Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-01-08
Yield to Assure Law.

The Senate had taken the position that
was working satisfactorily and it saw no
reason for change. But the House
thought the same limitation as to inter-
est charges should be applied to pawn
brokers as to money lenders. The House
conferees were insistent upon the House
provision. Rather than see the legisia-
ton fail. the Senate cOnferees-SenatorS
Curtis. Dillingham; and Paynter-agreed
to yield to the House.
In the settlement of the differences
over the measure however. it was mat
ter Of give and take. The House confer
ees yielded to the Senate on the Sem
ate's provision that no greater loan than
500 shall be made to any one person
The House had TXed no limit as to the
amount of loan.
The House conferees also agreed to
that provision of the Senate that ANY
person in the employ of the government
who shall loan money in violation Of the
provisions of this act shall forfeit his
office or position and be removed from
the same"
Aimed at Clerk Sharks.
This was a provision inserted in the
Senate on the motion OF Senator Curtis.
who has led the fight for the legislation
~ the upper house, and was aimed at
loan sharks said to be operating among
fellow employees in the bureau of engrav-
ing and printing the government printing
office and other government departments
and offices.
AS it has been agreed upon. the pro-
posed law will make it unlawful to en-
gage i'm the business of loaning money in
the District of Columbia at greater rate
of interest than 6 per cent without OBJ
tanning a license. The license tax is to be
$500 per year and licenses are not to be
granted to persons, firms or voluntary
associations unless the person or the
members of the firm or association are
bona fide residents Of the District OF Co
lumba.
Issue of Licenses.
Licenses are to be issued upon applica-
tions made to the District Commissioners,
notices of applications to be posted in
the office of the District assessor and
published twice a week for three sue
cessive weeks in a daily newspaper pub
lished in the District of Columbia. When
protests are made to the issuing OF
license the Commissioners are required
to give a public hearing. The Commits
sioners are given power to reject any ap-
plication for license 'after hearing upon
such protest or for failure on the part Of
such APPLICANT shall have violated It's pro-
visions" The applications are to be ac-
ompanied by a bond for 5000 for the
faithful observance of the provisions of
the law.
Interest Charges.
Regarding interest charges the bill
says:
NO such person, firm. voluntary asso-
citation. joint stock company, incorporated
society or corporation shall charge or re-
ceive a greater rate of interest upon any
loan made by him or it than 1 per cent
per month on the actual amount of the
loan, and this charge shall cover all fees,
expenses. demands and services of every
character including notarial and record
ing fees and charges. except on the fore
closure OF the security. The foregoing
interest shall not be deducted from the
principal of loan when same is made
The licensed money lenders are to keep
records of all transactions. Borrowers
are allowed to make complaints to the
commissioners. and a procedure is laid
down for making investigations of these
hearings.
The proposed law is to take effect thirty
DAYS after its passage.