Md. Bill Would Lower Small Loan Interest
ANNAPOLIS, Jan. 16ÛÓA bill lowering interest rates that | could be charged by small loan jNrms in Maryland was intro-iduced today in the House of ; Delegates.</br></br>l Delegate August C. Meyers (D-Baltimore) proposed that interest rates be reduced from 3 percent to 2M> -percent per month on the unpaid balance. His bill was referred to the House Judiciary Committee.</br></br>Meyers echoed the remarks last :ycar of Chief Judge Charles W. j Woodward of Montgomery Coun-1 ty Circuit Court, who termed Ismail loan companies "bloodsuckers.Û ÛÏItÛªs the little fellow who gets hurt by these exorbitant interest rates.Û Meyers declared, j "When people get down on i their luck and get into the | clutches of them whom I con-|sider nothing but bloodsuckers,Û l Judge Woodward said from the bench last March 17, ÛÏthey have a hard time ever escaping them.Û</br></br>The bill introduced by Meyers would apply to all loans not exceeding S300. There are numer-|ous small loan companies adjacent to the District line in Silver Spring and Mount Rainier.</br></br>The General Assembly decided ! today to adjourn until next Wednesday to allow members to attend the Inauguration Tuesday.