Page CONTENTS 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... Comptroller of the Currency, Robert Bloom, Chief Counsel for.... Gunther, Frank A., Chairman, Law and Legislative Committee, and 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. D.C. Government, Thomas W. Fletcher, Assistant to the Commissioner, letter to Chairman McMillan, dated Oct. 4, 1968, reporting favorably 4 Reprint of Public Law 90-321, being S. 5, approved May 29, 1968. 58-79 INTEREST ON INSTALLMENT LOANS TUESDAY, SEPTEMBER 17, 1968 HOUSE OF REPRESENTATIVES, SPECIAL INVESTIGATING SUBCOMMITTEE OF THE Washington, D.C. The Special Investigating Subcommittee met, pursuant to notice, at 10:30 a.m., in room 1310, Longworth House Office Building, Honorable John Dowdy (Chairman) presiding. Present: Representatives McMillan (Chairman, Full Committee), Dowdy (presiding), Abernethy, Fuqua, Harsha, Zwach and Steiger. Also present: James T. Clark, Clerk; Hayden S. Garber, Counsel; Sara Watson, Assistant Counsel; Donald Tubridy, Minority Clerk; and Leanard D. Hilder, Investigator. Mr. DowDY (presiding). The Subcommittee will come to order. We have before us this morning 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. H.R. 19740 will be made a part of the record. (H.R. 19740 follows:) (H.R. 19740, 90th Cong., 2d sess., by Mr. McMillan, on Sept. 12, 1968) A BILL 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 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That chapter 33 of subtitle II, "Other Commercial Transactions", of title 28, "Commercial Instruments and Transactions", of the District of Columbia Code, is amended by adding the following section: "§ 28-3307. Charging or deduction of interest in advance "The charging or deduction of the legal rate of interest in advance, by a bank, savings and loan association, or other regulated lender, on loans (other than loans directly secured on real estate) to be repaid in installments, shall not be deemed to be in contravention of any of the provisions of this chapter. This section shall not affect the provisions of the 'Act to provide for the regulation of finance charges for retail installment sales of motor vehicles in the District of Columbia, approved April 22, 1960' (D.C. code, secs. 40-901 through 40-910), or of the 'Act to regulate the business of loaning money on security of any kind by persons, firms, and corporations other than national banks, licensed bankers, trust companies, savings banks, building and loan associations, and real estate brokers in the District of Columbia, approved February 4, 1913, as amended' (D.C. Code, secs. 26–601 through 26–611).” INTEREST ON INSTALLMENT LOANS TUESDAY, SEPTEMBER 17, 1968 HOUSE OF REPRESENTATIVES, SPECIAL INVESTIGATING SUBCOMMITTEE OF THE COMMITTEE ON THE DISTRICT OF COLUMBIA, Washington, D.C. The Special Investigating Subcommittee met, pursuant to notice, at 10:30 a.m., in room 1310, Longworth House Office Building, Honorable John Dowdy (Chairman) presiding. Present: Representatives McMillan (Chairman, Full Committee), Dowdy (presiding), Abernethy, Fuqua, Harsha, Zwach and Steiger. Also present: James T. Clark, Clerk; Hayden S. Garber, Counsel; Sara Watson, Assistant Counsel; Donald Tubridy, Minority Clerk; and Leanard D. Hilder, Investigator. Mr. DowDY (presiding). The Subcommittee will come to order. We have before us this morning 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. H.R. 19740 will be made a part of the record. (H.R. 19740 follows:) (H.R. 19740, 90th Cong., 2d sess., by Mr. McMillan, on Sept. 12, 1968) A BILL 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 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That chapter 33 of subtitle II, “Other Commercial Transactions", of title 28, "Commercial Instruments and Transactions", of the District of Columbia Code, is amended by adding the following section: "§ 28-3307. Charging or deduction of interest in advance "The charging or deduction of the legal rate of interest in advance, by a bank, savings and loan association, or other regulated lender, on loans (other than loans directly secured on real estate) to be repaid in installments, shall not be deemed to be in contravention of any of the provisions of this chapter. This section shall not affect the provisions of the 'Act to provide for the regulation of finance charges for retail installment sales of motor vehicles in the District of Columbia, approved April 22, 1960' (D.C. code, secs. 40-901 through 40–910), or of the 'Act to regulate the business of loaning money on security of any kind by persons, firms, and corporations other than national banks, licensed bankers, trust companies, savings banks, building and loan associations, and real estate brokers in the District of Columbia, approved February 4, 1913, as amended' (D.C. Code, secs. 26-601 through 26-611).” |