California Proposition 10, Usury Laws Initiative (1930)

California Proposition 10

Election date
November 4, 1930
Topic
Business regulation
Status
d Defeated
Type
State statute| Origin
Citizens

* * *

California Proposition 10 was on the ballot as an initiated state statute in California on November 4, 1930. It was defeated.

A “yes” vote supported defining construction loans, preventing corporations from pleading usury, and regulating industrial loan companies and pawnbrokers.

A “no” vote opposed defining construction loans, preventing corporations from pleading usury, and regulating industrial loan companies and pawnbrokers.

## Contents

* 1 Election results
* 2 Path to the ballot
* 3 External links
* 4 Footnotes

## Election results[edit]

California Proposition 10

Result | Votes | Percentage
Yes | 239,303 | 23.87%

| 763,130 | 76.13%

Results are officially certified.
Source

## Text of measure

### Ballot title

The ballot title for Proposition 10 was as follows:

“| Usury Law| ”

|
|

### Ballot summary

The ballot summary for this measure was:

“|  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."| ”

|
|

### Full Text

The full text of this measure is available here.

## Path to the ballot[edit]

See also: Signature requirements for ballot measures in California

In California, the number of signatures required for an initiated state statute is equal to 8 percent. For initiated statutes filed in 1930, at least 91,529 valid signatures were required.

## See also

1930 Measures

* 1930 Measures
* Business regulations on the ballot
* 1930 legislative sessions

California

* California ballot measures
* California ballot measure laws

News and analysis

* Ballot measure lawsuits
* Ballot measure readability
* Ballot measure polls

## External links[edit]

* California Voter Guide (November 1930)

## Footnotes[edit]

v • e

1930 ballot measures

• Arizona 1930 ballot measures • Arkansas 1930 ballot measures • California 1930 ballot propositions • Colorado 1930 ballot measures • Florida 1930 ballot measures • Georgia 1930 ballot measures • Idaho 1930 ballot measures • Illinois 1930 ballot measures • Maryland 1930 ballot measures • Massachusetts 1930 ballot measures • Michigan 1930 ballot measures • Minnesota 1930 ballot measures • Missouri 1930 ballot measures • Montana 1930 ballot measures • Nebraska 1930 ballot measures • Nevada 1930 ballot measures • New Hampshire 1930 ballot measures • New Jersey 1930 ballot measures • New Mexico 1930 ballot measures • New York 1930 ballot measures • North Carolina 1930 ballot measures • North Dakota 1930 ballot measures • Ohio 1930 ballot measures • Oklahoma 1930 ballot measures • Oregon 1930 ballot measures • South Dakota 1930 ballot measures • Texas 1930 ballot measures • Washington 1930 ballot measures • Wisconsin 1930 ballot measures •

v • e

State of California
Sacramento (capital)

|

Elections |

What's on my ballot? | Elections in 2025 | How to vote | How to run for office | Ballot measures

Government |

Who represents me? | U.S. President | U.S. Congress | Federal courts | State executives | State legislature | State and local courts | Counties | Cities | School districts | Public policy