Arkansas Legislative Authorization to Control Interest Rates, Proposed Amendment 57 (1974)

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The Arkansas Legislative Authorization to Control Interest Rates Proposed Amendment, also known as Proposed Amendment 57, was on the ballot in Arkansas on November 5, 1974, as an initiated constitutional amendment. It was defeated. The measure would have authorized the general assembly to fix maximum interest rates.[1][2]

Election results

Arkansas Proposed Amendment 57 (1974)
ResultVotesPercentage
Defeatedd No426,19786.43%
Yes66,90513.57%

Election results via: Arkansas Secretary of State

Text of measure

The question on the ballot:

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.[2][3]

See also


External links

Footnotes

  1. ↑ Arkansas Secretary of State, "Initiatives and Amendments 1938-2010," accessed August 25, 2015
  2. ↑ 2.0 2.1 Inter-university Consortium for Political and Social Research, "Referenda Elections for Arkansas," accessed August 25, 2015
  3. ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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