HomeMy WebLinkAboutOrdinances Book 6, Page 326, No Ordinance Number326
`f LOAIITNG MONEY I11 TTIF CITY OF per_
)'"Z1)INANCE R1:GULATING THE }3UISNT;SS Or, 00 AT A �, OF INTEREST IN FXCF_9
UCAH, KF14TUOKY I11 AMOUNTS LESS TITAN ,,100.
OF 121j, PER ANNU1.4: PRI,°CRII�Ii1r, THE }IdP1FR
OF DOING SUC1I BUISNF�S: AND FIXIidG
'THF LICI:IdSE TAX TO HF CHARGED T1iFRF%FORS AND VE PF�1dAI,TY FOR ANY VCOI.QTIpPI
IF:RFO F.
�aoney in s7sa11 amounts at an emceas-
Whereas, the buisness of loaning .
ive rate of interest has provei7to be a menace:to the best interest ancivrell
being of the citizenship -Of the City of Paducah.
Novi, Therefore, in order to regulate. and to controle t1v conduct of
said buisness in se.id Cite of Paducah.
Be it orclainocl by the General Council of the City of Paducr.h, Kentucky.
Sec. 1. That any person, firm or corporation desirinS7 to engi;�e in the,loan
of money in amounts of less than X100.00 in the Cites' o"f Paducah, Kentucky,
at the rate of interest in excess of 121�,9 per annum shr,11 First obtain a
Baa license so to do Prom said City which shall be issued. by the Clerk o5' said
11P4n the vomplience _ by the applicant.rith the provisions
it
Of this ordinance.
Sec. 2. Before argr such license shell be issued by said clerk, the applicat,'t
shall file in the office of said city clerk a statement under oath, showing
the name end address of such person or corporation interested in of purport-
ing to carry on such biltAn93s, and the orf ice or place where s+v::e vrill be
conducted, andthe name of the propritor or went Imho vrill have charge of
such buisness.
Sec. 3. Any person, firm or corporation that 801111 Barry on or conduct anq
buisness in the Oity of Paducah wherein money is loanod in amounts less than
;100.00 at the rate of interest in excess of 12 Per annum, or 1t per month
shall pay a license tax therefor to the Cit;. of Pl.ducah in the sure of ; 00.00
per annun payable as f0llOWSg to -«,it X50.00 c7F.nttar�� lst, and :250.00 rt
the expiration of six months thereafter, being due and pe,yrVble at the
regular license period.
Sec. 4. The loans herein referred to shall
embrace and Comprise every charac
for of loan of money whether securedor
unsecurecl. No note or other writing
shall be accepted or required by a1"
� such person
does not show on its face t ' firm or corporation which
charged thereon. he exact amount of r1o.ney loe,ne(l and the interest
Sec. 5. Any, person, firm or cor
poration that
visions of this Ordi'lance shhll be shhll violate am of the pro-
deeme
ject to a fineriot less thFLn , d silty of a misdeameenor and sub
-
I'
nor More than X0.00 fbr each P
ch off .nee.
Sec 6. An ordinance
antitlec , " An Ordinance re[Aplating, the conduct of the btais—
ness of loi.ninP money in a��onnts less than ;100,00 wherein chattel securetIr is reOt
i
irecl; prescribing the ma
nner o doing such buisness, and cixing the license tax to b
be charged therefor arylthe pone,l+.ies thereunder," adopted by the Genrerel Council
of the City of Peducc,.h in December 1912 is hereby specifically repealed, aryl all
other ordinances and partsof oi.,dine,nees in so far as they conflict herewith, are tF :
hereby repealed, az" this ordihance shr.11 take er'fetc ani be. in force from and after
its passage, approve,l enol publication.
Given first cvncl second passc;ge, by the Councilneri Dec 31st 1913.
Given Fsrst enyl second pr.ssa_e by the Alder?len Dec 31st 1913.