CARD DIVISION INTEREST ON INSTALLMENT LOANS .COMMITTEE ON THE DISTRICT OF COLUMBIA `- NINETY-FIRST CONGRESS FIRST SESSION ON H.R. 255 TO AUTHORIZE BANKS, SAVINGS AND LOAN ASSOCIATIONS, KF27 D5644 1969b CONTENTS H.R. 255 (McMillan), to authorize banks, savings and loan associations, Title 26, ch. 6, Money Lenders Licenses.. H. Rept. 91-375, Committee report on H.R. 255, amended STATEMENTS Comptroller of the Currency, Robert Bloom, Chief Counsel to - Page 1 3 2 Appendix Gunther, Frank, Chairman, Law and Legislative Committee___ Jennings, Lewellyn D., Vice Chairman, Law and Legislative Committee.. Yowell, William C., Executive Vice President_ District of Columbia Government: Thomas F. Moyer, Assistant Corporation Counsel.. Sullivan, Hon. Leonor K., Representative in Congress from the State of Missouri, Chairman, Subcommittee on Consumer Affairs, House Banking and Currency Committee_ MATERIAL SUBMITTED FOR THE RECORD Government of the District of Columbia: 13 6 66 14 3 Opinion of the Corporation Counsel, dated July 2, 1963 in re interest Patman, Hon. Wright, Representative in Congress from the State of Texas, Chairman, House Committee on Banking and Currency, letter dated April 28, 1969 to Chairman Fuqua__ Truth in Lending Act: APPENDIX Conference report on S. 5, May 20, 1968, H. Rept. 1397, reprint of Reprint of Public Law 90-321, being S. 5, approved May 20, 1968.. (III) INTEREST ON INSTALLMENT LOANS TUESDAY, APRIL 29, 1969 HOUSE OF REPRESENTATIVES, SUBCOMMITTEE No. 4 OF THE COMMITTEE ON THE DISTRICT OF COLUMBIA, Washington, D.C. The subcommittee met; pursuant to notice, at 10 a.m., in room 1310, Longworth House Office Building, Hon. Don Fuqua (chairman of the subcommittee) presiding. Present: Representatives Fuqua, Blanton, and Gude. Also present: James T. Clark, clerk; Hayden S. Garber, counsel; Sara Watson, assistant counsel; Donald Tubridy, minority clerk; and Leonard O. Hilder, investigation. Mr. FUQUA. The subcommittee will come to order. We have under consideration H.R. 255, authorizing deduction of advance interest on loans to be repaid in installments. The bill will be made a part of the record at this point, together with pertinent excerpts from the District of Columbia Code. (H.R. 255 and District of Columbia Code excerpts follow:) [H.R. 255, 91st Cong., 1st sess., by Mr. McMillan, on January 3, 1969] 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)." (1) |