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Washington Maximum Interest Rate on Retail Sales, Initiative 412 (1982)

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The Washington Maximum Interest Rate on Retail Sails Initiative, also known as Initiative 412, was on the November 2, 1982 ballot in Washington as an Initiative to the People, where it was defeated. The measure would have set a maximum annual interest rate for retail installment contracts at 12%.[1]

Election results

Washington Initiative 412 (1984)
Defeatedd No880,13566.03%
Yes 452,710 33.97%

Election results via: Washington Secretary of State

Text of measure

The language appeared on the ballot as:[1]

This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.

Shall the maximum interest rate on retail sales be the higher of 12% or 1% over the federal discount rate?

Path to the ballot

Initiative 412 was filed on January 4, 1982 by Marvin L. Williams and Lawrence G. Kenney of Seattle. 183,249 signatures were submitted to qualify it for the ballot. The measure was placed on the ballot as provided for by the state constitution.[2]

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