HomeMy WebLinkAboutOrdinances Book 9, Page 255, No Ordinance NumberAN ORDINANCE FURTIER REGULATING TIT, BUSINESS OF IflONEY
LENDERS AND PRESCRIBING PENALTIES FOR VIOLATION THE'FOF, AND
PROVIDING FOR REVOKIFIG TITiIR LICFNSES BY THE CITY OF PADUCAH,
KETTUCKY.
BE IT ORDAINED BY THE BOARD OF' COL'11ISSIONFRS OF THE
CITY OF PADUCAH, KENTUCKY!
SECTION 1.
Page 255
No person, firm, association or corporation engaged in
the business of lending or advancing moneys within the City of
Paducah shall be normitted to charge, collect or receive any rate
or amount of discount, interest or other charge for or in
connection vith said loan greater than six (6c/:) per cent per annum
on the amount of said loan or advancement, and any person, firm,
association or corporation charging, collecting or receiving any
interest, discount, fee or compensation for and on account of any
such loan or advancement in excess of the rate of six (6/a) per
cent per annum on the amount of money so actually advanced or
loaned, shall be deprived of the license to engage in such business
of lending or advancing money within said city, and upon proof to
the satisfaction of the Board of Commissioners that any such person,
firm, association or corporation engaged in said business of lending
or advancing money has charged, collected or received as compen-
sation for making any such loan or =dvancement in amount or rate in
excess of six (6%) per• cent per annum on the amount of such loan
or advancement, said Board of Commissioners sball revoke and cancel
the 11cense to so engage in s^id business of saia person, firm,
association or corporation, and said license shall not thereafter
be reinstated, except upon the affirmative vote of a majority of the
members of the Board of Commissioners; nor shall any license there-
after be issued to any such person, firm, association or corporation
whose license has been so revoked, except upon application to the
Board of Commissioners and upon the affirmative vote of a majority
of the members of the Board of Commissioners.
SECTION 2.
Any person, firm, association or corporation who shall
continue in business, or engage in business of lending or
advancing money for compensa+ion, discount, interest, fee or other
charge —itbin the City of Paducah, after the revocation of the
license therefor has been ordered by the 1=ogrd of Commissioners as
provided in the first section hereof, shall be fined not less than
Twenty-five ($p25.00) Dollars nor more than One Hundred (i=,100.00)
Dollars for each and every day he, they or it shall so continue
or engage in such business. ,
ff .
page 256
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SECTION 3,
Hearing for the revocation of a license as herein provided,
shall be upon notice given by the Mayor; which notice shall specify the
time and place for said hearing, which shnll be not less than three
days after the date of giving said notice. Said notice shall be served
by causing a copy of same to be delivered to said person, or any member
of the firm or association, or to the person or officer in charge of the
business of any corporation, or by leaving a copy of s -id notice with the
person in charge of the Wsi.ness at the place of business. Said notice
may be served by the Chief of Police or by any patrolman of the City of
Paducah. An attested copy of a judgment of any court within the City
of Paducah or McCracken County, t:rhich finds that any person, firm,
association oil corporation so engaged in the business of lending or
advancing money has charged, collected or received interest, discount,
fee or comnensation for the making of such loan or advancement at a rate
greater than six (6%) per cent per annum, shall be received as evidence
of said fact by the ?oard of Commissioners.
SECTION 4.
The provisions of this ordinance shall not affect or
relate to incorporated banks and trust companies operating under the
banking laws of the United States or the Sta.te of Kentucky, nor to
insurance companies or building and loan companies operating under the
laers of the State of Kentucky.
SECTION 5.
This ordinance shall be in force and effect from and
after its adoption and publ'-cation, — ��
Signed , _,��� e ,, Mayor
Passed by the Board of Commissioners February 18, 1929
Recorded by Hunt Crossland, Clerk, February 19, 1929 �I
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