California Proposition 10, Usury Laws Initiative (1930)

California Proposition 10
	Election date; November 4, 1930
	Topic; Business regulation
	Status; 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.

Election results[edit]

California Proposition 10
Result	Votes	Percentage
Yes	239,303	23.87%
No	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.

External links[edit]

California Voter Guide (November 1930)

Footnotes[edit]

California Proposition 10

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

	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