California Proposition 10, Usury Laws Initiative (1930)
| California Proposition 10 | |
|---|---|
 | |
| Election date November 4, 1930 | |
| Topic Business regulation | |
Status Defeated | |
| Type State statute | Origin Citizens |
California Proposition 10 was on the ballot as an initiated state statute in California on November 4, 1930. It was defeated.
A “yes” vote supported defining construction loans, preventing corporations from pleading usury, and regulating industrial loan companies and pawnbrokers. |
A “no” vote opposed defining construction loans, preventing corporations from pleading usury, and regulating industrial loan companies and pawnbrokers. |
Election results
|
California Proposition 10 |
||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 239,303 | 23.87% | ||
|
|
763,130 | 76.13% | ||
Text of measure
Ballot title
The ballot title for Proposition 10 was as follows:
| “ | Usury Law | ” |
Ballot summary
The ballot summary for this measure was:
| “ | Amends Sections 1 and 3 thereof, and adds Sections 6, 7, 8, 9 and 10. Written agreement for interest rate unnecessary. Corporations can not recover treble amount of interest paid. Defines "construction loans" and provides for computing interest thereon. Excepts agreements giving borrower option to pay before maturity. If maturity is accelerated by default, interest paid in advance is not usurious. Corporations can not plead usury. Legislature regulates pawnbrokers and "industrial loan companies." | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
In California, the number of signatures required for an initiated state statute is equal to 8 percent. For initiated statutes filed in 1930, at least 91,529 valid signatures were required.
See also
External links
Footnotes
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State of California Sacramento (capital) |
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