California Proposition 12, Maximum Interest Rates Amendment (June 1976)

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California Proposition 12

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Election date

June 8, 1976

Topic
Business regulation
Status

DefeatedDefeated

Type
Legislatively referred constitutional amendment 		Origin

State legislature


California Proposition 12 was on the ballot as a legislatively referred constitutional amendment in California on June 8, 1976. It was defeated.

A “yes” vote supported allowing the interest rate for non-personal, non-family, non-household loans and credit advances to be 10% annually or 7% plus the prevailing interest rate, whichever is higher.

A “no” vote opposed allowing the interest rate for non-personal, non-family, non-household loans and credit advances to be 10% annually or 7% plus the prevailing interest rate, whichever is higher.


Election results

California Proposition 12

Result Votes Percentage
Yes 2,268,310 43.70%

Defeated No

2,922,175 56.30%
Results are officially certified.
Source


Text of measure

Ballot title

The ballot title for Proposition 12 was as follows:

“Interest Rate”

Ballot summary

The ballot summary for this measure was:

“ INTEREST RATE. LEGISLATIVE CONSTITUTIONAL AMENDMENT. Amends Constitution, Article XX, section 22, to permit increase in maximum permissible contract rate of interest collectible by nonexempt lender for loan or credit advance for nonpersonal, nonfamily, nonhousehold purpose to the higher of 10% per annum or 7% plus prevailing interest rate on certain designated dates. Financial impact: None.”

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

1976 Measures

California

News and analysis


External links

Footnotes

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