A Reduction of Maximum Retail Service Charges, Initiative 245
ballot proposition was on the November 5, 1968 statewide ballot
in the State of Washington
as an Initiative to the People
, where it was approved.
Initiative 245 became Chapter 2, Laws of 1969.
| Initiative 245|
| Yes|| 642,902|| 53.8%|
An Act amending the present state law regulating retail installment sales of goods and services by reducing the maximum amount which may be legally assessed as a service charge in connection with retail installment transactions from 18% per year computed monthly on the unpaid balance (1-1/2% per month) to 12% per year computed monthly (1% per month); reducing from $15.00 to $10.00 the alternative service charge that may be assessed on a retail installment contract notwithstanding the 12% maximum; and eliminating two other methods of computing service charges on such contracts which are permitted under the present law.
Path to the ballot
Initiative 245 was filed on April 4, 1968 by Joseph H. Davis, President and Marvin L. Williams, Secretary-Treasurer of the Washington State Labor Council, AFL-CIO. 143,395 signatures were filed July 5, 1968, qualifying I-245 for the ballot.