California Proposition 3, the Usury Initiative (1918)
Revision as of 07:30, 1 January 2014 by Polycal
November 5, 1918 ballot in California as an initiated state statute, where it was approved.
Proposition 3's official ballot summary said:
- "Initiative act restricting and regulating rates of interest upon the loan or forbearance of money, goods, things in action, accounts and judgments; limits fees, charges and commissions in connection with loans of money; provides penalties for violation of law and repeals Sections 1917, 1918, 1919 and 1920 of the Civil Code and all conflicting laws."