Initiative act restricting and regulating rates of interest upon the loan or forbearance of money, goods, things in action, accounts and judgments; limits fees, charges and commissions in connection with loans of money; provides penalties for violation of law and repeals Sections 1917, 1918, 1919, and 1920 of the Civil Code and all conflicting laws.
Popular Vote Results
Y: 231147; A: 52.1; N: 212207; B: 47.9
Code Sections Affected
Added "Usury Law". Repealed Cal. Civ. Code, sections 1917, 1918, 1919, and 1920, and all conflicting sections.
William E. Brown, State Senator Thirty-seventh District
A. W. Sorenson
USURY LAW California Proposition 3 (1918).