California Proposition 10, Yearly Interest Limitation Amendment (1970)
| California Proposition 10 | |
|---|---|
 | |
| Election date November 3, 1970 | |
| Topic State and local government budgets, spending, and finance | |
Status Defeated | |
| Type Constitutional amendment | Origin State legislature |
California Proposition 10 was on the ballot as a legislatively referred constitutional amendment in California on November 3, 1970. It was defeated.
A “yes” vote supported exempting loans of $100,000 or more for corporations or partnerships from the 10% yearly limit on interest. |
A “no” vote opposed exempting loans of $100,000 or more for corporations or partnerships from the 10% yearly limit on interest. |
Election results
|
California Proposition 10 |
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|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 2,388,985 | 44.95% | ||
|
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2,925,815 | 55.05% | ||
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- Results are officially certified.
- Source
Text of measure
Ballot title
The ballot title for Proposition 10 was as follows:
| “ | Interest Rate Limitation | ” |
Ballot summary
The ballot summary for this measure was:
| “ | Amends and renumbers Section 22 of Article XX of the State constitution to provide" subject to limitations the Legislature may impose, that loans over one hundred thousand dollars ($100,000) may be made to corporations or partnerships without regard to restrictions of such section. | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
- See also: Amending the California Constitution
A two-thirds vote was needed in each chamber of the California State Legislature to refer the constitutional amendment to the ballot for voter consideration.
See also
External links
Footnotes
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State of California Sacramento (capital) |
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