Chap. 107.—An ACT to amend and re-enact Section 14, as heretofore amended, o
Chapter 402, Acts of 1918, approved March 23, 1918, short title of which is the
“uniform small loan law,” relating to the business of making small loans

[H B 74)
Approved March 6, 1942

I. Be it enacted by the General Assembly of Virginia, That sectior
fourteen, as heretofore amended, of chapter four hundred and two, Acts
of nineteen hundred and eighteen, approved March twenty-third, nine-
teen hundred and eighteen, short title of which is the “uniform small loan
law,” be further amended and re-enacted so as to read as follows:

Section 14. Every person, copartnership or corporation licensed
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 two per centum per month. Interest shall
not be payable in advance or compounded, and shall be computed on un-
paid 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 otherwise
shall be directly, indirectly, charged, contracted for, or received, 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 instru-
ment securing the loan, which fees may be collected when the loan is
made or at any time hereafter, provided, however, that all notarial fees,
including those for acknowledgments to deeds and other papers for
recordation shall be at the expense of the lender, and under no circum-
stances shall the borrower 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, assignment,
transter or order for the payment of any wages, salary, commission 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 compensa-
tion 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 re-
spects, be governed by and subject to the provisions of this act. |

If judgment be obtained on any loan made under any of the pro-
visions 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 misdemeanor,
punishment for which shall be as prescribed in section eighteen of this act.
cu. 108] © ACTS OF ASSEMBLY 127