The enterprise-recorder. (Madison, Fla.) 1908-1933, 1909-07-29
oHAPTER baeo-lNn. a,A.

AN All 10 Detlne and Prohibit Usury and |
Usurious Contracts in This State, and /
to Require That Mortgages Shall state |
Separately and Distinctly the Prin- |
eipal, Interest and Fees Secured by |
itors to Give to Debtors Receipts 5i FOR FOR
Money Paid, and Prescribing Penalties |
for the Violation Of This Act.
BE II ENACTED ne It by the Legislature Of the
! Section l. All contracts for the payment
/ OF interest upon loan, advance Of money, /
/ or forbearance TO enforce the collection OF
/ any deoL or upon any contract whatever
! at higher rate Of interest than ten per
eentum per annum, are hereby declared
Sec. @ It shall be usury and unlawful
| for any person, association Of persons,
! firm or corporation, or for any agent, Of
| ucer or other representatives Of any per-
| son, association Of persons, firm or cor
! poration, to reserve, charge or take for
any loan, or for any advance OF money,
or for forbearance TO enforce the collec-
| uon OF any sum OF money rate Of inter-
! est greater than ten per centum per an
| mum, either directly or indirectly, by way
| Of commission for advances, discount, ex-
! change, or by any contract, contrivance
or device whatever, whereby the debtor is
! required or obligated TO pay a sum of
money greater than, the actual principal
! sum received, together with interest at
! the rate OF ten per centum as aforesaid.
| That the provisions Of this Section shall
not apply to sales Of bonds in excess Of
| one hundred dollars and mortgages Sc
curing the same, or money loaned on
| bonds.
Sec. 3. Any person, association Of per-
| sons, firm or corporation, or any agent
! officer, or other representative Of any per-
| son, association Of persons, firm or corpor-
| alton wilfully violating the. provisions Of
! Section 2 Of this Act shall forfeit the en-
] tire interest so charged, or contracted to
] be charged or reserved, and only the
/ actual principal sum Of such usurious con-
tract can be enforced In any Court in
this State, either at law or In equity;
and when said usurious interest is taken
Il or reserved, or has been paid, then and
/ In that event the person, association OF
Il persons, firm or corporation who has
4 taken or eXacted; Provided, however, That
/, either directly or indirectly, such usurious
whom such usurious interest has been
. reserved, taken or eXacted in any way,
double the amount Of interest so reserved,
taken or eXacted; Provided, however, That
this shall not apply TO a bona fide endor-
/, see or transferee Of negotiable paper pur-
chased before maturity, unless the usur-
ious character should appear upon It's
face, or that the said endorsee or trans
I fierce shall have had actual notice Of the
same before the purchase Of such paper,
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
! Court Of competent jurisdiction in this
State, together with an attorneys tee'
as provided in Section 4, Of this Act.
Sec. 4. This Act shall not be 50 con-
/ strued as TO prevent provision for the pay
ment OF such attorneys fees as the Court
p NAV determine in cases brought before
the Court to be reasonable and Just Tor
legal services rendered In enforcing non
usurious contracts, either at law or IN
equity; Provided, That no attorneys Zee
! shall be allowed in any court OF justice
9 az aqs f PTovide4 further That this Act
! shall not be construed so as 20 prohlDi'
q mortgages from contracting Tor or col
Letting premiums Ior 51oTtpa ge5 With
the usual loss payable or mortgage clause
attached thereto. -,-.,... -, 49,
Sec. 5. Any person, assocIatlt0[n On OF ,lPs yt
officer or other representative OF any per-
= son, association Of persons, firm or co.
4 poration lending money IN tnis SSare WI" oT
} accept any sum Of money greater th va
: the sum OF money loaned ana al aG tio
tional sum Of money equal 70 twenty LIN !
! nor centum per annum upon the prln-
3 cipal sum loaned by any contract, con
= triyance or device whatever uiIeC'ly 70, ~
~ indirectly, by way OF CoilIlS5,Uii,S5 Gle
u count. exchange, interest, pretenu,Su saIv
e of any article, assignment OF saiary o.
Il wages. inspection fees or othtr ices ~ S5
q otherwise or for torbearlng 70 ent tISlnTry,iss
e collection Of such moneys or otneI WISE .t
" sbaII forfeit the entire sum, ,both tnt
r. nrincipal and interest, TO the pdItS
: Charged such usurlous interest,", ana s aSs
= he deemed guilty OF misdemeahoI1 an an
u on conviction, be fined not more than QiiiS
], IWndred dollars or be imprisoned IN tnt
= county Jail not more than hlhSLy Ways VI
o ooInG ~ w Ey,rt, nerson. association Of per
IS 80 firrn or CORPORATION, or the agent, OF
- ficer, or other representatlNe s a., "I az COR
y SON association Of persons urn n oI ~ no
Al nora ton lending money In TINS otate uPoI
" Security shall, whenever the porroH 81 ~ ~
= such money makes payment OF any inrgSsi5I i9i
y S,nn1 siIch payment being mace, give
y said borrower a receipt, dated OF the 4at
y OF such payment Whlch IeCJLiPt ss,,cb nav
y he amount paid and for what sucHs ~
i Vent he made II such payment IS IoI "a
= terest on the sum borrowed, we Iv ~ n
e shall so state, II the sum 80 pau riyincips
i aPpi Borrowed. the receipt shall SO statt
al sucb receipts shall be duly ana pIop
q eriy signed by the person, es tbs seeni
y p seflisso,, or other representatives or IN
i 0erson. association OF persons ~ ~ IN 10 ~
y Corporation 70 whom sueh InOade3 20 I've
g mdI,nJ}1t compIying with the requirement
Is ~ tt{s Section shall forfeit the entlre ln
y ferest upon said principal sum 10 the poi
N roSS over 7. That It shall be the duty (
~ every mortgage accepting a nv ~ 5{bsa ~
Is personal property IS security ,, i0 less ina
at 1S pbTundred dollars to cause to be stad1Ie Az.
VI i'm such mortgage', sePa ai,nts secured {
o. tinctly, the seyeral ann ariaOuIf fees. and an
by pIlntCPpsse Wilfully violating the provision
nT mis- Section shall toTtelt az me- =
and fees secured by such NOR c in
be entitled TO recover oh'S N'e
m, sum. ...t-fors Of Sections ar
Of OF this Act sha hUS or to trust con
ny BANKS, S''' -
Of pass see 9. All laws and parts Of ,b Jaws ssn
ch ,o3fiict with this Act be- ana the san
on eTs hereby, repealed. ,ooo
,e Approved June r. 1909
y, CHAPTER 5sst.SN,ooit ~ for 4
ch Az Ant 49, and Maintenance OF me St n