Assembly Constitutional Amendment 28. Amends first paragraph of section 22 of Article XX, Constitution. Declares rate of interest on loan or forbearance of any money, goods or things in action, or on accounts after demand, 7 percent per annum, but parties thereto may contract in writing for interest rate not exceeding 10 percent per annum. Declares interest rate on court judgments 5 percent per annum.
Popular Vote Results
Y: 511810; A: 37.6; N: 851076; B: 62.4
Assembly Constitutional Amendment
Rodney L. Turner, Member of the Assembly, Forty-first District.; Don A. Allen, Member of the Assembly, Sixty-third District.
Franklin J. Potter, Member of the Assembly, Fifty-seventh District.
RATES OF INTEREST ON LOANS AND JUDGMENTS California Proposition 14 (1942).