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An automatically retracting chalk line assembly having both locking and braking means to lock the extended line in place and to slow the speed of retraction of the line during automatic rewind. The spool containing the line has an extended side in a hub cap shape which protrudes through a circular aperture in the housing. A slide member is moved out of a channel in this hub cap to form a friction lock with the housing. Braking is accomplished by slowing the spin of the hub cap by hand pressure.