Show Leeches in Human Form May lay Be Reached by Law Editor of The Telegram We have read with a great deal o of interest the editorial In the November 24 Issue of your paper entitled Leeches In Human Form In which you chronicle the case of a borrower who was required to pay a lender 2320 for interest and other charges on a principal of 50 The statement is ls made that apparently Uy all this comes within the law I question whether there is any law lawon lawon lawon on the statute books of the state of ol Utah which would legalize such a transaction It would seem to me that the lender in question was operating in violation of ol the Uniform Small Loan law which has been enacted in your state for lor the purpose of ot placing the business of making small loans under the supervision of your state banking department to stamp out this type of shark loan operations The lender who exacted the exorbitant charges mentioned In your editorial apparently is 3 not licensed to do business business business busi busi- ness under the Utah small loan law If U this is true I would venture the opinion that the transaction you described described described de de- de- de scribed does not come within any any law on your statute books If the 10 loan had lad been made under the small loan law for the same amount for or the S nl i period of time the total charges paid by the borrower would have been a ap proximately Instead of ot the 2320 exacted by tho the lender of whom you youl complain This letter is 15 not written in criticism of at any of ot the facts contained in yoi your editorial but because we are In complete complete com corn n agreement with the stand you have taken against such outrageous practices and to point out the fact that there is a law on the Utah statute books by which they can be co con con- trolled LAWRENCE KELDER Secretary Director Le Legal al Reform Bureau New York |