HomeMy WebLinkAboutOrdinances Book 6, Page 249, No Ordinance Numberi
\ /' Ali ORDINANCE REGULAT20Vt} THF CONDUCT O]' THE BUISNESS OF LOANING MOM v III Mp O�UI'ITS
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LESS TIIA14 �'%PJRMRI T CHATTFLI' SECURITY IS REQUIRED ; PRESCRIBING THE I•lAr1INFR OF
DOLPdG SUCH BUTS IfiSS, AND FIXING TI'E LICRI}SF TAX TO BE, CHARGED THEREFOR :AND TMP, PEidAi;T=
'IFS TIiERi:UD}DF•',R; o '
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VgfLhre�'s, the buisness of 10aning money in smrsll amounts on chattel security and �y
charging; excessive rates of interest thereon has proved to be a menace to the best
interest e.nca well being of tl;e citir.enship of Paducah, Yentucky; j
}1GVd, therefore, in order to regulate and control the conduct of such buisness in
;tile City of Paducah, "
Be it ordained by the General_ Council of the City of PE-Aucah, Kentucky,
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(Sec. 1. That ally person, firm or corporation desiring; to engage in the _loan of money ae
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in amounts less thah h100.00, for which chattel securety either by mortg,et3e, contract 19,
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or other wisp is required, shall first obtain a license so to do from the City Clerk 'aI
of the City of Paducah, and pay therefor a license fee,iafter provided.
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Sec.2.Befol•e any such license shall be issued by said Clerk the applic,,nt shell file ;ec
vrit.11 said clerk a statement, under 0a .h, sho-ring the name and address
of each person
or corporation interested in or proposing to carr;, on such buisness, and the office
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nita lace where same will be conducted, and the pf the proprietor br agent vrho vrill re
have. charge of such buisness.
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Sec.3. And before any such license shall be grantes as afore said, the applicr.nt
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shall execute rincl deliver to the City of Paducah, his bond in the sura of;�11000.00
1 rr;ith securety satisfactory to and. approved by the Mayor of Paducah, conditioned upon !
the proper conduct of such buisness, and conditioned fl,rther upon the faithful com-
plicance by sr,i_?'a133-Plicant With all the lati^rs of the Commonwealth of Yentucky and I
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said City of Paducah concerning the conduct of said btisness.
Se"c.4. Any person, firm or corporation OArr'y2iifr�bn: oil ¢ondiittSn 'h'"b%ishess rrhorein r•
Money in amounts less than one hundred Dollars7if100.00 is loaned and chattel security
taken therefor, shall pair t'.ze license tax thPrfor to the city of Paducah in the sum
of-1S.00.00 per annum, payable as follo�rrs,
to-wit.0"250.00 January lst 191j, ancl2Pi0.
l= at the experatiOn of six morithsq, - ig at the regular license periods.
Sec.5.Any person, firm or corporation licensed hereunder shall file in the office
j t7;,ethe City Clerk of said city nonthly reports sho�;ring the amounts of all loans
made, and to whom made and the intrest cherCed thereon. Said reports shall be sub-
scriebed and s.,rrorn to by the officer in chr-,rge ,of said buisness, and the failura on
f the pr;rt of such licensee1?.able on bond Ce&foresairl to the city of Paducah, and
said City shell have the right to enforce such liability by suit, in the 'McCracken
Circuit Court on • scid bond.
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°ec. 6 fny person, firm or COrt1OrE1,tiOh that shall violate any of the provisions of
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r sub.)e t to a fine
this ordinance, shall be deemed miilty of a misdamarnor an.i
Pt�r nollc,rs.for each o+fanse.
not less than Tan j)ollars nor more than Pi.
cec ?. All ordinances and parts of ordinances,
in so far as they conflic+. _
l take affect and be infor_
lvprawi t,h Lire hereby repealed..And this ordinance shal
al incl Publication.
ce from and after its pessage and F,PProv