Registry No. 1721--01
NATIONAL RECOVERY ADMINISTRATION
PROPOSED CODE OF FAIR COMPETITION
AS SUBMITTED ON AUGUST 31, 1933
UNIV. OF r'.
The Code for the Personal Finance Indqstry
in its present form merely reflects the proposal of the above-mentioned
industry, and none of the provisions contained therein are
to be regarded as having receivedt the approval of
the National Recovery Administration
as applying to this industry
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THE AMERICAN ASSOCIATION OF PERSONAL FINANCE COMPANIES
PROPOSED CODE OF FA&k COMPETITION AN'D TRADE
PRACTICES FOR THE PERSONAL FINANCE INDUSTRY
To effectuate the policy of Title I of the National Industrial Re-
covery Alct, during the period of the emlergency,, the following pr~ac-
tices are established as a Codie for th~e Personal Finance Indlustry.
1. DeFinitioz.--The term "IPersonal Finance Company "! when
USed in this Code includes persons, firms, associations, partnlerships,
and corporations engaged in the business of lendling money, uIsunIly~
in sums of $300 or less, under the so-calledl UTniformi Smnil Loan
Law or analagous regulatory state loan laws.
The. American Associat~ion of Personal Finance Companiies is the
national association of Personal Finanice Clompanies and affirms that
it imposes no inequitable restrictions on its membership and- partier-
pation in its activities, andX it is truly representative as a national
association of said business.
2. Pr~ohib't~ion. of Child Labor.--After September 15, 1933, no Per-
sonal Finance Companyr shall employ any minor under the age of
sixteen (16) years.
3. Hours of Enmloym~l~ent.- (al) No employee shall work in anyr
personal finance office for more thanl forty (40) hours per week on an
average of a five (5) week period providled that outside represenlt-
atives whose duties require their being away from the office the prin-
cipal part of the day may work not to exceed forty-eight (j-S) hours
p~er week on an average of a five ( ) week p-erijod (such average in
both cases being necessary owing to periodic settlements. paymeitnts,
and emergencies in serving the public).
(b) The provision for working hours provided in subparagraph
(e.) of this section shall not apply to employees; in personal finance
offices employing less than two persons in towns of less than 2,500
population, which towns are not a part of a larger trade area; nor
to employees in a managerial or executive capacity, or in any other
capacity of distinction or sole responsibility who now receive more
than thirty-five ($35) dollars a week.
4. Minimruml Wagne ---No employee sh;~all be paid less than $15.00
per week inl any city. of over 500,0100 p~opulationi, or in the immediate
trade area of such city; nor less than $14.50 per week in any city of
between 250,000 and 500),000 population, or in the immediate trade
area of such city: nor less than $~1~.00, per week in any city of be-
tween 2,500 and 250,U000 population, or in the immiiediate tr~ade area
of such city; and in towns of less than '),500 population all wnges
shall be increased by not. less than "(0 percent, provided thant this
shall not require wages in excess of $12.00 per week. Population
for purposes of this Code shall be determined by reference to the
1930 Federal Census.
5. Larbor Prov~isions.-1l. Employees shiall have thle right to organ-
ize a.nd bargain collectively through representatives of their own-
UNIVERSITY OF FLORIDA
2 3 1262 08582 8910
choosing, andi shall be free from inlterfer~ence! restraint, orcoe
of emnployrers of labor, or their aigent~s, in the designation of
representatives or in self-organization or in other concerted act~ive~
ties for the purpose of collective bargiaininga or other mutual ai
2. No employee and no one seeking emplo yment shallhbe reqqlitg.:
as a condition of employment to join any company. Amioyg pp &
refr~aini from joining, organizing, or assisting: a labor orgammztation
of his own choosing;
3. Employers shall comply with the maximum hours of la yp,
mninimumn rates of pay, and other conditions of empyloymient, asPr';
proved or pr1escr~ibed by thle Pr~esidlent. :
6. Gene~ralcl Pr~o /isi~ons.-T'his Code andl a~ll ~the provisions therea
are expressly made subject, to the right of thle Presidlent, inc wt h roii n Cas ( f e tona acco
Recov-ery! Ac~t. fr~om timne to timle to cancel or. modify any ordeg,~l'i
atpprovanl, license, rule, or regrulation,, issued under Tit~le I of said ~Act.
Sjuch of the provisions of this Code as are not, required to~be
includled therein by the N~ational Ind-usitrial Recovery Act may,.with "
the approval of thie Pr~esident, be modified or eliminated as changes i
mn the cir~cumsta;nce~s or expe~ienice may indicate..
T. A-idm~,inistfiirationr.--The Amlerica~n Association of Personal'
Finance Compadnies, through its Executive Comnmittee miay froml i
tim~e to timne present to th~e Preside~nt or his duly authorized agent
re~commiended amlendmentns or supplemuents to this Code. Such ree-
ommlended amnendments or supplements shall, upon approval by the
President or his duly authorized agent, become operative as part
of this Code.
8. Effectiv~e Daote of Code.--This Code .shall become effective five
days following thle date approved by the President.
9. E.1pir~ation D~ate of Code.--This Codle shall cease to be in effect
JTune 16, 1935, or the earliest date prior thereto on which the Presi- i
dent shall by prloclamlation or the Congr~ess shall by joint resolution
dleclar~e that the emnergency recognized -by Section I of the National
Industr~ial Recovery Alct has ended.