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License not assignable.
Additional bond may be
License may be suspended or revoked, when.
this act for a period which shall expire the thirtyfirst day of December next following the date of its issuance, except that any license issued in the month of December, 1923, shall expire the thirty-first day of December, 1924. Such license shall not be assignable.
Sec. 5. If in the opinion of the commissioner the required, when. bond shall at any time appear to be insecure, or
exhausted, or otherwise doubtful, an additional bond in the sum of not more than one thousand dollars satisfactory to the commissioner shall be filed within ten days after notice to the licensee and upon failure of the obligor to file such additional bond, the license shall be revoked by the commissioner.
SEC. 6. The commissioner may, upon notice to the licensee and reasonable opportunity to be heard, suspend or revoke such license if the licensee has violated any provision of this act; and in case the licensee shall be convicted by a court a second time of a violation of section 13 of this act the commissioner shall revoke such license: Provided, that the second offence shall have occurred after a prior con-. viction, in which case another license shall not be issued to such licensee, nor to the husband or wife of the licensee, nor to any co-partnership or corporation of which he is a member or officer. The suspension or revocation of a license under this section shall not impair the right of the licensee to collect and call in valid loans made prior to such suspension or
revocation. Any licensee aggrieved by the action of Hupreme court, the commissioner in suspending or revoking his
license shall have the right to appeal to the supreme court upon the same grounds and in the same manner provided in section 12 of chapter 273 of the general laws, and the procedure in case of such appeals shall be the same as that provided in said section 12; pro
vided, however, that such appeals shall have precedence over other civil cases in the supreme court, except appeals from orders of the public utilities commission or the board of purification of waters or from orders of the bank commissioner under said chapter 273.
SEC. 7. The license shall be kept conspicuously License to be posted in the place of business of the licensee.
SEC. 8. No person, co-partnership, or corporation Operation so licensed shall make any loan provided for by this act, under any other name, or at any other place of business, than that named in the license. Not more than one place of business shall be maintained under the same license, but the commissioner shall issue more than one license to the same licensee upon the payment of an additional license fee and the filing of an additional bond for each license.
SEC. 9. Whenever the licensee shall change his Licensee to place of business, he shall at once give written notice change of thereof to the commissioner who shall attach to the ness. license his approval in writing of the change.
SEC. 10. The commissioner for the purpose of Banekomerno discovering violations of this act, may either per- loans and sonally, or by any person designated by him, at any time and as often as he may desire, investigate the loans and business of every licensee and of every person, co-partnership, and corporation by whom, or which any such loan shall be made, whether such person, co-partnership, or corporation shall act, or claim to act as principal, agent, or broker, or under, or without the authority of this act; and for that purpose he shall have free access to the office or place of business, books, papers, records, safes and vaults of all such persons, co-partnerships and corporations; he shall also have authority to examine, under oath, all persons whomsoever, whose testi
give notice of
place ofpbusiInformation obtained by commissioner not to be made public.
Penalty for imparting of information obtained.
Licensee to keep books and records.
mony he may require, relative to such loans, or business. Any information or records obtained by the commissioner, or any person designated by him, under the provisions of this section shall be open only to the inspection of the commissioner, his deputies and assistants, and such other officers of the state as may have occasion and authority to inspect them in the performance of their duties. The imparting of such information by the commissioner, other than according to the provisions of this section or in court proceedings shall be sufficient cause for his removal, and any such deputy, assistant or officer who, except as aforesaid or in the discharge of his official duty, shall impart any such information shall be liable to a fine of not exceeding one thousand dollars, and any such deputy or assistant shall also be removed from his said office or employment by said commissioner.
Sec. 11. The licensee shall keep such books and records in his place of business as in the opinion of the commissioner will enable the commissioner to determine whether the provisions of this act are being observed. Every such licensee shall preserve the records of final entry used in such business, including cards used in the card system, if any, for a period of at least two years after the making of any loan recorded therein.
SEC. 12. No licensee, or other person, co-partnerful information. ship or corporation, shall print, publish, or distribute,
or cause to be printed, published, or distributed in any manner whatsoever, any written, or printed statement with regard to the rates, terms or conditions for the lending of money, credit, goods, or things in action, in amounts of three hundred dollars or less, which is false, or calculated to deceive.
SEC. 13. Every person, co-partnership and corat the rate of poration licensed hereunder may loan any sum of halt percentum money not exceeding in amount the sum of three
Licensee not to circulate
Licensee may loan not exceeding $300
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 com- Internal fees. pounded and shall be computed on unpaid balances. In addition to the interest herein provided for, no further or other charge, or amount whatsoever for any examination, service, brokerage, commission, or other thing, or otherwise, shall be directly or 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 instrument securing the loan, which fees may be collected when the loan is made, or at any time thereafter.
If interest or charges in excess of those permitted Loan to be by this act shall be charged, contracted for, or received, the contract of loan shall be void and the licensee shall have no right to collect, or receive any principal, interest or charges whatsoever.
No person shall owe any licensee, as such, at any Loans. time more than three hundred dollars for principal; provided, however, that nothing contained in this act shall apply to or affect any loan, or any two or more loans made at the same time, by any licensee to any person, co-partnership or corporation, or to any two or more persons jointly, for the principal amount or amounts exceeding three hundred dollars, or any loan or loans that may be made by any licensee to any person, co-partnership or corporation, or to any two or more persons jointly, already owing such licensee three hundred dollars or more for principal.
SEC. 14. Every licensee shall:
(a) Deliver to the borrower, at the time a loan is to deliver made, a statement in the English language showing ment of loan. in clear and distinct terms the amount and date of
Duties of licensee.
the loan and of its maturity, the nature of the security, if any, for the loan, the name and address of the borrower and of the licensee and the rate of interest charged. Upon such statement there shall be printed in English a copy of section 13 of this act;
(b) Give to the borrower a plain and complete receipt for all payments made on account of any such loan at the time such payments are made;
(c) Upon repayment of the loan in full, mark indelibly every paper signed by the borrower with the word "paid” or cancelled,” and release any mortgage, restore any pledge, cancel and return any note and cancel and return any assignment given by the borrower as security.
SEC. 15. No licensee shall take any confession of judgment, or any power of attorney, except a power of attorney authorizing such licensee to sell collateral in case of default in payment of interest or principal. Nor shall he take any note, promise to pay, or security that does not state the actual amount of the loan, the time for which it is made and the rate of interest charged, nor any instrument in which blanks are left to be filled after execution.
Sec. 16. No assignment of or order for the payment of any salary, wages, commissions or other compensation for services, earned or to be earned, given to secure any such loan shall be valid unless such loan is contracted simultaneously with its execution; nor shall any such assignment, or order, or any chattel mortgage or other lien on household furniture than in the possession and use of the borrower be valid unless in writing signed in person by the borrower; nor, if the borrower is married, unless signed in person by both husband and wife; provided, that written assent of a spouse shall not be required when husband and wife have been living separate and
Assignments, etc., of wages, etc., chattel mortgages, etc., when valid.