The Arkansas Legislative Authorization to Control Interest Rates Amendment
, also known as Proposed Amendment 57
, appeared as an initiated constitutional amendment
where it was defeated
on the ballot on November 5, 1974
This amendment would have allowed the Arkansas General Assembly to control maximum interest rates.
| Proposed Amendment 57 (1974)|
|Yes|| 66,905|| 13.57%|
Official results via: Arkansas Secretary of State
Text of measure
The language appeared on the ballot as:
This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
|| AN AMENDMENT TO AUTHORIZE THE GENERAL ASSEMBLY TO FIX MAXIMUM LAWFUL RATES OF INTEREST BY AMENDING SECTION 15 OF ARTICLE XIX OF THE ARKANSAS CONSTITUTION OF 1874 SO THAT AS AMENDED SECTION 13 WILL PROVIDE THAT THE MAXIMUM LAWFUL RATE OF INTEREST, EXCEPT WHEN THE GENERAL ASSEMBLY SHALL OTHERWISE PROVIDE, SHALL BE TEN PERCENT PER ANNUM; THAT ALL CONTRACTS FOR AN UNLAWFUL RATE OF INTEREST SHALL BE VOID AS TO PRINCIPAL AND INTEREST; AND THAT WHEN NO RATE OF INTEREST IS AGREED UPON THE RATE SHALL BE SIX PERCENT PER ANNUM.