The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1894-05-19
GENERAL LAWS.
CHAPTER 629.

ChAHIEh OZJ.
An Act to add an additional section to
Article % of the Code of Public
General Laws of Maryland, title
Corporations, subtitle Building oil
Homestead Associations, to follow Sec
ton 1O4 and to be known as 104 A.
SECTION l. Be 1t enacted By the Gen.
eral Assembly Of Maryland, That an
additional section be added to Section 104,
of Article %, of the Code of Public
General Laws of Maryland, title "COrpor-
ations" subtitle Building or Homestead
Associations" to be known as Section 104
A, and to read as follows
104 A. And that no corporation incor-
porated under the laws of This State for
any purpose whatsoever, nor any foreign
corporation doing business in this State,
shall offer to procure or act as agent for
any person or persons in procuring or
making any loan of money or other
valuable thing on the security of any
ehattels, nor shall make any loan of money
or of any other valuable thing on the
security of any chattels or otherwise, ex-
cept in its own proper corporate name and
for its own behalf or benefit, and no such
corporation making any such loan as afore-
said shall be entitled to charge any bor-
rover of money from it, or shall take from
any borrower from it, or other person, any
other thing for or in the name of premium,
or of compensation for renewing or con-
tinuing any such loan as it may be author
lied to lawfully make, other than lawful
interest at the rate of six per centum, for
the term during which such loan shall be
renewed or continued; and every security
taken by any such corporation for any
such loan as aforesaid shall express plainly
the period of time for which such loan
is made and the entire interest agreed to
be paid for said loan for the term of such
loan, which entire interest shall in no case,
nor by any means, be made to exceed the
rate of six per centum per annum on the
money or other thing loaned for the term
of such loan; and any contract or security
for any such loan, or providing for the re-
newal or continuance of any such loan,
made in violation of this section, shall be
absolutely null and void, provided this
Act shall not apply to Homestead and
Building and Loan Associations incorporat-
ed under the laws of this State, and
no person or persons in the State shall as
sumo to deal or act as a corporation or In
any corporate name or in any other than
in his, her, or their own proper name or
names, in any of the matters or things
prohibited by this section under a penalty
of not less than fifty dollars for every
offense to be recovered by indictment in
any court having criminal jurisdiction in
the city or county where any such offense
may have been committed, and every
security taken by any such person or per-
sons in any such name of a corporation or
in any other than his, her, or their own
proper name or names shall be absolutely
null and void.
SEC. .. And be Il enacted, That this
Act shall take effect from the date of its
passage.
Approved April 6, 1894.
FRANK BROWN, Governor.
JOHN WALTER SMITH,
President of the Senate.
JAMES II. PRESTON,
Speaker of the House of Delegates.
We hereby certify that the aforegoing
is correct copy of an act of the General
Assembly of Maryland, passed January
Session, 1894.
J. ROGER McSHERRY,
Secretary of the Senate
B. i. SMITH,
Chief Clerk of the House of Delegates.