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Sec. 8. Within six months after the date of said governor's proclamation, the secretary of state shall compile a statement of the domestic corporations whose charters have been so forfeited, and of the foreign corporations whose right to do business in this state has been forfeited, and he shall furnish a certified copy thereof to each county clerk in this state, who shall file the same in his office.
Sec. 9. Any person or persons who shall exercise any powers under the charter of any such corporation after the same shall become forfeited to the state, and any person or persons who shall exercise any powers of a foreign corporation which shall have forfeited its right to do business in this state, shall be guilty of a misdemeanor.
Sec. 10. There is hereby appropriated out of any money in the state treasury not otherwise appropriated the sum of twentyseven thousand ($27,000) dollars, for the purpose of carrying out the objects of this act, to be used by the secretary of state in the employment of a license superintendent and cashier; one permanent clerk; such other clerks from time to time as may be necessary; for the purchase of the necessary desks, furniture, stationery, books, postage, and for the necessary printing, ruling, binding and materials furnished by the state printing office, and for all other necessary incidental expenses, to be used and expended during the balance of the fifty-sixth, and during the fifty-seventh, and fifty-eighth, fiscal years, and the state controller is hereby directed to draw his warrant for any claim against said amount, the same having been approved by the state board of examiners, and the treasurer is hereby directed to pay the same.
Sec. 11. This act shall take effect and be in force from and after its passage.
An act to provide for the incorporation of associations for lending
money on personal property, and regulating the same, and to forbid certain loans of money, property or credit.
[Approved March 21, 1905. Stats. 1905, p. 711.) Section 1. Any corporation which shall be incorporated under the general incorporation laws of this state, and the provisions of this act, authorized by its articles of incorporation to loan money at interest upon the pledge or mortgage of goods or chattels, or of safe securities, shall be granted all the powers and privileges necessary for the execution of these purposes; provided, that nothing herein contained shall authorize any such corporation to engage in the business of banking.
Sec. 2. Corporations may be organized under the provisions of this act, with a capital stock of fifty thousand dollars ($50,000.00), or over, but no business shall be transacted by any such corporation until all the capital stock of such corporation has been actually and in good faith subscribed, and at least fifty per centum thereof shall have actually been paid in, in cash, or in interest bearing securities, to be approved by the oard of bank commissioners.
Sec. 3. Any such corporation, before transacting any business, shall be required to obtain from the board of bank commissioners a license in the form to be prescribed by them, authorizing such corporation to transact business in pursuance of the provisions of this act.
Sec. 4. Every corporation applying for a license under this act shall, at the time of making the application, execute and file a bond, to the people of the state, in an amount equal to one-twentieth of its capital stock, with the board of bank commissioners, to be approved by them, conditioned for the faithful performance of the duties and obligations pertaining to the business so licensed and for a faithful compliance with the provisions of this act. Said bond shall be executed by a domestic or foreign corporation authorized by the insurance commissioner to transact within this state, the business of surety insurance as surety. Such bond shall be renewed and refiled annually, in January of each year, or the corporation shall, within thirty days thereafter, cease doing business and proceed to close up its affairs.
Sec. 5. Such corporations when they have disposable funds may make advances on all goods, chattels and savings bank deposit books, or on all safe securities offered, embraced within its rules and regulations, but in no case shall the amount loaned to any one person exceed the sum of three hundred dollars ($300.00)
Sec. 6. Such corporation shall be entitled to charge and receive upon each loan made by it upon a mortgage of personal
property, which charge shall include all services of every character in connection with said loan, except upon the foreclosure of the security, interest or discount at a rate not exceeding one and one-half (11) per centum per month. It may also charge for the first examination of the property to be mortgaged and for drawing and filing the necessary papers, and for all other expenses, a sum not exceeding five dollars ($5.00) if a loan shall actually be made; but no further charge for examination of the property or for drawing or filing papers, or for any services or expenses, or upon any pretext whatsoever, beyond the said charge for interest or discount, shall be made upon any renewal or extension of the loan, or any transfer or change of the loan, or upon any other occasion, within one year from the date of the original loan, or oftener than once in each period of twelve months thereafter, provided, however, it shall be lawful to charge for any fire insurance that may be at any time effected.
