Legal interest shall continue to be at
the rate of six dollars upon one hundred dol
lars for year, aud proportionably for a
greater or less sum, or for longer or shorter
time and no person upon any contract shall
take for the loan or forbearance of money or
other thing above the value of such rate.
8. All contracts and assurances made,
directly or indirectly, for the loan or for
bearance of money or other thing at q
greater rate Of interest than is allowed by
the preceding section shall be deemed to be
tor an Illegal consideration as to the excess
beyond the principal amount so loaned or
forborne.
.. ANY bank authorized to carry on busi-
i,ess US o bank of circulation, deposit, and
o'scount, may loan money for period not
eSceealng six months, and discount any bill
oi eSchange, promissory note, or other nego.
haoie paper for the payment Of money which
will be payable within six months from the
time OF dlscounting the same. Such bank
may take interest on its loans or discounts
at the rate of one-half Of one per centusp for
thirty days, and the interest may be received
in advance. + .sstss.f7 s !.
Z. Any licensed broker or banker. and anv
corporation authorized BY law to make loans
or to purchase or discount bonds, bills. notes
or other paper, may loan money or discount
bonds, bills, notes, or other paper; may loan
money Or discount any bill of exchange,
promiSsory note, or other negotiable paper,
at rate of interest not exceeding one-half
of one per centum for thirty days, and may
receive such interest in advance.
s. Any defendant may plead in general
terms that the contract, or assurance on
which the action is brought, was for the pay
ment Of interest at a greater rate than Is al
lowed by law, to which plea the plaintltf
shall reply generally, but may give in evil
dence, upon the issue made up thereon, any
matter which could sbe given in evidence
under special replication. Under the plea
aforesaid the defendant may give in evil
dence any fact showing, or tending to show,
that the contract or assurance, or other Wri-
ting upon which the action was brought,
was for an uSurious consideration; and when
no such plea is made, if the contract or assu-
TauCt Ut III hlitinS3 @hu uSuAiou' 'alS SS'
be provided for therein, judgment shall be
rendered for the principal sum only.
6. The money received on deposit, and
other funds of the institution, society, or
bank, may be invested in or loaned on any
stocks or real security, or be used in pur.
chasing or discounting bonds, bills, notes,
or other paper, subject to the following re-
strctions: That no surety for money or
other valuable thing, which may have be.
come payable, other than certificates of this
State or of the United States, or Of corpora
tions, shall be purchased for less than the
full value thereof, with all the interest due
thereon, and no debt or claim to become due
other than such certificates, shall be pur.
chased or discounted at rate of discount OF
interest exceeding the rate of onehalf of one
per centum for thirty days; but the interest
iu any case may be received in advance.
.. Section 10 of chapter 137 OF the Code
of 1878 is hereby repealed. IL,
5. This act shall be in force on and from
the 1st day of June, 1874. i. ..,.....
The bill now goes, to the Governor for ap'
proral. -...- .....-......... 49,.