Oregon Measure Nos. 314-315, Fixed Legal Rate of Interest Initiative (1920)
| Oregon Measure Nos. 314-315 | |
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| Topic Banking policy and Business regulations |
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| Status |
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| Type Initiated constitutional amendment |
Origin |
Oregon Measure Nos. 314-315 was on the ballot as an initiated constitutional amendment in Oregon on November 2, 1920. It was defeated.
A "yes" vote supported providing for a fixed legal rate of interest at four percent on all moneys and, on contract, agreeing parties may have a five percent rate of interest. |
A "no" vote opposed providing for a fixed legal rate of interest at four percent on all moneys and, on contract, agreeing parties may have a five percent rate of interest. |
Election results
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Oregon Measure Nos. 314-315 |
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| Result | Votes | Percentage | ||
| Yes | 28,976 | 15.44% | ||
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158,673 | 84.56% | ||
Text of measure
Ballot title
The ballot title for Measure Nos. 314-315 was as follows:
| “ | Constitutional Amendment - Proposed by Initiative Petition Initiated by J. F. Albright, Oregon City, Oregon. - CONSTITUTIONAL AMENDMENT FIXING LEGAL RATE OF INTEREST IN OREGON - Purpose: Amending article IX of the constitution of Oregon by adding thereto section 9, which provides that: The legal rate of interest in Oregon shall be four per cent per annum, on all moneys after the same shall become due, but on contract the rate of five per cent per annum and no more, may he charged by express agreement of the parties, which rate shall be inclusive of all brokerage and commissions. No laws of this state relating to interest or usury are repealed or abrogated by this section except insofar as the legal rate of interest is modified hereby. --- Vote YES or NO. | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
The number of signatures required for an initiated constitutional amendment was equal to 8% of the total votes cast in the last Supreme Court justice election.
See also
External links
Footnotes
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State of Oregon Salem (capital) |
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