Interest; rates and charges
Sec. 3. No wage broker shall ask, demand or receive, either as
compensation or interest, or in any other manner, directly or
indirectly, any compensation or interest for the use of money
advanced or loaned by him to any employee or wage earner in excess
of the rate of eight per cent (8%) per year, and said compensation or
rate of interest shall be computed upon the amount actually advanced
to and received by the borrower, and no commission, compensation
or charges in addition to the interest above named shall be asked,
demanded or received by said wage broker or any other person for
making or securing said advancement or loan.
(Formerly: Acts 1909, c.34, s.3.)
Last modified: May 27, 2006