Assembly Constitutional Amendment 79. Prescribes seven per cent per annum as interest rate upon loan or forbearance of money, goods or things in action, accounts after demand and judgments; permits written contract for rate not exceeding ten per cent per annum, but forbids any charges whereby borrower pays over ten per cent. Exempts from such restrictions building and loan associations, industrial loan companies, credit unions, pawnbrokers, personal property brokers, banks, and various nonprofit cooperative associations, and others, of character therein mentioned. Permits Legislature regulate said exempted classes, prescribe their maximum Interest rate per annum and regulate their charges on loans.
Popular Vote Results
Y: 785535; A: 53.7; N: 674346; B: 46.3
Assembly Constitutional Amendment
Code Sections Affected
Added Cal. Const. art. XX, section 22.
Charles W. Dempster; Herbert J. Evans
INTEREST RATES California Proposition 12 (1934).