Small Loan Legislation Progress And Improvement

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Small Loan Legislation Progress And Improvement
Arthur Harold Ham
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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.


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