Rouse v. Jennings

We take the following statement of facts from defendants ’ brief:

“Plaintiff was licensed under Act No. 317, Pub. Acts 1921, as amended (3 Comp. Laws 1929, § 12198 et seq.), to make loans of $300 or less and charge interest thereon at three and one-half per cent, per month. On November 15, 1929, he loaned defendants $300 at three and one-half per cent, per month secured by a chattel mortgage. On April 4, 1931, there was due on the note $300 for principal and $125 for interest. On that date he loaned defendants $60 more and took two notes, one for $300, with interest at three and one-half per…