by said corporations in such proportions as the superintendent may deem just and reasonable. The expenses incurred and services performed on account of any such corporation shall be charged to and paid by the corporation for whom they were incurred or performed. All moneys received by the superintendent in payment of such charges shall be deposited and paid by him into the treasury of the state to reimburse all sums advanced from the treasury for such expenses. If any such corporation shall fail to pay such charges as herein required, including charges for examination, the superintendent shall report to the attorney-general the failure of any such corporation to pay such charges, and the attorney-general shall thereupon bring an action in the name of the people for the recovery of such charges. All such charges, including the charges made for examination, shall be a preferred claim against the assets of any such corporation upon its dissolution, or upon its making a general assignment for the benefit of creditors. If it shall appear to the superintendent of banks, from any examination or report, that the capital stock of any such corporation is impaired; or that it has violated its charter or any law of this state; or is conducting its business in an oppressive or unauthorized manner; or is by payment of excessive salaries, excessive rents or any other means, attempting to evade the provisions of this article relative to a reduction in the rate of interest which such a corporation may legally charge, he may, by an order made over his hand and official seal, direct any such corporation to make good such impairment of capital; or to discontinue the illegal, oppressive or unauthorized methods and practices mentioned in said order; or to discontinue the payment of the excessive salaries, rents or other expenses, by means of which an attempt to evade the provisions of this article is apparent. If any such corporation shall not comply with such order within twenty days after the same shall have been mailed to the last address filed by such corporation in the banking department, the superintendent shall communicate the facts to the attorney-general, who shall thereupon commence an action for the dissolution of the corporation; and the corporation shall upon proof of failure to comply with such order be dissolved and a permanent receiver therefor appointed. (L. 1895, ch. 326; L. 1902, ch. 78.) § 312. Powers; rate of interest or discount. Every such corporation shall have the general powers of a business corporation, as provided by law, and shall be subject to all the duties, obligations and restrictions of a business corporation, so far as applicable thereto, and shall have the following additional powers: It shall be entitled to act as pawnbroker within such county, and shall be subject to and entitled to all the benefits and provisions of the laws of the state, and of all ordinances of the city in which it is located, concerning pawnbrokers; except that it shall not be required to obtain a license or file any bond other than that provided for in section three hundred and ten of this chapter. And it may lend money to such persons, within such county, as shall be deemed by it in need of pecuniary assistance, and may take as security for the payment of any such loan either a pledge or a mortgage of any personal property without the actual delivery to it of the property pledged or mortgaged, together with other lawful securities. It shall be entitled to charge and receive upon each loan made by it without the actual delivery to it of the property pledged or mortgaged, interest or discount at a rate not exceeding two per centum per month, which charge shall include all services of every character, in connection with said loan, except upon the foreclosure of the security. It may also charge for the first examination of the property to be pledged or mortgaged, and for drawing and filing the necessary papers, and for all other expenses, a sum not exceeding two dollars if a loan of more than fifty dollars shall actually be made, and a sum not exceeding one dollars if a loan of fifty dollars, or less, shall actually be made; but no further charge for examination of the property, or for drawing or filing papers, or for any services or expenses, or upon any pretext whatsoever, beyond the said charge for interest or discount, shall be made upon any renewal or extension of the loan, or any transfer or change of the loan, or upon any other occasion, within one year from the date of the original loan, nor oftener than once in each period of twelve months thereafter. No loan greater than two hundred dollars shall be made under the authority of this section, nor shall any one person owe any such corporation more than two hundred dollars for principal at one time. (L. 1895, ch. 326; L. 1902, ch. 78.) § 313. Dividends limited. No such corporation shall, in any year, declare or pay dividends on its capital stock amounting to more than ten per centum. The superintendent of banks upon ascertaining that any such corporation has, during the previous calendar year, made a net profit amounting to more than ten per centum on its capital, shall have authority, after ten days' notice to the corporation, to make an order reducing the rates of interest, discount and charges which such corporation may lawfully charge or receive upon loans, to such sums as will, in his judgment, produce a net return of ten per centum on its capital stock. Any order made under this section shall take effect at such time, not less than one month after it is made, as the order shall name, and shall remain in force until revoked. Except in the city of New York, no such corporation shall make any loan in any other county than that in which its principal business office is located, nor take securities upon property located in any other county. (L. 1895, ch. 326; L. 1902, ch. 78.) § 314. Prohibitions. In any such county no person or corporation, other than corporations organized pursuant to this article, shall, directly or indirectly, charge or receive any interest, discount or consideration greater than the legal rate of interest upon the loan, use or forbearance of money, goods or things in action less than two hundred dollars in amount or value, or upon the loan, use or sale of personal credit in any wise, where there is taken for such loan, use or sale of personal credit any security upon any household furniture, apparatus or appliances, sewing machine, plate or silver-ware in actual use, tools or implements of trade, wearing apparel or jewelry. The foregoing prohibition shall apply to any person who, as security for any such loan, use or forbearance of money, or for any such loan, use or sale of personal credit as aforesaid, makes a pretended purchase of property from any person and permits the owner or pledgor to retain the possession thereof, or who, by any device or pretense of charging for his services or otherwise, seeks to obtain a larger compensation in any case herein before provided for. Any person, and the several officers of any corporation, who shall violate the foregoing prohibition, shall be guilty of a misdemeanor, and upon proof of such fact the debt shall be discharged and the security shall be void. But this section shall not apply to licensed pawnbrokers, making loans upon the actual and permanent deposit of personal property as security; nor shall this section affect in any way the validity or legality of any loan of money or credit exceeding two hundred dollars in amount. (L. 1895, ch. 326; L. 1902, ch. 78.) ARTICLE 11. LAWS REPEALED; WHEN TO TAKE EFFECT. SECTION 330. Laws repealed. 331. When to take effect. § 330. Laws repealed. Of the laws enumerated in the schedule hereto annexed, that portion specified in the last column is hereby repealed. (Former section 215.) As to repeal not affecting prior liability. Empire State Savings Bank v. Beard, 62 St. Rep. 701. 8331. When to take effect. This chapter shall take effect immediately. (Former section 216.) It is not retroactive, and no additional liability can be imposed as to prior contracts. Barnes v. Arnold, 23 Misc. 197. SCHEDULE OF LAWS REPEALED. Revised Statutes.... Part 1, chapter 20, title 20........All. |