Asuncion

Statement of the Case

Appellants were convicted of violating section 3, subdivision (b) Of the Usury Law (Deering’s Ann. Uncod. Measures 1919-1 (1973 ed.) p. 78; 10 West’s Ann. Civ. Code (1954 ed., 1984 Cum. Supp.) foll. § 1916 at p. 45.), the California “loan-sharking” statute, following their pleas of nolo contendere. Their principal contention on this appeal is that section 3, subdivision (b) did not apply to them since they were licensed real estate salesmen at the time they made the high-interest loans which led to the charged offenses. They further contend that section 3, subdivision (b) is unconstitutionally vague and hence void. We will affirm.

Discussion

Section 3, subdivision (b) provides, in relevant part: “Any person who willfully makes or negotiates, for himself or another, a loan of money, . . . and who . . . charges . . . interest ... in excess of that allowed by law, is guilty of loan-sharking, a felony .... This subdivision shall not apply to any person licensed to make or negotiate, for himself or another, loans of money .... or to any agent or employee of such person when acting within the scope of his agency or employment.” (Italics…