The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1905-04-13
Mr.. Averyss Bill
Regulating Money Lenders.
Z Z

tional sureties when the signers OIL
the original bond are believed TO pei
insolvent. Section provides that
any sale or assignment OF wages or
salary. whether earned or 70 bel
earned. and whether made for the pur-
pose OF securing debt IN existence
before said assignment IS MADE, or
for the purpose OF procuring an al
vancement of money at the time such
assignment is made. shall come with
in the provisions of the Act Sections
5, 6 and Z bring loans made directly
or indirectly, as by purchasing prom
erty on condition Of selling 1t back
within a stipulated time, or at stipu-
lated price. within the terms OF the
Act. and provide for regulation OF such
transactions
Section s limits charges for investt
eating the security or title and closing
the loan to fifty cents on a loan OF
IS or less; 20 cents on loans between
So and SO; 81 on loans between SO
and $50; $3.50 on loans between $40
and $35; and 81 on loans between $Soi
and $50. These fees may be charged,
if agreed upon, on each original loan
or any renewal: but no fee shall be
allowed on any renewal or extension
made within thirty days OF making
the original loan or the last renewal;
and after four months from the origi-
nal lean only half OF the fees stated
may be charged on any subsequent re-
newal. Any loan made between the
parties Immediately upon or short
time after the payment of a pre-ex-
listing loan, shall be construed in
all cases to be a renewal Of said pre-
existing loan, of approximately the
same amount No original loan shall
be split up into smaller loans, in
order 10 increase the fees allowed.
but IL two or more loans are made
at or about the same time between
the same parties. they shall be con-
strued to be but one original loan,
unless the contrary plainly and IN
! equivoeally appears. On loans of $50
or more the borrower may, if agreed
upon in writing, pay such fees as will
] be a fair and reasonable compensation
! for services actually rendered, IL anv,
! by the lender ir examining the title
OF the property pledged as security,
but in no event to be more than G
per cent of the amount of the loan,
and this fee shall not be paid on any
renewal of said loan.
i Section 8 provides that any inter.
est charged in excess of the legal rate
lof interest and any charge over tina,
provided In the Act, or any charge OF
more than per cent. of any loan oil
j more than $50 shall be considered as
a payment on the principal of said
4 loan and credited as such.
Il Penalties are provided for failure
to take out the license for conduct
ing such business, or for continuing
in business after forfeiture or revo
\ cat ion of the license; and if charges
! In excess Of those prescribed are made
! the license under which the bushes.
|, Is conducted shall become ipso factt
) void, and such excessive charges shal
i. be deemed misdemeanor.
II It is important to call attention Il
the 18th section, which provides tina
the act shanfnot apply to or affect II
any way any regularly chartered
bank, or any incorporated firm or per
son entitled to use the title Bank.
?, under Florida law; nor shall it appf,
! TO pawRhrokers, strictly speaking O
Il affect any existing laws relating i,
tpawnbrokers.
j Such are the main features of tn,
| Avery bin. It's excellent features ar,
apparent without comment