21-111 O

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

CONTENTS

Page

1

22

22

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__

6

4

21

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

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__

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__.

6

4

21

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