Investigation of Usury Charges Against Banks

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U.S. Government Printing Office, 1916 - 46 halaman
Considers (64) H. Res. 64.
 

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Halaman 14 - The taking, receiving, reserving, or charging a rate of interest greater than is allowed by the preceding section, when knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon.
Halaman 14 - And the purchase, discount, or sale of a bona fide bill of exchange, payable at another place than the place of such purchase, discount, or sale, at not more than the current rate of exchange for sight drafts, in addition to the interest, shall not be considered as taking or receiving a greater rate of interest.
Halaman 14 - That every association may take, receive, reserve, and charge on any loan or discount made, or upon any note, bill of exchange, or other evidences of debt, interest at the rate allowed by the laws of the State or territory where the bank is located...
Halaman 14 - ... at the rate allowed by the laws of the State, Territory or District where the bank is located, and no more except that where by the laws of any State a different rate is limited for banks of issue organized under State laws, the rate so limited shall be allowed for associations organized or existing in any such State under this title.
Halaman 14 - ... a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon. In case the greater rate of interest has been paid, the person by whom it has been paid, or his legal representatives, may recover back, in an action in the nature of an action of debt, twice the amount of the interest thus paid from the association taking or receiving the same ; provided such action is commenced within two years from the time the usurious...
Halaman 14 - ... located, and no more, except that where by the laws of any state, a different rate is limited for banks of issue organized under state laws, the rate so limited shall be allowed for associations organized or existing in any such state under this Title. When no rate is fixed by the laws of the state, or territory, or district, the bank may take, receive, reserve, or charge a rate not exceeding seven per centum...
Halaman 21 - ... or who shall, with intent to evade any of the provisions of this act, pledge the time certificate or other obligation of such bank as security for the personal obligation of himself or any other person...
Halaman 21 - ... shall be subject to a fine of not less than $500 nor more than $1,000...
Halaman 14 - That suits, actions, and proceedings against any association under this title may be had in any circuit, district, or territorial court of the United States, held within the district in which such association may be established, or in any state, county, or municipal court in the county or city in which said association is located, having jurisdiction in similar cases.
Halaman 21 - That any existing contract for higher rates of interest entered into before the taking effect of this section may be carried out unimpaired, and such existing contract shall not subject banks to the provisions herein provided. Any managing officer of any bank guaranteed under this act or any person acting in its behalf or for its benefits who shall hereafter pay or promise to pay to any depositor, either directly or indirectly, any rate of interest...

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