Rensselaer Semi-Weekly Republican, Volume 41, Number 42, Rensselaer, Jasper County, 5 February 1909 — Senator Halleck’s New Bill. [ARTICLE]

Senator Halleck’s New Bill.

Senator Halleck will, on the next roll call, Introduce a measure which is aimed at “loan sharks." Like the McCullough bill, which has been favorably reported in the Senate, the Halleck bill will embrace the feature of the Massachusettfl_ law, but will also embrace a provision that the maximum interest on a salary loan shall be 2 per cent each month. The bill will provide, also, that there shall be no charge for renewing such a loan, and that the charge for the original loan, other than interest, shall not be more than 25 cents for $25 or less, and shall not, in any case, exceed |2 above the interest charge. The loan at a greater rate of interest, or with a larger original charge, would be void. \ The provision of the Massachusetts law/ which will be embraced in this biy are that the employer and wife of the applicant for a loan must consent to the loan, and that a record of the loan shall be field with the clerk of the city or town where it is made.