Secretary of State No.
OBLIGATION OF CONTRACTS. INITIATIVE CONSTITUTIONAL AMENDMENT. Prohibits passage of any law which, regarding adult individual's contractual capacity: (1) Regulates price at which goods, services, commodities or real or personal property is offered, purchased, leased, sold or exchanged; or (2) Regulates or imposes penal sanctions for performance of agreement except where performance would defraud or injure health, safety or welfare of third person. Conflicting constitutional provisions and laws shall be inoperative and of no effect two years after amendment adopted. State or local entity may provide for regulation of prices or performance of agreements by two-thirds vote of qualified electors voting. Financial impact: This measure would have an undetermined fiscal impact on state and local governments.
George Abrahams, 3150 Durand Drive, Los Angeles, Ca 90068 (213) 627-6381
Failed to Qualify
Obligation Of Contracts California Initiative 222 (1979).