California Proposition 3, Loan Regulation Initiative (1918)
| California Proposition 3 | |
|---|---|
 | |
| Election date November 5, 1918 | |
| Topic Business regulation | |
Status Approved | |
| Type State statute | Origin Citizens |
California Proposition 3 was on the ballot as an initiated state statute in California on November 5, 1918. It was approved.
A “yes” vote supported restricting and regulating interest rates on loans and limiting fees, charges, and commissions related to loans. |
A “no” vote opposed restricting and regulating interest rates on loans and limiting fees, charges, and commissions related to loans. |
Election results
|
California Proposition 3 |
||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
|
|
231,147 | 52.14% | ||
| No | 212,207 | 47.86% | ||
Text of measure
Ballot title
The ballot title for Proposition 3 was as follows:
| “ | Usury Law | ” |
Ballot summary
The ballot summary for this measure was:
| “ | 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. | ” |
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 1918, at least 74,136 valid signatures were required.
See also
External links
Footnotes
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State of California Sacramento (capital) |
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