Durant weekly news. (Durant, Choctaw Nation, Indian Territory [Okla.]) 190?-1944, 1916-02-25
THE LEGISLATURE
HAS ADJOURNED
CONTINUED from Page one)

I
tion whether growing out of the
same transaction or different tran
sactions where such usurious interest
is taken, reserved. charged or re-
ceived. provided that the purchaser
o fany note or evidence of debt with
notice or knowledge that same was
executed in violation of interest laws
of the State shall not be deemed an
innocent purchaser and such contract
shall be held subject to all the defen-
ses and penalties provided in this act
Provided further, that causes of
action for the recovery of penalties
created in this act shall not be as
signable."
Sec. A. No suit upon any contract
entered into after the passage and
approval of this act of $500 or less.
or an action in replevin or to fore
.closeany mortgage or lien given as
security therefor, shall be maintain
ed in courts of this State, and no pc
tition or bill of particulars shall be
filed or any process issued where the
amount of such sum, is 5000 or less,
unless, at the time of filing such suit
there shall be filed with such bill of
particulars or petition, an affidavit
setting forth that the contract sued
on was not made in violation of the
interest laws of this State, and that
a greater rate of interest than 10 per
cent has not been charged, reserved
or collected on such contract or con-
tracts sued upon; provided, that If
upon the trial of any such suit
brought upon any note, bill or other
evidence of Indebtedness Of $500 or
less, or in replevin or for the fore
closure of any lien given to secure
tn same, il shall be shown by the
evidence that the contract sued upon
is usurious and made in violation of
the interest laws of this State, said
suit shall be dismissed at the cost of
the plaintiff.
Banks to Report Interest Charged
Sec. 5. 1t shall be the duty of the
officers of all State banks, oganized
and doing business under and by vir-
tue of the laws of the State, to make
a sworn quarterly report to the Bank
Commissioner, setting forth the rate
of interest charged, retained. reserv-
cd or collected upon the loans made
in excess of the legal or contract rate
of interest during the quarter for
which said report is made, and such
'other detailed information as the
Bank Commissioner may require con-
,fV,ar toe s,r 81,
all such reports as show the rates of
interest exceeding 10 per cent per
annum have been charged shall be
published in the annual report of the
Bank Commissioner. Provided, that
when the report of any bank shall
disclose that such bank is wilfully
loaning money in violation of the in
.terest laws of the State it shall be
his duty to Immediately report such
violation to the Governor, who may
direct the Bank Commissioner to
bring suit, through the Attorney Cen
eral, in a court of competent juris-
diction, in the county where the bank
is located, to cancel the charter of
such bank, and the judgment of the
court on the trial /of said issue shall
find the defendant bank guilty or not
guilty, and if the judgment is guilty
it shall further provide for the can
collation. of the charter of said bank
and the liquidation of the assets of
said bank as the law now provides
in cases of insolvent banks, from
which judgment either party shall
have the right of appeal to the Su-
preme Court, as in civil cases. Upon
such appeal being filed, the Supreme
Court shall hear and determine same
as an advanced case.
The new law goes into effect ninety
days after its passage and approval
by the Governor.