Jasper County Democrat, Volume 17, Number 82, Rensselaer, Jasper County, 20 January 1915 — WAN SHARK LAW CHANGE. [ARTICLE]

WAN SHARK LAW CHANGE.

Senator McCormick Says He Wishes to Strengthen the Law. According to Senator McCormick, the loan shark law, passed by the last legislature, would be made more stringent by a bill introduced by him, amending the 1913 law. The law, he says, left open a loophole by which the loan sharks, by constantly renewing small loans, could exact exorbitant fees from the borrowers.

The amendment permits the money lenders to charge only one-half of 1 per cent on the amount renewed for making such a renewal. The bill would reduce the Tee which the money may legally charge at the iflme of making a loan, from $3 to sl. ' The bill would also reduce the legal rate of interest which the money lender may charge on small loans, from 2 per cent, as in the present law', to 1 3-4 per cent a month.