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Texas Commercial Loans Act, Proposition 5 (2005)

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Texas Constitution
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12
3 (1-43)3 (44-49)3 (50-67)
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Texas Proposition 5, also known as the Commercial Loans Act, was on the November 8, 2005 election ballot in Texas as a legislatively-referred constitutional amendment, where it was defeated.

SJR 21 would have authorized the Legislature to exempt commercial loans from state usury laws that set maximum interest rates. "Commercial loans" are loans made primarily for business, commercial, investment, agricultural, or similar purposes and not primarily for personal, family, or household purposes.

Election results

Proposition 5
ResultVotesPercentage
Defeatedd No1,147,62856.58%
Yes 880,379 43.41%

Text of measure

The short ballot summary voters saw on their ballot read: "The constitutional amendment allowing the legislature to define rates of interest for commercial loans."[1]

Path to the ballot

See also: Laws governing direct democracy in Texas

As laid out in Article 17 of the Texas Constitution, in order for a proposed constitutional amendment to be placed on the ballot, the Texas State Legislature must propose the amendment in a joint resolution of both the Texas State Senate and the Texas House of Representatives. The joint resolution can originate in either the House or the Senate. The resolution must be adopted by a vote of at least two-thirds of the membership of each house of the legislature. That amounts to a minimum of 100 votes in the House of Representatives and 21 votes in the Senate.

See also

External links

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References