Evening Republican, Volume 17, Number 64, Rensselaer, Jasper County, 15 March 1913 — McCormick Author of One of Most Important Laws. [ARTICLE]

McCormick Author of One of Most Important Laws.

Chester A. McCormick, of North Judson, the youngest member of the senate, and the only democrat that has ever represented Jasper, Newton, Starke and White counties in that body, is author of one of the most important laws enacted at this session. It ft known as the McCormick “loan shark” bill. By the provisions of this measure the standing of the petty money lender is clearly defined, and the individual or company engaged in this business is prohibited from eharg ing more than 2 per cent a month interest, with the minimum fee of $3 for making a loan. This fee to include all costs of the loan papers. Every petty moriey lender must pay In to the office of the county clerk licerfte fee’ of SSO and furnish a $2,000 bond guaranteeing to observe all Sections of the new law which applies to all loans up to $250. Heretofore the poorer and ignorant class of Indiana after once they have fallen into the clutches of the loan sharks have found themselves at the mercy of a class of human leaches that haveknown no conscience in robbing their victims. These loan sharks have been known to get as nyich as 400 per cent interest. If they had fought the money lender this could have been prevented, but the class of people that have been the vfttims have not known their rights, but have been without funds to employ attorneys to fight the loan sharks. The McCormick bill recognizes the risk a petty money lender takes in loaning amounts of $250 or less, and establishes a legal rate of interest of 2 per cent a month. This law is fair to both lender and borrower, and is a great credit to its author, Senator McCormick, who got it through the senate with only two votes against it.