Proposition Summary

INTEREST RATE--JUDGMENTS--LEGISLATIVE CONSTITUTIONAL AMENDMENT. Amends Constitution, article XV, section 1, to provide that Legislature shall set interest rate on state court judgments at not more than 10% per annum. Rate may be variable and based upon rates charged by federal agencies or economic indicators, or both. In absence of such rate setting by Legislature, judgment rate shall be 7% per annum. Financial impact: Depends on legislative action. Interest costs and revenues on judgments would increase if Legislature raised rate.

Proposition Number

9

Year

1978

Document Type

Proposition

Pass/Fail

Pass

Legislative Vote Results

FINAL VOTE CAST BY LEGISLATURE ON SCA 18 (PROPOSITION 9) Assembly - Ayes, 55; Noes, 16 -- Senate - Ayes, 29; Noes, 0

Popular Vote Results

Y: 2696517; A: 51.2; N: 2568989; B: 48.8

Election Type

Primary

Proposition Type

Senate Constitutional Amendment

For Author

Omer L. Rains, State Senator, 18th District; Chairman, Senate Majority Caucus; Kenneth L. Maddy, Member of the Assembly, 30th District; Chairman, Assembly Committee on Criminal Justice; Frank C. Damrell, Jr., Chairman, State Consumer Advisory Council

Against Author

John J. Miller, Member of the Assembly, 13th District; Chairman, Assembly Committee on Judiciary

Rebuttal Against Author

Omer L. Rains, State Senator, 18th District; Chairman, Senate Majority Caucus; Kenneth L. Maddy, Member of the Assembly, 30th District; Chairman, Assembly Committee on Criminal Justice; Frank C. Damrell, Jr., Chairman, State Consumer Advisory Council

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