Salt Lake Telegram | 1914-02-20 | Page 1 | Law Plainly Says Loan Sharks May be Jailed for Charging Usurious Interest

lAW kv PlAINlY WAN LOIN SHARKS MAY BE JAILED FOR C USURIOUS INTEREST Section 1241 Compiled laws of ot Utah reads as follows The Tho parties to any eo contract may agree in writing for t the tho o payment of ot interest for the loan Joan or forbEarance aranco of ot any money or things in action achon not Dot to exceed 12 2 per cent per per annum provided that on loans of mone money only to the amount of or loss Jess it may be a agreed M in writing to take or receive as interest on said loan oan not to exceed 1 81 for the first fint month of said loan but thereafter no greater eater shall interest bo be contracted for taken or received than is is allowed in this section proviso shall not be bo construed so eo as to allow or permit the splitting up of transactions for tho the loan of money into small amounts for or tho purpose of evading t o pr provisions of this title I Section as amended by the Session Laws of ot 1909 reads as aa follows No person association or corporation shall directly or Indirectly take or receive any money goods 0 or things in action or take in any other othe other way any greater sum cr ci greater Beater value for the loan Joan or forbearance of f any goods money or things in action lehon than is in section 1341 Ux prescribed Compiled Laws of Utah Uta 1907 An Any association or corporation their agents servants employees clerks s or attorneys at violating any of the provisions of this section is guilty ora of or ofa ol ola a Section roads reads as 8 follows Ever person who for any such euch sum BUm or forbe forbearance shall pay lay ay or deliver any sum OJ oi value than is above allowed to be received or tho the principal or any part of said usurious loan of forbearance and his bis personal represents tives in in an ai action against tho the person who who- shall shan have o taken or orre re- re and his personal persona representative the amount of m money ney so paid or value both as princIpal an ana i interest if s such h a action tion oe be brought oJO oio year after such payment delivery I It such action n is not jf I W tJ WV brought ISA within oo 00 year and prosecuted with diligence then the tho said laid sum may be sued med and e d with costs at any time tune within three years after the said ono one 3 year ear count county superintendent of of schools of the thel CJ county ty where such pay payment ent may hap haJJ been beon made for the bce a and benefit of ot the county school fund and when shall be forthwith With paid aid into said f fund nd