The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1931-02-24
BANKING BILLS AND :
PRACTICE OF Law
ARGUED IN SENATE
Final Action on Two Banking
Bills Expected in the Sen
ate Tuesday

The voluntary banking code COM
missions two basic bills, providing for
recodification laws, are scheduled for
final action in the senate Tuesday.
A banking committee report recon-
mending passage Of the building and
loan measure was approved by the
senate Monday, while the favorable
report on the banking bill was accept
ed by the senate Saturday.
The bill to revise the states bank
ing laws was given its third reading
this afternoon, and placed at the
head Of the calendar for action Tues
day. The building and loan measure
will also be on the calendar.
Appointed by Governor George F.
Shafer, the banking code commission
drew up the measure after a study
of the laws of North Dakota and
other states relating to banks, build
ing and loan associations, trust and
investment companies. and credit
corporations.
A measure defining the practice Of
law. r~econsidered after 1t was once
defeated, came out Of committee to-
day with a recommendation to pass.
and the report was adopted by the
senate q to 81.
Opponents Of the bill previously
commended that, under the bill banks
would be prohibited from drawing
papers for a fee. but the proposal was
amended to except banks. Another
amendment would allow a person to
act as his own attorney.
The committee on judiciary brough:
in a divided report. the majority rec
.%ommending passage, and the minority
indefinite p~ostponement Of the bill
which is sponsored by Senators Gains,
Satire. Lynch and Fowler.
Senator Dell Patterson, Renville
county. who opposed the measure
when 1t was previously considered,
again attacked it, claiming that it
puts a fence around practicing at
%torneys." The proposal will go on the
calendar for final senate action.
Senator Patterson urged favorable
action on his measure providing for q
reduction in the legal contract rate OF
interest from nine to eight per cent.
The senate, however, adopted q re-
port of the judiciary committee rec
ommending indefinite postponement
of the measure. The vote was "a
to 20.
The legal rate of interest reduced
from nine to eight per cent Will pro-
tect the people against paying nine
per cent to combine machinery COM
panies doing a credit business with
farmers" Senator Patterson said.
This bill will be a great protection
to farmers"
Senator J. P. Cain. Stark, pointed
out that the senate last week defeat
ed a proposal, in the form of an
amendment to a banking bill, to re-
duce the interest rate from nine to
eight per cent. At that time, Senator
Patterson also urged a reduction In
the legal contract rate.
Some sections of the state would
be materially affected by the reduce
ton" Senator Cain said. Some
banks, if they lost n per cent. would
be threatened with closing. especially
In view of present economic condi-
tons"
A report Of the committee of live
stock. recommending passage Of Sem
ator Brostuen's bill to require specific
labelling Of livestock remedies and IL
censing dealers, was approved by the
senate.
The senate killed Senator Whit
mans measure providing for an ap-
preparation of SIS 900 for the pur-
chase of equipment for a radio sta
ton at the state university at Grand
Forks. The appropriations commit
tee recommended indefinite post
ponement of the bill, and this action
was approved by the assembly.