(A) Every person licensed under this chapter may loan any sum of money not exceeding the sum of $600, and may charge, contract for and receive thereon interest at a rate not to exceed 3½% per month; provided, however, that said interest shall not be payable in advance or compounded and shall be computed solely upon unpaid balances.
(B) No further or other charges whatsoever shall be made, either directly or indirectly, for any examination, service, brokerage, commission or other thing contracted for or received, except the lawful fees, if any, actually and necessarily paid out by the licensee to any public officer for filing, recording or releasing in any public office any instrument securing the loan, which fees may be collected when the loan is made or at any time thereafter.
(C) If interest or charges in excess of those permitted by this section are charged, contracted for or received, the contract or loan shall be void, and the licensee shall have no right to collect or receive any principal, interest or charges whatsoever.
(D) No licensee shall directly or indirectly charge, contract for or receive any interest or consideration greater than 10% per annum upon the loan, use or forbearance of money, goods, or things in action, or upon the loan, use or sale of credit, of the amount or value of more than $600. The fore-going prohibition shall also apply to any licensee who permits any person, as borrower or as endorser, guarantor or surety for any borrower or otherwise, to owe to the licensee directly or contingently, or both, at any one time, a sum in excess of $600 as principal.
('72 Code, § 27-5) (Ord. 677, passed - - )
Penalty, see § 125.99