California Proposition 14, Interest Rates Amendment (1942)
| California Proposition 14 | |
|---|---|
 | |
| Election date November 3, 1942 | |
| Topic Business regulation | |
Status Defeated | |
| Type Constitutional amendment | Origin State legislature |
California Proposition 14 was on the ballot as a legislatively referred constitutional amendment in California on November 3, 1942. It was defeated.
A “yes” vote supported declaring the interest rate on any loan or forbearance as 7% but allowing a contract with an interest of up to 10% and declaring the interest rate on court judgments as 5%. |
A “no” vote opposed declaring the interest rate on any loan or forbearance as 7% but allowing a contract with an interest of up to 10% and declaring the interest rate on court judgments as 5%. |
Election results
|
California Proposition 14 |
||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 511,810 | 37.55% | ||
|
|
851,076 | 62.45% | ||
Text of measure
Ballot title
The ballot title for Proposition 14 was as follows:
| “ | Rates of Interest on Loans and Judgments | ” |
Ballot summary
The ballot summary for this measure was:
| “ | Assembly Constitutional Amendment 28. Amends first paragraph of section 22 of Article XX, Constitution. Declares rate of interest on loan or forbearance of any money, goods or things in action, or on accounts after demand, 7 percent per annum, but parties thereto may contract in writing for interest rate not exceeding 10 percent per annum. Declares interest rate on court judgments 5 percent per annum. | ” |
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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