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Washington Initiative 245, Reduction of Maximum Retail Service Charges Measure (1968)
| Washington Initiative 245 | |
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| Election date |
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| Topic Business regulations |
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| Status |
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| Type Initiated state statute |
Origin |
Washington Initiative 245 was on the ballot as an initiated state statute in Washington on November 5, 1968. It was approved.
A "yes" vote supported amending the state law on retail installment sales by reducing the maximum service charge and eliminating two alternative methods of computing service charges. |
A "no" vote opposed amending the state law on retail installment sales by reducing the maximum service charge and eliminating two alternative methods of computing service charges. |
Election results
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Washington Initiative 245 |
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| Result | Votes | Percentage | ||
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642,902 | 53.83% | ||
| No | 551,394 | 46.17% | ||
Text of measure
Ballot title
The ballot title for Initiative 245 was as follows:
| “ | An Act amending the present state law regulating retail installment sales of goods and services by reducing the maximum amount which may be legally assessed as a service charge in connection with retail installment transactions from 18% per year computed monthly on the unpaid balance (1 1/2% per month) to 12% per year computed monthly (l% per month); reducing from $15.00 to $10.00 the alternative service charge that may be assessed on a retail installment contract notwithstanding the 12% maximum; and eliminating two other methods of com- puting service charges on such contracts which are permitted under the present law. | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
In Washington, proponents needed to collect a number of signatures for an Initiative to the People.
See also
External links
Footnotes
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State of Washington Olympia (capital) |
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