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HomeMy WebLinkAbout5353s. . A "! OADI7, A.'CE TO AiM ?D OAOIF'ANCE NO. 3485, E:,'TI TLED: "AN OnIrANCE " 'tEGULATI ITG IFO ,rEY 7A : "GEMS, MONEY LE°?DERS A :D MOB EY E.ROKER3, AND FOR OT E:! PURPOSES," passed April 28, 1924, AND FOR OTHER Dt?.'.P05ES. oRDINIIICL. No. 5353- ORDAINED BE IT IZXCT'XYi BY TNL` CITY COUNCIL OF' TIC. CITY OF LITTLE, ROCK, ARKANSAS: SECTION 1. Ordinance No. 3485, approved April 28, 1924, is hereby amended to read as follows: It shall be unla•.F,ful for any person, firm or corporation to engage in or maintain an office or place of business in the City of Little Rock in which there is conducted a money changing, money loaning or money brokerage business where loans are made to individuals in small amounts, either conditiont-.11y or unconditionally, so as to charge or receive from the borrowers a greater amount per annum than ten per cent. (10°x) of the principal, whether called interest, usury, brokerage, premium, or other names as a cloak for usury. SECTION 2. It shall be unlawful for any person, firm, or corporation to eng,,..ge in or maintain an office or place of business in the City of Little Rock in wrhich there is conducted a money changing, money loaning or money brokerage business without first having procured a license from the City Collector for the conduct and operation of such business upon sworn appli- cation properly made, giving the names and addresses o the person, firm or corporation engaging in such business, whether a resident of this State or out of this State, faith the names and addresses of the agents in charge of said mone changing, money loaning or _money brokerage business, together with the trade name used in the conduct of such business; provided further, that no license shall be issued to any - aerson, firm or corporation to conduct a money changing, money loaning or money brokerage business, whether s cured or unsecured, until there has been submitted and filed with the City Collector a permit properly issued and authenticated from the State Banking Department that said money changing, money loaning or money brokerage business has complied with all of the rules and regulations of the State Bankin;; Department; provided, further, that this ordinance does not apply to State or National Banks, industrial banks or loan companies, ope- rating under the Morris Plan or similar plans, building and loan associations, firms making loans secured by .real estate mortgates, pawn brokers and credit unions now operating under the supervision of the State Banking Department. t a � -2- SECTION 3. The license fee charged all persons, firms or corporations coming under, the classification set forth in Section 2 of this Ordinance shall be in the sum of Fifty Dollars 050.00) per annum. SECTION 4. any person, firm or corporation violating the provisions of this Ordinance shall be guilty of a misdemeanor and shall be fined for the first offense in.any sum not exceeding One hundred Dollars (:100.00) and for each subsequent offense shall be fined double the maximum fine for the first offense and any business conducted without compliance with this ordinance is hereby declared to be a nuisance and shall be abated as such by proper proceedings. SECTION 5. All persons, firms or corporations nov, licensed to operate a money changing, money loaning or money brokerage business within the City of Little Rock shall, within ti.Tenty (20) days after the passage and approval of this Ordinance, submit to the City Collector a permit properly issued and authenticated from the State Banking Department that said money changing, money loaning or money brokerage business has complied with all of the rules and regulations of the State Banking Department, and if any t ?erson, firm, or corporation fails to present such certificate such failure shall constitute a violation of this ordinance, the license of said person, firm or corpo- ration shall be revoked and said business shall be declared a nuisance and abated as such by proper proceedings. SECTION 6. All ordinances and parts of ordinances in conflict herewith are hereby repealed. SECTION 7. WHEREAS, It has been discovered that many persons are now engagedin the operation of loans businesses which are a deteriment to the public welfare an emergency is hereby declared to exist and this ordinances is found to be necessary for the immediate preservation of the public peace, health and safety and the same shall therefore be in full force and effect frora and after 3M passage and apr)roval. Passed: July 17th, 1976- ATTE "i• C.ty .b . w 2Y or.