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Richard M. Boeckel, Editor
Revision of Existing Small-Loan Legislation
Small loan legislation is to be the subject of extensive consideration this year in the legislature of New York State, where Governor Lehman has for the second time recommended reduction of the present legal interest rates. Under the present New York law, which establishes a rate of 3 per cent a month on unpaid balances up to $150 and 2½ per cent a month on any part of the balance above that amount, licensed lenders last year served 480,000 borrowers and ...