The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1909-06-09
Interest, Fees, Commissions
and All Charges Limited
to 10 Per Cent Per
Annurn.
MEASURE WILL GO INTO EFFECT
ON AUGUST AND Is CALCU-
LATED TO PUT WHAT ARE
KNOWN AS LOAN SHARKS"
OUT OF BUSINESS.

Following is the bill passed at the
recent session of the legislature.
which was introduced by Representa-
tive John P Stokes. of Escambia
county, and which, under the cOnst:-
tuition, goes into effect sixty days after
passage, making it effective about
August l:
A Bill to be Eentltled An Act to de-
fine and prohibit Usury and usurious
contracts in this state, and to require
that mortgages Shall state separately
AMI distinctly the principal, interest
and fees secured by such mortgages,
and to require creditors to give to
debtors receipts for money paid, anu
prescribing penalties for the violation
of this act.
Be it enacted by the legislature of the
State of Florida:
Section I. All contracts for the
payment of interest upon loan, adj
vance of money, or fOrbearance TO Ell
force the collection of any debt, or
upon any contract whatever at a high
eT rate of interest than ten per cent
UNI per annum are hereby declared
uSUTiOUs.
Section 2. 1t shall be usuary and
unlawful for any person, association
Of persons, firm or corporation, o.
for any agent, officer or other repre-
sentatives of any peson, association
of persons, firm or corporation, to re-
serve, charge or take for any loan.
OF for any advance oS money, or Cor
| tornearance to enforce the collection
Of any sum of money, a rate of inter
est greater than ten per centum per
annum, either directly or indirectly,
by way of commission for advances.
). hxr INV
tact, cCntrivance or device whatever,
whereby the debtor is required or oh
ligated to pay a sum of money greater
than the actual principal sum receiy-
ed. together with interest at the rate
of ten Eer centrum as aforesaid. That
the provisions of this section shall
not curly to sales o. bonds in excess
OF one hundred dollars and mortgages
securing the same, or money loaned
on bonds.
Section 3. Any person, association
ofzPe rsons, firm or corporation. or
any agent, OFFICER OF other representa-
| tiv, of any person, association OF per-
sons, firm or corporation, wilfully vlo-
| iating the provisions Of section OF
this act, shall forfeit the entire inter
est SO charged, or contracted to be
charged or reserved, and only the &C
| tual principal sum of such usurious
contract can be enforced in any court
| in this state, either at law or in
equity, and when said uSuTious inter
est is taken or reserved, or has been
paid, then and in that event the per-
son, association of persons, firm or
corporation who has taken or reserv'
ed, or has been paid, either directly
or indirectly, such usurious interest,
SHALL forfeit to the party from whom
such usurious interest has been re-
served, taken or exacted in any way
double the amount of interest 50 re-
served. taken or eXacted: provided,
| however, that this shall not apply TO
bona fide endOrsee or transferee OF
negotiable paper purchased before
maturity unless the usurious charac-
ter should appear upon its FACE, or
| that the said endOrSee OF transferee
snail have had actual notice % the
same before the purchase of such pa
per, but in such event double the
amount of such usurious interest may
be recovered after payment, by action
against the party originally exacting
the same, in any cetIrt of competent
! jurisdiction in this state, together