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California Proposition 9, Interest Rates on Court Judgments Amendment (June 1978)
| California Proposition 9 | |
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| Election date |
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| Topic State judiciary |
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| Status |
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| Type Legislatively referred constitutional amendment |
Origin |
California Proposition 9 was on the ballot as a legislatively referred constitutional amendment in California on June 6, 1978. It was approved.
A “yes” vote supported allowing the Legislature to set interest rates on court judgments at up to 10% and establishing that if the court does not set an interest rate on judgments that the interest rate is 7%. |
A “no” vote opposed allowing the Legislature to set interest rates on court judgments at up to 10% and establishing that if the court does not set an interest rate on judgments that the interest rate is 7%. |
Election results
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California Proposition 9 |
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| Result | Votes | Percentage | ||
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2,696,517 | 51.21% | ||
| No | 2,568,989 | 48.79% | ||
Text of measure
Ballot title
The ballot title for Proposition 9 was as follows:
| “ | Interest Rate - Judgments. Legislative Constitutional Amendment. | ” |
Ballot summary
The ballot summary for this measure was:
| “ | Amends Constitution, article XV, section 1, to provide that Legislature shall set interest rate on state court judgments at not more than 10% per annum. Rate may be variable and based upon rates charged by federal agencies or economic indicators, or both. In absence of such rate setting by Legislature, judgment rate shall be 7% per annum. Financial impact: Depends on legislative action. Interest costs and revenues on judgments would increase if Legislature raised rate. | ” |
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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