Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-04-09
OFFICIAL NOTICES

GOVERNMENT OF THE DISTRICT
OF COLUMBIA, WASHINGTON 4.
D, c.. April z, 1959.-NOTICE;--
Commissioners OF the District Of
Columbia will hold a Public Hear
ing on Monday, April "a, 1859.
Board tV' Room, Room 500. District
Building, I4th and E Streets
Northwest, Washington, D. G., to
afford an opportunity to all in
terested persons to present their
views on a proposed amendment
fishing the rates Of interest to be
reading as follows: PROPOSED
ORDER.-WHEREAS, the Act ap-
proved August 6, 1856 go Stat.
CODE CODE 1871 edition., relating to
the regulation and licensing Of
pawnbrokers in. the District OF
Columbia, provides in section 9ta)
thereof that the Commissioners
shall, on the basis OF certain
ascertained facts, determine and
fix by fegulation, or order TIE he
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 OF
August 6, 1856; and WHEREAS,
the said Investigation indicates
that the MAXIMUM rates OF in
connection with. the business Of
making pawnbroker loans are not
such rates of interest as will in
duce efficiently managed CONNER
eial capital to be invested In the
business of making pawnbroker
loans under said Act OF August
q, 1855. 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
turn ,,, on their invested capita its;
mum rates Of interest to be
charged in connection with the
business Of making pawnoroker
loans under such Act in amounts
not exceeding $500 should be in
creased as means of inducing
additional investment OF capital
In the pawnbrokins business i1
the p HEGE q cplpm 6pnrs s ST
9iaJ Of the Act entitled IAN Act
TO regulate and license pawn
brokers in the District OF Column
bia," approved August 6. 1855
Public Law 1892. S4th Congress)
the Police Regulations of the
District Of Columbia. as amended.
are amended bv striking therefrom
section 8, Article Al, and inserting
in lieu thereof the following:
sec. 8: "a The MAXIMUM rates
broker may contract and, which
ION loans not exceeding S10O-
3 per centum per month or frac-
tion thereof: On loans not ex-
ceeding S20O-2h per centum per
month or fraction thereof: On
loans not exceeding 5000 per
eentum per month or fraction
thereof; On loans not exceeding
$1,000 per centum per month
or fraction thereof; On loans Of
per annum. "lbl The pawn
ceive q minimum charge in the
amount OF one dollar in lieu Of
interest. "(cl 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 4" Indi-
viduals and representatives OF
examinations intending TO present
a 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 NAV be
placed on the list Of speakers.
SECRETARY. Bosrd of Commits
Eioners. D q apf1R