It may also charge and receive upon each loan made by it upon the pledge of personal property which charge shall include all services of every character in connection with said loan, except upon the sale of the security at public auction, as hereinafter provided, interest or discount at a rate not exceeding one and one-half (14) per centum per month; provided, however, that all loans shall be subject to one month's interest and no loan shall be settled at a less charge than fifteen cents. A charge of one-half () of one per centum per month additional may be made upon pledges for storage, burglary and fire insurance. In case of loss by fire or theft, such corporation shall not be liable, however, for more than the amount loaned and twenty-five (25) per centum thereof in addition.
Sec. 7. Such corporation shall give to each pledgor a memorandum or ticket inscribed with the name of the corporation, mentioning the article or articles, security or securities, pledged, the name of the pledgor, the amount of the loan, the rate of compensation, the date when made, the date when payable, the page of the book where recorded, and a copy of section six (6) and eight (8) of this act. Sec. 8. Property pledged to such corporations shall not be
. sold prior to six (6) months after the day fixed in the contract for payment, and all sales shall be at public auction, and notice of any such sale shall be published at least five (5) days previous thereto in a daily newspaper printed in the city, or city and county, in which any such corporation is located. If upon the sale of any such property at public auction there be any surplus left, after paying the cost of advertising and sale, and the amount of the loan and interest due thereon, the same shall be paid over to the pledgor or his legal representative or assigns on demand, any time within two years after such sale. It shall not be necessary for such corporation to sell at public auction any savings bank deposit book pledged for a loan, but the corporation may collect the money due thereon or so much thereof as may be necessary to pay the debt, in such manner and at such time as in the judgment of the directors of such corporation will best serve the interest of all parties, holding the net surplus, if any, for the owner, his legal representative or assigns. Loans on pledges may be renewed from time to time, but in no case longer than one year.
Sec. 9. A corporation organized under this act shall be authorized to borrow money in any amount to be used in its business not exceeding in the aggregate the amount of its capital stock.
Sec. 10. Such corporation shall file with the board of bank commissioners, during the months of January and July of each year, a statement, under oath, of the condition of such corporation at the close of business on the thirty-first day of December. and the thirtieth day of June, respectively next preceding, showing its actual financial condition. The said statement shall also be in such form, and contain such reports, returns, and information as to the affairs, business, condition, and resources of the corporation, as the said commissioners may from time to time prescrile and require.
Sec. 11. The said board of bank commissioners shall hare access to the vaults, books, and papers of any such corporation, and it shall be their duty to inspect, examine and inquire into its affairs and take proceedings in regard to it, in the same manner and to the same extent as if said corporation were & savings bank or a banking corporation.
Sec. 12. No person, firm or corporation, other than corporations organized pursuant to this act, shall, directly or indirectly, charge or receive any interest, discount or consideration
greater than at the rate of one and one-half (11) per centum per month upon the loan, use or forbearance of money, goods or things in action, less than three hundred dollars ($300.00) in amount or value, or upon the loan, use or sale of personal credit in anywise, where there is taken for such loan, use or sale of personal credit, any security upon any upholstery, furniture or household goods, oil paintings, pictures or works of art, pianos, organs, musical instruments, or sewing machines, plate or silverware, iron or steel safes, professional libraries, or office furniture or fixtures, instruments of surveyors, physicians, or dentists, printing presses or printing material, wearing apparel, diamonds, watches or jewelry. The foregoing prohibition shall apply to any person who, as security for any such loan, use or forbearance of money, or for any such loan, use or sale of personal credit, as aforesaid, makes a pretended purchase of property from any person, or who, by any device or pretense of charging for his services, or otherwise, seeks to obtain a larger compensation in any case hereinbefore provided for. Any person violating the foregoing prohibition shall be guilty of a misdemeanor and is punishable by a fine of one hundred dollars ($100.00) for the first offense, and by a like fine and imprisonment in the county jail for thirty days for the second and each subsequent offense; and further, the interest on any amount loaned shall be forfeited to the borrower. But this section shall not apply to licensed pawnbrokers, making loans upon the actual and permanent deposits of personal property, excepting those charging unlawful rates of interest, nor affect in any way the validity or legality of any loan of money or credit exceeding three hundred dollars ($300.00) in amount.
Sec. 13. Any corporation organized under this act which shall violate the provisions of the second section hereof, shall be liable to a penalty of one hundred dollars ($100.00) for each and every day of the continuance of such violation; and any corporation which shall willfully violate any of the provisions of any other section of this act, by which any person shall suffer or sustain loss or damage, shall forfeit its rights to do business, and the attorney general of this state shall take the necessary legal measures to wind up and discontinue its business. Any director, officer or employee of any corporation organized under this act who shall charge, take or collector