- Permanent Link:
- Proposed code of fair competition for the personal finance industry as submitted on August 31, 1933
- Portion of title:
- Personal finance industry
- United States -- National Recovery Administration
- Place of Publication:
- Washington, D.C
- U.S. Government Printing Office
- Publication Date:
- Physical Description:
- 2 p. : ; 24 cm.
- Subjects / Keywords:
- Finance, Personal -- United States ( lcsh )
Financial services industry -- Law and legislation -- United States ( lcsh )
- federal government publication ( marcgt )
non-fiction ( marcgt )
- Additional Physical Form:
- Also available in electronic format.
- General Note:
- Cover title.
- General Note:
- At head of title: National Recovery Administration.
- General Note:
- "Registry No. 1721-01."
- Source Institution:
- University of Florida
- Rights Management:
- This item is a work of the U.S. federal government and not subject to copyright pursuant to 17 U.S.C. Â§105.
- Resource Identifier:
- 004931183 ( ALEPH )
645504699 ( OCLC )
This item has the following downloads:
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
GOVERNMlENT PRINTING OFFICE
WASHINGTON : 1983
For sale by the Sulperintendent of Documents, Wasehington D.C. - Price 5 rents
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.
Registry No. 1721-01NATIONAL RECOVERY ADMINISTRATIONPROPOSED CODE OF FAIR COMPETITIONFOR THEPERSONAL FINANCEINDUSTRYAS SUBMITTED ON AUGUST 31, 1933RMEMBERU.S.WE DO OUR PARTThe Code for the Personal Finance Industryin its present form merely reflects the proposal of the above-mentionedindustry, and none of the provisions contained therein areto be regarded as having received the approval ofthe National Recovery Administrationas applying to this industryUNITED STATESGOVERNMENT PRINTING OFFICEWASHINGTON: 1933For sale by the Superintendent of Documents, Washington D.C. ---------Price 5 cents
SUBMITTED BYTHE AMERICAN ASSOCIATION OF PERSONAL FINANCE COMPANIES(UI)
PROPOSED CODE OF FAITH COMPETITION AND TRADEPRACTICES FOR THE PERSONAL FINANCE INDUSTRYTo effectuate the policy of Title I of the National Ind(listrial Re-covery Act, during the period of the emergency, the following prac-tices are established as a Code for the Personal Finance Industry.1. Deflnitio.-The term " Personal Finance Company " whenused in this Code includes persons, firms, associations, partnerships,and corporations engaged in the business of lending money, usuallyin sums of $300 or less, under the so-called " Inifori Simai LoanLaw " or analagous regulatory state loan laws.The American Association of Personal Finance Companies is thenational association of Personal Finance Companies and affirms thatit imposes no inequitable restrictions on its membership and partici-pation in its activities, and it is truly representative as a nationalassociation of said business.2. Prohibition of Child Labor.-After September 15, 1933, no Per-sonal Finance Company shall employ any minor under the age ofsixteen (16) years.3. Hours of Employment.-(a) No employee shall work in anypersonal finance office for more than forty (40) hours per week on anaverage of a five (5) week period provided that outside represent-atives whose duties require their being away from the office the prin-cipal part of the day may work not to exceed forty-eight (48) hoursper week on an average of a five (5) week period (such average inboth cases being necessary owing to periodic settlements, payments.and emergencies in serving the public).(b) The provision for working hours provided in subparagraph(a) of this section shall not apply to employees in personal financeoffices employing less than two persons in towns of less than 2.500population, which towns are not a part of a larger trade area; norto employees in a managerial or executive capacity, or in any othercapacity of distinction or sole responsibility who now receive morethan thirty-five ($35) dollars a week.4. Mininwuna Wage.-No employee shall be paid less than $15.00per week in any city of over 500,000 population, or in the immediatetrade area of such city; nor less than $14.50 per week in any city ofbetween 250,000 and 500,000 population, or in the immediate tradearea of such city; nor less than $14.00 per week in any city of be-tween 2,500 and 250,000 population, or in the immediate trade areaof such city; and in towns of less than 2,500 population all wagesshall be increased by not less than 20 percent, provided that thisshall not require wages in excess of $12.00 per week. Populationfor purposes of this Code shall be determined by reference to the1930 Federal Census.5. Labor Provisions.-1. Employees shall have the right to organ-ize and bargain collectively through representatives of their own9954-33 (1)
UNIVERSITY OF FLORIDA3 1262 08582 8910choosing, and shall be free from interference, restraint, or coercionof employers of labor, or their agents, in the designation of suchrepresentatives or in self-organization or in other concerted activi-ties for the purpose of collective bargaining or other mutual aid or protection:2. No employee and no one seeking emiploymnent shall be requiredas a condition of employment to join any company union or torefrain from joining, organizing, or assisting a labor organizationof his own choosing:3. Employers shall comply with the maxinun hours of labor,minimum rates of pay, and other conditions of employment, ap-proved or prescribed by the President.6. Geial Prorcision..-This Code and all the provisions thereofare expressly made subject to the right of the President, iin accord-anco with the provision of Clause 10 (b) of the National IndustrialRecmery Act, from time to time to cancel or modify any order,approival. license, rule, or regu lation, issued under Title I of said Act.Such of the provisions of this Code as are not required to beincmluled therein by the National Industrial Recovery Act may, with the approval of the President, be modified or eliminated as changesin the circumstances or experience may indicate.7. Adin.nistration.-The American Association of PersonalFinance Companies, through its Executive Committee may fromtime to time present to the President or his duly authorized agentrecommended amendments or supplements to this Code. Such ree-oininended amendmnents or stUpplements shall, upon approval by thePresident or his duly authorized agent, become operative as partof this Code.8. K/fctie Date of Code.-This Code shall become effective fivedays following the date approved by the President.9. EDI1tW/n Iate of Code.-This Code shall cease to be in effectJune 16, 1935, or the earliest date prior thereto on which the Presi-(lent 1,al by proclamation or the Congress shall by joint resolutiondeclare that the emergency recognized by Section I of the NationalInd istrial Recovery Act has endu d.