The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1916-04-19

BE It Enacted by the People Of the state
of oklahoma;
Section j, Section 1905 Of the Revised
avs OF Oklahoma, 1910, is hereby amend
cd to read as follows.
The taking, receiving, rescrvinG or
'herEng greater rate VI interest than
provided 10y the preceding sections,
shall be- deemed forfeiture of twice the
amount Of interest which the note, bill, or
other evidence OF debt carries with il, or
which has been agreed to be paid thereon
In case "A greater rate Of interest has been
paid, the person by whom IL has been
paid, his legal representatives., may re-
cover from the person. firm or corporation
taking or receiving the same i'm an acton
In the nature Of an action OF debt, twice
the amount OF the entire interest paid, 4,
brought within two years after the matur-
ity Of such usuTiOus contract, provided
further, that when any suit is brought
upon any note, bill or other evidence of
Indebtedness or to foreClOse any mortgage
or lien given to secure such Indebtedness
when a greater rate OF interest has been
collected, reserved, charged or received
than lis provided for in this Act, the de-
fendant or his legal representative may
plead as a set-Off or counter-claim in said
action twice the amount Of the entire in
terest collected, reserved. charged or re
ceived in said transaction, or in all such
transactions between the same parties.
Sec. 2. ANY contract for the loan OF
money, where the rate OF interest taken,
received, reserved or charged is greater
than the rate as declared in Section 1904,
of the Revised Laws of Oklahoma, 1910,
may be liquidated in the following man
ner on the date such contract ia is due,
or at any time before suit for the col
lection thereof is instituted, the payer
his agent, attorney or legal representa-
tive, may tender to the holder thereof the
exact amount of money received from the
lender less the amount of the entire in
terest charged, received, reserved or col
Iected thereon, said tender to be in writ
ing and the payee of said contract Is
hereby given twenty-four hours there
after to accept or reject such offer, and
such acceptance or rejection shall be in
writing, and the acceptance or rejection
thereof shall constitute and be full ana
complete satisfaction OF such indebted
ness If no such tender as heretofore
provided has been made, and suit is in
stituted in a court of competent Jurlsqic-
ton for the collection thereof, the payor,
his agent, attorney or legal representa-
tive may at or before the time he is re-
exact sum of money received on said con-
tract, less the eaNct amount OF the entire
interest taken, received, reserved, or
charged, and the cost incurred, ana II the
same be not accepted the court or jury
shall make a finding thereon and the
Judgment against said plaintiff shall be
rendered on said finding. holding such
contract and debt satisfied by reason OF
such tender, If such is found to have
finding the said deposit shall be returned
to said defendant. Provided, this section
shall not hc construed to prevent the
debtor from bringing his action on cross
retition. or i'm an original suit to recover
twice the amount of interest charged or