Surplus moneys,

Proviso, fines.

rines who served in the late civil war, their wives and mothers, and making an appropriation for the erection and maintenance thereof," approved June two, eighteen hundred ninety-three, being compiler's section two thousand seventy of the Compiled Laws of eighteen hundred ninety-seven, is hereby amended to read as follows:

SEC. 5. Any moneys which may be paid to the said board where placed. Of managers from subscriptions, donations, or any source whatever of like private beneficence, should there be a surplus at the annual meeting at the end of the year, shall be covered into the State treasury and placed to the credit of the general fund: Provided, however, That all moneys, property or effects belonging to the residents of said home, whether derived from a pension granted said resident by the government of the United States, or otherwise, shall only come into the possession and under the control of the said board of managers, or any officer or employe thereof, except fines imposed, for the purpose of discipline and not otherwise; and said board of control and any officer or employe of said home so receiving any property, money or effects of any resident thereof shall give proper receipt for same and hold the same in trust for said board of managers and the residents thereof for the specific purpose of paying or turning the same over to said resident at the time of his discharge from the Michigan Soldiers' Home and accounting for the same to the heirs or legal representatives of said residents after death. Approved April 19, 1911.

Property,

etc., when given to

residents of Home.

Section

amended.

[No. 103.]

AN ACT to amend section twenty-two of an act, entitled "An act to provide for the incorporation of mutual fire insurance companies, and defining their powers and duties; and to repeal chapter ninety-seven of the Compiled Laws of eighteen hundred seventy-one, and also act number ninetyfour of the session laws of eighteen hundred seventy-one, approved April twelfth, eighteen hundred seventy-one, as amended, the same being act number eighty-two of the session laws of eighteen hundred seventy-three, as amended," the same being act number one hundred eighty-eight of the public acts of nineteen hundred nine.

The People of the State of Michigan enact:

SECTION 1. Section twenty-two of act number eighty-two of the session laws of eighteen hundred seventy-three, as amended, entitled "An act to provide for the incorporation of mutual fire insurance companies, and defining their powers

and duties; and to repeal chapter ninety-seven of the Compiled Laws of eighteen hundred seventy-one, and also act number ninety-four of the session laws of eighteen hundred seventy-one, approved April twelfth, eighteen hundred seventy-one," as amended by act number one hundred eighty-eight of the public acts of nineteen hundred nine, is hereby amended to read as follows:

purpose of.

counties.

SEC. 22. No company shall hereafter be organized under Organization, the provisions of this act for the purpose of insuring property other than that mentioned in section one hereof; nor Risks. shall any company be organized hereafter under the provisions of this act with authority to take any risks or make any insurance in more than three counties of this State, which counties shall be contiguous, and shall be named and set forth in its charter: Provided, That nothing herein con- Proviso. tained shall affect in any manner corporations now organized and doing business under this act: Provided further, That Further any mutual fire insurance company now doing business under proviso. the provisions of this act or that may hereafter be organized under the provisions of this act may provide in its charter for insuring the personal and real property of members of the company who reside within the county or counties for which the company is organized to do business; said real or Property in personal property being situate outside said counties, if the adjoining same be on premises directly adjoining the real estate which is insured in the company; and for extending the insurance on personal property insured in the company, such as teams, harnesses, robes, blankets, vehicles, etc., when temporarily in a county adjoining a county or counties in which said. company is authorized to issue policies, for a period not exceeding thirty days of such temporary absence from the premises during which insurance on personal property shall be in force to be fixed in the company's charter in the provision providing for such insurance: Provided further, That upon Further the adoption of such resolution the same shall automatically proviso. extend to all existing policies as if the same were incorporated therein: Provided further, That when any mutual fire Further insurance company desires, to take advantage of the provi- notice to be sions of this act the board of directors of any such company published. shall direct and require the secretary thereof to publish a notice in a newspaper printed, published and circulated within the county or counties in which such fire insurance company is authorized to do business, at least three successive weeks prior to such annual meeting, together with a copy of said resolution, stating that said resolution will be voted upon at such annual meeting: Provided further, That after Further the adoption of said resolution the mutual fire insurance proviso. company so adopting said resolution shall be responsible for loss of any property herein before referred to and set forth: Provided further, That within thirty days after the adoption Further of the aforesaid resolution by any such mutual fire insurance proviso. company, the secretary of such company shall file a certified

proviso,

copy of such resolution with the Commissioner of Insurance. Approved April 19, 1911.

Custer memorial volume.

Funds.

[No. 104.]

AN ACT to provide for the publication of a memorial volume containing the history of the statue erected to Major General George A. Custer in the city of Monroe, and a record of the proceedings and speeches delivered at the unveiling of said statue, and to make provision to defray the expense thereof.

The People of the State of Michigan enact:

SECTION 1. All moneys appropriated by act number ninety-two of the public acts of nineteen hundred nine, entitled "An act in relation to the unveiling of the statue of General George A. Custer in the city of Monroe, and making an appropriation therefor," approved May eighteen, nineteen hundred nine, not expended and charged back to the credit of the general fund, are hereby made available and appropriated for the use of the commission appointed under said act to defray the expense of printing a suitable volume containing the history of the statue and a record of the proceedings and speeches delivered at the unveiling of said statue, which volume shall be similar to that heretofore issued by the State, entitled "Michigan at Gettysburg." Approved April 19, 1911.

Pawnbroking,

rate of interest

charged on.

