Proposition Summary

INTEREST RATE. LEGISLATIVE CONSTITUTIONAL AMENDMENT. Amends Constitution, Article XX, section 22, to permit increase in maximum permissible contract rate of interest collectible by nonexempt lender for loan or credit advance for nonpersonal, nonfamily, nonhousehold purpose to the higher of 10% per annum or 7% plus prevailing interest rate on certain designated dates. Financial impact: None.

Proposition Number

12

Year

1976

Document Type

Proposition

Pass/Fail

Fail

Legislative Vote Results

FINAL VOTE CAST BY LEGISLATURE ON SCA 19 (PROPOSITION 12): Assembly - Ayes, 62; Noes, 6 -- Senate - Ayes, 29; Noes, 0

Popular Vote Results

Y: 2268310; A: 43.7; N: 2922175; B: 56.3

Election Type

Primary

Proposition Type

Senate Constitutional Amendment

For Author

Bill Greene, Member of the Senate, 29th District; Joyce Ream, San Francisco Community Leader; Dr. Norman Topping, Chancellor, USC

Against Author

John J. Miller, Member of the Assembly, 13th District; Chairman, Committee on Judiciary

Rebuttal Author

John J. Miller, Member of the Assembly, 13th District; Chairman, Committee on Judiciary

Rebuttal Against Author

Bill Greene, Member of the Senate, 29th District; Joyce Ream, San Francisco Community Leader; Dr. Norman Topping, Chancellor, USC

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