The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-12-15
Commissioner West Frames
Measure Against Loan
Sharks" in District.
CHARITIES BOARD
TO URGE PASSAGE
Proposed Law Provides License
Fee, a $4,000 Bond, and Gives
Commissioners Power.

Commissioner West today sent TO the
Senate and House District Committees
his bin regulating the lOaning of money
IN the District of Columbia.
A determined effort viii be made by
the Commissioners. officials Of the As
ISOLATED Charities and many prominent
citizens to have the bill enacted into
law at this session OF Congress.
In order that it may receive early
consideration it is probable that Senator
tfalIinger. chairman Of the Senate Dis
trict Committee. and Chairman Smith.
Of the House committee. Will hold pub
tic hearings.
George NJ Kober. who was chairman
Of President Roosevelt's homes com
mission. and T. J. Exnicjos, treasurer of
the Society for Savings, both of whom
have made a searching investigation
of the loaning business. not only IN
Washington. but in other States, will
appear at these hearings in support Of
Commissioner Vests measure.
Previous Efforts Made.
Efforts have been made at several
sessions Of Congress to have legislation
enacted which would put an end to the
system of usury which. IL is charged, Is
practiced throughout the District The
principal victims Of these high rates of
interest are Government clerks, Il Is
said. Commissioner West has framed
his bill with a view TO meeting the OBJ
jections which were raised against pre-
vious bills and is hopeful that Il will
become a law before Congress adiOurns
The bill sent TO Congress today pro-
vides that il shall be illegal TO con-
duct loan business at a rate Of inter
est greater than per cent per annum,
without procuring license from the
District at cost OF 800; that the Com
missioners shall have the right to re-
Ject applications for licenses after due
notice and hearing; that each aDplica-
tion for license shall be accompanied by
bond IN the sum Of 5000, with the
obligation that any law relating 20 the
loanipg business shall not be violated
that any. person dissatisfied with his
treatment by a loaning company MAY
maintain an action on the bond held by
the Commissioners.
"Shall Keep Register"
The bin further provides: THAT
every person. firm. corporation. com
pany. or association conducting such
business shall keep a register. approved
by said Commissioners. showing IN
English the amount Of money loaned
the date when loaned and when due
the person TO whom loaned, the prop
erty or thing named as security for the
loan where the same is located. and
in whose possession; the amount OF in
teregt. all fees, commissions and re-
newals charged. under whatever name
such register shall be open for in-
epectiou 70 the said Commissioners
their officers and agents, on every day
except Sundays and legal holidays, be
tween the hours OF 9 o'clock in the
forenoon and o'clock IN the afternoon
and shall on or before the 20th Of Jan
Uary Of each year make to the said
Commissioners an annual statement IL
the form Of a trial balance of It's books
on the 31st day Of December in each
year, specifying the different kinds OF
its liabilities, and the different kinds OF
It's assets. stating the amount OF each
together with such other Information as
may be called for, said statement or re-
port TO be published in at least one
newspaper Of general circulation In
Washington. d. C., in such manner al
may be directed by the said Commits
sioners.
Two Per Cent Per Month.
That no such person, firm, corporation
company. or association shall charge ol
receive a greater rate Of interest o
discount upon any loan made by him OF
Il. than per cent per month on tn
actual amount Of the loan. and this
charge shall cover all expenses. de-
mands and services of every character
except uuOn the foreclosure Of the Sc
curity. The foregoing interest may b.,
deducted from the principal Of loan
when same Is made. no. such lUaI
greater than $500 shall be made 10 am.
one person.
That the enforcement Of this act shal
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