Commercial Credit Plan, Inc. v. Chandler

Grieein Smith, Chief Justice.

The Chancellor found that appellant’s contracts with Winston G. Chandler were usurious, therefore unenforcible. We agree with this determination.

Act 111 became effective March 3, 1941, without the Governor’s signature. It authorizes Industrial Loan Institutions and empowers the State Bank Commissioner to promulgate control rules and regulations.

Loan and investment companies were recognized by Act 354, of 1927, as amended by Act 109 of 1931 and 264 of 1933, but they were originally supervised by the Railroad Commission. Section 14 of the Act mentions the Morris…