The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1916-02-22
STRONG ANTI-USURY
LAW is ENACTED
Grady County Members in Both Houses
Vote for Measure; Suffrage Arlend-
ment to Be Submitted; Summa-
y Of Bills Passed

1Aieer ueliiS III session a little over five
weeks, the state legislature finally
completed its work this morning ana
adjourned at noon today. The real
business Of the session was wound up
last night, the proceedings this morn.
ing being confined to the signing of
bills by the presiding officers and
other formalities.
At last nights session the anti-usurv
bill and the registration bill were fin
ally passed. The usury law, which Ia
regarded as strong one, received the
votes Of the Grady county members
IN both the house and senate.
Anti-Usury Act.
The salient features of the anti-usury
law, as finally enacted, are as follows:
Section l re-enacts the present law.
and provides that the debtor may piea
as a setoff or counterclaim double the
amount of interest charged or collected
when suit is brought on loan con.
tract. Also it repeals that part of the
law which requires demand to be made
AS a precedent to bringing suit to re.
cover penalties.
Section provides the manner In
which the debtor, without bringing any
suit, may recover usurious interest
paid, or charged, by providing that
the debtor may tender to the holder of
any usurious contract the amount o.
money actually received by him, less
the entire amount of interest charg-
ed, reserved or collected and on fail
ure of the holder of the usurious con-
tract to accept such tender within "A
hours operates as satisfaction and
cancellation of the entire debt. The
section further provides that in case
no tender is made and suit is brought
the debtor may go into court and de-
posit the amount of money actually
borrowed, less double the amount of
usurious interest charged or collected,
together with the cost, and if this is
not accepted by the plaintiff in the
case, it operates as cancellation and
satisfaction of the debt. 1t also pro-
vides that the act does not repeal or
modify any of the provisions of the
negotiable instrument law.
By section 8 it is provided that where
usuriou .ontract is made and trans
ferred the person making said contract
is made liable to the pealty provided
in the act.
In section 4 there is a provision that
no suit upon a usurious contract en-
tered into after the passage Of the act
OF $500 or less shall be filed in court
unless an affidavit is also filed that no
usurious interest has been charged Or
collected and without such affidavit no
process of the court can be issued. II
on trial of the case it is shown usu-y
has been charged or collected, 1t Is
mandatory for the court 10 dismiss the
appeal at cost of the plaintiff.
Section provides that all state
banks shall make quarterly reports to
the bank commissioner Of all contracts
upon which a usurious rate Of interest
has been charged. Such reports are to
be published in the annual report Of
the bank commissioner. 1t further pro-
vides that when such report shows that
any bank is violating the law the conf
missioner shall report the violation to
the governor, who shall order the com
missioner to bring suit through the
office of the attorney general to cam
eel the charter of such offending bank.
Among the other important measures
enacted by the special session were the
following:
Other Measures Enacted.
! PROVED for establishment of twine
factory at penitentiary.
Law to give voters, absent from
home on general election days the
right to vote at any precinct in tho
state.
4 Providing that counties may vote
xcs..,.,,oz or pora T,hraa