El Paso herald. (El Paso, Tex.) 1901-1931, 1915-06-11
LAW REGULATING
MONEY LENDERS
Stringent Law Approved by
Gov. Ferguson Will Go
Into Effect June 90.

One OF the most stringent laws
passed by the saith legislature was that
applying to the money lending business
This law passed and approved March
j, goes into effect 90 days after ad-
1ournment or June 20, Is the legisla-
ture adjourned March 20.
A salient feature Of the new law is
that all compromises for usury interest,
or unlawful interest collected and re-
ceiVed are contrary to the regulation
and shall be void. Another point which
has aroused much comment and com
mendation from lawyers is that section
applying to the assignment OF wages.
Hereafter If a man assigns his wages
TO any non broker, the assignment
must be consented TO and signed by
b wife as well as the husband.
Another chapter provides for giving
power Of attorney to the county judge
Of a county where in the money lender
wishes 10 do business. This power u
attorney is given so that citation IN a
suit for any claims against the money
lender may be had easily.
The new law in part follows;
Section NO person, firm or corpo-
ration shall pursue the business Of a
loan broker without first having given
bond with at least two good and suf-
1lclent Suretles or the guaranty OF some
solvent bonding company in the sum
Of $4,000, approved n filed with the
clerk Of the county court OF the county
IN which such person. firm or Orpor
tion to do business A new
bond shall be given every u months
during the continuance Of such bust
ness.
Bond for Separate Business.
Section A bond shall be required
n given by each loan broker for each
n every separate office or place OF
business which he may conduct
Section Each o broker shall
keep a well bound book in which he
shall register all his transactions as a
broker at the tine same occurs; such
registry shall show ID the-articles OF
property securing the loan, If the same
be secured by chattel mortgage or bill
of sale on household or kitchen furni-
ture; % the assignment Of wages, or
the assignment Of wages with power Of
attorney 10 collect the m or other
order for unpaid ages given as Sc
curity, giving the name Of the person
receiving the money, and the person Dy
whom such person IS employed or oy
whom II IS expected that he viii De en-
ploycd; and in whose service il is eX-
pected that he shall earn the salary or
wages: the amount Of money received
by the borrower, and the time IN when
he is to receive back such payment;
CD the rate of interest or discount
agreed upon.
Section 6-Such books shall be kept
open for inspection, and the broker
shall give u the party borrowing, a
ticket LuE aLAO4LL o. La1A AZ
tually received, and showing the
amount paid back by the borrower 20
the loan broker on each payment, such
tickets TO correspond with the entry on
the books Of the register
Section Each loan broker shall
file with the county clerk OF the coun-
" in which he is engaged IN business,
appointing the county judge OF the
county in which he is engaged IN cong
business his authorized agent ana al
$500. 81 Eaa# Tan tho nHnEnnEa InT nE=
ceptfne service for him or being served
with citation in any suit brought IN
any court of his state. said power OF
attorney shall be signed IN person by
any Individual loan broker and by eacn
member of any firm, partnership or as
ISOLATION engaged in business as a o
broker and If such loan broker IS a
CORPORATION it shall be signed by the
president or vice president and by the
secretary.
Section ST anE judgment upon any
bond given by any loan broker shaI
remain unpaid for so days after maj
and execution thereon II shall
continue TO run such business, and the
same shall be punished by a III OF
not less than $50 nor more than sou.
Section 9.-Any Judgment obtained
by any person against a loan broker
under these articles or under the laws
III AAAE 2aaN
bic out Of the bono
Section 10-f any loan broker, or
person doing business as such shau
make any loan upon chattel MORTGAGES
or bin of sale upon household or kitcn-
en- furniture, or shall make any o
taking as security for the payment
thereof an assignment Of wages, or an
ASSIGNMENT Of wages with power OF
atrcrnev 10 collect the same, whether
the same be called a loan or purchase
without complying with the laws regu-
latiue loan brokers in this state, ne
shall be punished by a line OF not less
than $50 nor more than Sz50 Tor each
Section 1L-Each assignment, mort
GAGE. power of attorney TO collect OF
other transfer of the salary or wages
Of a married man, and eacn olll OF SAFE
or ehatteI mortgage upon the household
and Kitchen furniture Of a married man
shall be void unless b same be maze
aDd given with the consent Of the
wife. and such consent shan be evil
denced by the wife joining IN the as
mortgage, poWer OF attorney
10 collect or other transfer OF salary or
wages and the signing Of her name
thereto and by her separate acknowl-
adpment thereof. taken and certified to
IN q nroper officer. substantially in the
mode provided by law for the acknowl-
dgmen by the wife Of a conveyance
of the homestead
Section Livery a broker shall
nav an annual tax 500 and $50 to the
STATE of Texas for each and every place
Of business
usurv or unlawful interest collected
md received are contrary to public
- DID