Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-04-16
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GOVERNMENT OF THE DISTRICT

-4s-Ofl- fss-o
GOVERNMENT OF THE DISTRICT
OF COLUMBIA, WASHINGTON 4,
d. c., April z, 959.--NOTICE;-
Notice is hereby. given that tne
Commissioners Of the DISTRICT OF
ing on Monday, April "a, 1853,
ss.r 1O ROon Sci sSCm 800 so, plstr set
Building, 18th and Z Streets
Northwest, washington, D. G., to
afford an opportunity to all In
terested persons to present their
views on a proposed amendment
Of the Police Regulations estab-
fishing the rates Of interest 10 be
charged on pawnbroker .oans,
reading as follows: PROPOSED
ORDER.-WHEREAS, the Act ap-
proved August 6, 1856 40 Stat.
1885; Title II, oh 29, D: e.
Code, 1851 edition., relating TO
pawnbrokers in, the District Of
thereof that the Commissioners
shall, on the basis Of certain
ascertained facts, determine and
fix by regulation. or order the
maximum rates Of interest to be
charged in connection with the
business OF making pawnbroker
loans: and WHEREAS, the Com
missioners have caused an in
vestigation to be made OF the
economic conditions and other
factors relating to and affecting
the business Of making pawn
broker loans under such Act q
the said Investigation indicates
that the m a YfYIanU0 rates nf in
terest currently being charged in
connection with the business Of
making pawnbroker loans are not
such rates Of interest as will in
duce efficiently managed CONNER
cial capital to be invested in the
business OF making pawnbroker
loans under said Act VI August
&, 1856, so as to make available
adequate credit facilities to IN
dividuals seeking such loans at
reasonable rates of interest, and
to afford those engaged in such
business q fair and reasonable re-
and WHEREAS. the Commissioners
mum mum o rates q interest intel s to A Be
charged in connection with the
business Of making pawnbroker
loans under such Act In amounts
not exceeding $500 should be in
creased as Q means Of inducing
additional Investment Of capital
in the pawnbroking business in
the District Of Columbia: NOW
THEREFORE BE 1T ORDERED:
That under authority Of section
9(a) Of the Act entitled IAN Act
brokers in the District Of colum;
HE - annFnund Af4Cf3sf q 10kR
fPublic law aS2. S4th Coneress)
the Police Regulations OF the
District Of Columbia. as amended.
are amended by striking therefrom
section 8, Article. 4 and inserting
in lieu thereof the following:
''Sec. 8. fa) The maximum rates
OF interest for which q pawn
broker may contract and which
he may receive are as follows:
''On loans not exceeding 500
3 per eentum per month or frac-
ton thereof; On loans not ex-
i %onn not e eI IeeesiGn sseC pen
thereof; On loans not exceeding
81 ,000-1 per centum per month
or fraction thereof: On loans Of
more than 81 .000-e per cent
per annum. "fbl The pawn
broker may ask. demand and re-
ceive q minimum charge in the
amount OF one dollar in lieu Of
interest sci The interest rates
authorized By subsection fal Of
this section shall be computed on
the maximum amount Of the loan
No person shall break any loan
down INTO two or more parts for
the purpose Of applying the maxi
mum interest rate relating to q
smaller loan than applies to the
total amount borrowed" Indi-
viduals and representatives OF
examinations intending 10 present
statement at the hearing are
requested TO furnish their names.
addresses and telephone number
to the Secretary, Board Of Com
missioners, in writing. not later
than the close Of business on
Thursday, April 81. 1859, so that
the name OF each person intending
to make statement may be
placed on the list Of speakers.
SECRETARY, Board Of Commits
sioners, d. c. ap9.16