Platz v. Lapinski

The facts ixi this case are stipulated. The Auto Loan & Discount Company was duly licensed to operate under what is known as the ‘ ‘ small loan act” (3 Comp. Laws 1929, §12198 et seq.). Under section 12210 interest may be charged at a rate not exceeding 3% per cent, per month on loans not exceeding $300. It further provides:

“In addition to the interest herein provided for, no further or other charge or amount whatsoever for any examination, service, brokerage, commission, or other thing or otherwise shall be directly or indirectly charged, contracted for, or received, except the lawful fees,…