Amends Sections 1 and 3 thereof, and adds Sections 6, 7, 8, 9 and 10. Written agreement for interest rate unnecessary. Corporations can not recover treble amount of interest paid. Defines "construction loans" and provides for computing interest thereon. Excepts agreements giving borrower option to pay before maturity. If maturity is accelerated by default, interest paid in advance is not usurious. Corporations can not plead usury. Legislature regulates pawnbrokers and "industrial loan companies."
Popular Vote Results
Y: 239303; A: 23.9; N: 763130; B: 76.1
Laurence W. Beilenson of Los Angeles, Draftsman of the Act; Ransom Henshaw, Financial Editor of the Los Angeles Evening Express; George S. Walker of San Francisco, formerly State Building and Loan Commissioner; William A. Alderson, Los Angeles; William R. Geary, Oakland
USURY LAW California Proposition 10 (1930).