The Republican journal. [volume] (Belfast, Me.) 1829-current, 1917-04-05

tho overseerg OF tho poor to remain IN
Ar e Il .so. Of e.
sad such osh.4 s.sts e. e . ths. stss. Se.ss
quire. shall be sent BY the oysrssers OF
the poor to said board within forty
eight hours. Of the entrance Of such
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ss shs y 'ts. II board
slmsheuse. Hospital il f Or inarmsry. '-.'
Inconsistent with the foreg going are
h hs1sl2y acknowledgements April q
An Act to license and regulate the bus
mess OF making loans In sums Of
greater rate of interest than twelve
per centum per annum, and regulating
the assignment Of wages or salaries
given as security therefor.
Section /. No person, copartnership
or corporation shall engage In the bust
ness Of making any loan Of money. cred
1t, goods or chooses In action In the
amount or to the value Of three hundred
dollars, or less, whether secured or I'M
secured. and charge, contract for or re-
ce1ve greater rate of interest than
twelve per centum per annum therefor.
the State bank commissioner. Appli-
cation for such license shall be in writ
ing and shall contain the full name and
address. both of the residence and place
of business, Of the applicant and if the
applicant is a copartnership, of every
member thereof, or If a corporation, of
every officer thereof; also the county
and municipality, with street and num-
her If any, where the business is to be
conducted. Every such applicant, at
the time of making such application,
shall pay to the bank com missioner the
sum of fifty dollars as an annual license
fee and in full payment OF all expenses
of examinations under and administra-
ton of this act. The applicant shall
also, at the same time, file with the
bank commissioner a bond in which the
applicant shall be the obligor. in the
sum of one thousand dollars with one
or more sureties to be approved by
said bank commissioner; which bond
shall run to the bank commissioner of
the State of Maine for the use of the
State and Of any person or persons
who may have a cause of action against
the obligor of said bond under the pro-
visions Of this act, and shall be con-
ditioned that said obligor will conform
to and abide by each and every provis-
ion of this act and will pay to the State
and to any such person or persons, any
and all moneys that may become due or
owing to the State and to such person
or persons from said obligor. under and
by virtue of the provisions of this act.
If in the opinion of the bank commits
sioner the bond shall at any time ap-
pear to be insecure or exhausted, or
otherwise doubtful. an additional bond
in the sum Of not more than one thou
sand dollars satisfactory to the bank
commissioner shall bs filed, and upon
failure of the obEsor to Tile such ad-
ditional bond, the license shall be re-
voked by the bank commissioner.
Section 2. Upon the filing. OF such
application and the approval of said
bond and the payment of said fee, the
bank commissioner shall issue a license
to the applicant TO make loans in &C
oordance with the provisions Of this
act for a period which shall expire the
first day Of January next following the
date of its issuance; provided. that If
the license is issued for period of
less than six months the license Zee
shall be twenty-five dollars Such
license shall not be assignable, and
shall be kept conspicuously posted in
the place of business Of the licensee.
may, In his discretion, upon notice to
the licensee and opportunity TO be
heard. revoke such license If satisfied
that the licensee has violated any pro
vision of this act or any existing stat
ute. The issuance Of another license
after a revocation shall be at the dis
erection of the bank commissioner. In
case the ncensee shall be convicted
second time of violation of sections
eight and nine Of this act or any exist
ing statute the bank commissioner shall
revoke such license; provided, that the
second ofenSe shall have occurred AFTER
a prior conviction.
Section A. No person, copartnership
or corporation so licensed shall make
any loan or transact any business pro
vided for by this act, under any otner
name or at any other place OF business
than that named in the license. Not
more than one office or place of business
shall be maintained under the same
license, but the bank commissioner may
fI0pr ON
person upon the payment OF an add
ttonal license fee and the filing OF an
additional bond for each license. In
case of the removal of ncensee, he
shall at once give written notice thereof
to the bank commissioner, who shall at
tach to the license his consent In writ
ing to the removal
Section O. The bank commissioners
for the purpose of discovering violations
of this act may either personally. or by
any person designat ted by him, at any
time and as often as he may desire, In
Vestigate the loans and business or
every licensee and of every person. CO.
partnership and corporation by whom
or which any such loan shall be made,
whether such person, copartnership or
corporation shall act, or claim to act,
as principal, agent or broker, or under,
or without the authority OF this act,
and for that purpose he shall have free
access to the books, papers. records and
vaults of all such persons copartner-
ships and corporations; he shall also
have authority to examine under oath,
all persons whomsoever whose test,-
mony he may require, relative to such
loans or business.
Section {. The llcensee shall keep
such books and records as in the opinion
of the bank commissioner viii enable the
commissioner 10 determine whether the
provisions Of this act are being OBJ
served. Every such liceusee shall pre-
serve the records of final entry used in
such business. including cards used In