H.S. Congress. House. COMMITTEE ON

THE DISTRICT OF COLUMBIA.
HOUSE OF REPRESENTATIVES

NINETIETH CONGRESS

SECOND SESSION

ON

H.R. 19740

TO AUTHORIZE BANKS, SAVINGS AND LOAN ASSOCIATIONS,
AND OTHER REGULATED LENDERS IN THE DISTRICT OF
COLUMBIA TO CHARGE OR DEDUCT INTEREST IN ADVANCE
ON LOANS TO BE REPAID IN INSTALLMENTS

SEPTEMBER 17, 1968

Printed for the use of the

Committee on the District of Columbia

x-67163

U.S. GOVERNMENT PRINTING OFFICE

21-111 O

WASHINGTON: 1968

KF 27
D555
1968c

CONTENTS

Page

1

H.R. 19740 (McMillan), to authorize banks, savings and loan associa-

tions, and other regulated lenders in the District of Columbia to charge

or deduct interest in advance on loans to be repaid in installments____

D.C. Code, pertinent sections:

Title 26, ch. 6, Money Lenders Licenses_

Title 28, ch. 33, Interest and Usury----

STATEMENTS

Comptroller of the Currency, Robert Bloom, Chief Counsel for____

D.C. Bankers Association:

Gunther, Frank A., Chairman, Law and Legislative Committee, and

President, Security Bank-

Jennings, Lewellyn A., Vice Chairman, Law and Legislative Commit-
tee, and Chairman, Riggs National Bank..

D.C. Government, Thomas F. Moyer, Assistant Corporation Counsel. -

MATERIAL SUBMITTED FOR THE RECORD

Comptroller of the Currency, Hon. William B. Camp, letter to Frank A.
Gunther, dated Aug. 8, 1968, on the proposed legislation__
D.C. Bankers Association, James Rogers, General Counsel, Opinion as to
legality of deducting interest in advance on installment loans...

D.C. Government, Thomas W. Fletcher, Assistant to the Commissioner,

letter to Chairman McMillan, dated Oct. 4, 1968, reporting favorably

on H.R. 19740_

APPENDIX

Interest and Usury Statutes in the various States..

Installment Loan Laws in the various States...

27-32

33-57

Truth in Lending Act:

Conference report on S. 5, May 20, 1968, H. Rept. 1397, reprint of

Statement of Managers thereof..

80-88

Reprint of Public Law 90-321, being S. 5, approved May 29, 1968.

58-79

(III)