Small Loan Legislation Progress And Improvement
Small Loan Legislation Progress And Improvement
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In our eReader you can find the full English version of the book. Read Small Loan Legislation Progress And Improvement Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Small Loan Legislation Progress And Improvement
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This bill set up numerous safeguards for the protection of borrowers which experience had shown to be necessary, and provided adequate penalties for viola- tion, with power of enforcement in the hands of the supervisory authority. It authorized licensed lenders to charge on loans of 5 less than $300 an interest rate of 2 per cent monthly, to be com- puted on unpaid balances as instalment payments were made, with a small additional fee to cover the cost of drawing and record- ing necessary instr...uments. A brief experience with this law showed the difficulty of safeguarding the fee charge against un- due repetition and indicated that the interest rate allowed with- out a fee was insufficient to cover necessary costs and yield a reasonable profit. An alternative provision of a flat rate of 3 per cent per month without fees was substituted, and in spite of de- termined opposition several states were induced to enact the bill into law.
In the meantime the American Association of Small-Loan Brokers had been organized by some of the farsighted loan men.
What to read after Small Loan Legislation Progress And Improvement?
You can find similar books in the "Read Also" column, or choose other free books by Arthur Harold Ham to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
This bill set up numerous safeguards for the protection of borrowers which experience had shown to be necessary, and provided adequate penalties for viola- tion, with power of enforcement in the hands of the supervisory authority. It authorized licensed lenders to charge on loans of 5 less than $300 an interest rate of 2 per cent monthly, to be com- puted on unpaid balances as instalment payments were made, with a small additional fee to cover the cost of drawing and record- ing necessary instr...uments. A brief experience with this law showed the difficulty of safeguarding the fee charge against un- due repetition and indicated that the interest rate allowed with- out a fee was insufficient to cover necessary costs and yield a reasonable profit. An alternative provision of a flat rate of 3 per cent per month without fees was substituted, and in spite of de- termined opposition several states were induced to enact the bill into law.
In the meantime the American Association of Small-Loan Brokers had been organized by some of the farsighted loan men.
What to read after Small Loan Legislation Progress And Improvement?
You can find similar books in the "Read Also" column, or choose other free books by Arthur Harold Ham to read onlineMoreLess
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