Chap. 152.—An ACT to amend and re-enact subsection 14 of chapter 300 of
the acts of the general assembly of Virginia, approved March 20, 1922,
relating to the business of making small loans. [S B 100]

Approved March 10, 1928

1. Be it enacted by the general assembly of Virginia, That sub-
section fourteen of chapter three hundred, of the acts of the general
assembly of Virginia, approved March twentieth, nineteen hundred
and twenty-two, be amended and re-enacted so as to read as fol-
lows:

Subsection 14. Every person, copartnership or corporation li-
censed hereunder may lend any sum of money not exceeding in
amount the sum of three hundred dollars and may charge, contract
for, and receive thereon interest at a rate not to exceed three and
one-half per centum per month. Interest shall not be payable in
advance or compounded, and shall be computed on unpaid daily
balances. In addition to the interest herein provided for, no further
or other charge or amount whatsoever for any examination service,
brokerage, commission, fine, notarial fee or other things or other-
wise shall be directly, indirectly, charged, contracted for, or re-
ceived, except the lawful fees, if any, actually and necessarily paid
out by the licensee to any public officer for filing or recording in
any public office any instrument securing the loan, which fees may
be collected when the loan is made or at any time hereafter, pro-
vided, however, that all notarial fees, including those for acknowl-
edgments to deeds and other papers for recordation shall be at the
expense of the lender, and under no circumstances shall the bor-
rower be required to pay any notarial fee whatsoever.

The payment of three hundred dollars or less, in money, credit,
goods or choses in action as the consideration for any sale, assign-
ment, transfer or order for the payment of any wages, salary, com-
mission or other compensation whatever for services, whether
earned or to be earned, shall be deemed a loan within the provisions
of this act, secured by such assignment, and the amount by which
such assigned compensation exceeds such payment shall be deemed
interest upon such loan from the date of such payment to the date
such compensation is payable, which amount shall not, in any case,
be more than may be sufficient to yield to the person making such
loan, interest on his investment at the rate of ten per centum per
annum. Such loan and such assignment shall, in all other respects,
be governed by and subject to the provisions of this act.

If judgment be obtained on any loan made under any of the
provisions of this act, such judgment shall carry interest at the rate
of six per centum per annum and no more.

The violation of any provision of this act shall be a misde--
meanor, punishment for which shall be as prescribed in section
eighteen of chapter three hundred of the acts of assembly of nine-
teen hundred and twenty-two.

All acts or parts of acts inconsistent with this act are hereby
repealed.