Submitted by Legislature. Deletes present misdemeanor penalty provisions for charging interest in excess of specified limits. Adds felony penalty provisions for an unlicensed or nonexempted person making or negotiating a loan providing for interest in excess of limits . NO set by law.
Popular Vote Results
Y: 3766737; A: 71.6; N: 1493047; B: 28.4
Code Sections Affected
Amended "Usury Law" section 3
Charles J. Conrad, Speaker pro Tempore of the Assembly; John T. Knox, Member of the Assembly, Eleventh District
Leo J. Ryan, Assemblyman, 27th District
USURY California Proposition 19 (1970).