OCR Text |
Show "USURY BILL" UP FOR CONSIDERATION The Committee on Banks and Banking Bank-ing held a meeting Thursday morning to consider Joseph's "usury bill." The bill has been up for consideration before and much time consumed in the examination exami-nation of witnesses. The general opinion opin-ion Thursday morning seemed to be that the bill is a good one, and it is probable that a favorable report will be presented. The bill fixes the legal rate of interest at 8 per cent, in the absence of any agreement, but a rate not to exceed 12 per cent may be made. Any rate over 12 per cent is usury and if a higher rate Is charged the borrower may repudiate all Interest and the lender be forced to accept merely the principal. |