[No. 105.]

AN ACT relative to the loaning of money and prescribing rates of interest, penalties and forfeitures for violations of the provisions of such act, and repealing acts numbers three hundred thirty-four and three hundred thirty-seven of the public acts of nineteen hundred seven.

The People of the State of Michigan enact:

SECTION 1. It shall be lawful, notwithstanding any other law to the contrary, upon complying with all the provisions of this act, for any person, partnership, association or corporation loaning money in any city in this State, in any case where he or she shall take as security for the repayment there

of a promissory note secured by an assignment, transfer or pledge of the whole or a part of any wages or salary, whether earned or to be earned, a transaction commonly known as a salary loan, or in any case where he or it shall loan money upon a promissory note secured by a mortgage or other lien upon any goods, wares, jewelry, personal property or chattels, a transaction commonly known as a chattel mortgage, or in any case where he or it shall loan money upon any deposit or pledge of any goods, wares, jewelry, personal property or chattels, whether a mortgage is taken thereon or not, a transaction commonly known as pawnbroking, to charge and collect in either of such cases for the use of such money any rate of interest not exceeding the rate of two per cent interest per month thereon on all loans where the amount loaned does not exceed one hundred dollars, and to charge and collect on all loans when the amount loaned exceeds one hundred dollars, any rate of interest not exceeding the rate of one and one-half per cent interest per month thereon, no additional sum in the way of a bonus, attorney fee, or as a charge for examining or valuing the property offered as security or otherwise, shall be directly or indirectly charged or received from the borrower: Provided, That in cases where a chattel mort- Proviso, gage is taken and possession of or control over the possession tional fee of the property mortgaged is not taken by the mortgagee at allowed. the time of making the loan, a fee in addition to the interest allowed by this act may be charged as follows: For sums not exceeding fifty dollars, not to exceed one dollar; for sums exceeding fifty dollars, not to exceed two dollars; but Loans, unit shall not be lawful to divide or split up loans under any divide. pretext whatsoever for the purpose of requiring or exacting any other or greater charges than prescribed herein, nor to make any such charge for renewals or extensions or for any transfers or changes of the loan within one year of the date of the original loan, or oftener than once in each year thereafter, except in cases where a new and additional sum shall be loaned at the time of such renewal or change at the request of the borrower, in which case the fee above provided may be charged for such additional amount loaned. All pay Payments, in ments in excess of the rate hereby authorized shall be applied excess of to the discharge of the principal of the loan, and the borrower rate. shall be obliged to pay or tender only the balance of the principal and interest unpaid at said rate after such application: Provided, That interest shall not be collected in advance and Proviso. shall be computed on unpaid balances only.

when addi

lawful to

authorized

goods, etc.,

SEC. 2. No person, partnership, association or corpora- Money, tion, or any agent, officer or employe thereof shall loan money loaning of; in any city of this State, or buy any goods, wares, jewelry, buying of. personal property or chattels upon a conditional sale whereby or when it is agreed to sell the same back to the grantor at a stated price, or without stating any price, or when any other security than that above provided for is taken, or when no security is taken therefor, or in any other manner than that

Violation of section.

Interest,

when void.

License, when should obtain.

fee.

provided for in section one of this act, or without complying with all the provisions of this act, and charge or receive thereon, directly or indirectly, interest or other compensation therefor in excess of the rate of seven per cent per annum. Any person, partnership, association or corporation or any officer, agent or employe thereof who shall violate any of the provisions of this section shall be deemed to be loaning money contrary to the provisions of this act, and shall be subject to its restrictions, terms and penalties.

SEC. 3. No mortgage or other lien upon any goods, wares, jewelry, personal property or chattels included in the terms of section one of this act, nor any assignment, transfer or pledge of any wages or salary wherein or whereby the mortgagee or assignee charges or receives, or is to receive directly or indirectly interest thereon or other compensation therefor in excess of the rate of seven per cent per annum shall be valid, unless it states the actual amount of money loaned, the time for which the loan is made, the rate of interest to be paid and the actual fee charged.

SEC. 4. No person, partnership, association or corporation shall loan any money in this State when a higher rate of interest than seven per cent per annum is charged therefor, nor engage in the business of making loans under the terms of this act and charge or receive a higher rate of interest than seven per cent per annum, without first obtaining nor without having in force and effect a license for carrying on such business in the city in which such business is to be transacted, which license shall be renewed annually and may be revoked by the mayor of such city for cause. Such How obtained, license shall not be transferable. Such license shall be granted upon application to the proper authority of the city in which the business is to be conducted, unless otherwise pro- . vided for by ordinance, for which license the licensee shall pay annually to the treasurer of said city at the time of taking out said license or renewal a uniform fee of not less than five dollars nor more than two hundred fifty dollars to be fixed by ordinance of the common council or board of aldermen of such city. Such license shall not be granted to any person, partnership, association or corporation that shall be deemed unfit to conduct the business provided for in this act; neither shall any such license be granted until the applicant therefor shall file a statement under oath by the person, officer or agent thereof in charge of such business, stating the place in the city where the business is to be carried on, the name, private and business address of the person, officer or agent having charge of its proposed business; if a co-partnership the name and address of each of the co-partners. If any change occur in the address of the licensee, agent or person in charge of such business as aforesaid, or in the place where the licensed business is to be carried on, or in the membership of any partnership doing such business, a true

To whom granted.

Change of address.