Kraus Bond & Mortgage Organization, Inc. v. Vicari

On January 7, 1930, the director of trade and commerce issued a license to Marek Kraus, doing business as Industrial Loan Service (not incorporated), to engage in the business of making loans in sums of $300 or less, secured or unsecured, at a greater rate of interest than 7 per cent per annum, in accordance with the Small Loans Act, ch. 74, Ill. Rev. Stat. 1937 [Jones Ill. Stats. Ann. 67.01 et seq.], at 1726 West Chicago avenue, Chicago. On June 18,1930, the licensee loaned defendants the sum of $200, and on that day defendants executed a combined promissory note and trust deed. This…