Cedar Rapids Gazette, March 14, 1974, Page 10

Cedar Rapids Gazette

March 14, 1974

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Issue date: Thursday, March 14, 1974

Pages available: 72

Previous edition: Wednesday, March 13, 1974

Next edition: Friday, March 15, 1974

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Publication name: Cedar Rapids Gazette

Location: Cedar Rapids, Iowa

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All text in the Cedar Rapids Gazette March 14, 1974, Page 10.

Cedar Rapids Gazette (Newspaper) - March 14, 1974, Cedar Rapids, Iowa —■1 ■ -       ■ ■ ■    - — iowa Senate Headed for Debate on Interest Ceiling By Kl auk Nye • )ES MOINES The Iowa senate Thursday was headed into debate on one of (he most controversial subjects it will face all session: Whether to set a ceiling on the amount of interest merchants may charge for open-end credit to buy their merchandise, or to set no ceiling on grounds competition will keep rates low. I’resent, ceiling is 9 percent a ypar. The senate gave an inkling that it is in a mood to set a limit somewhere between 12 and 18 percent a year on open end, revolving charge accounts, when it established ceilings on 'Media' Debates Urged by Blouin DUBUQUE — A series of three debates, “covered on radio and television” was suggested by Michael Blouin of Dubuque, candidate for the Democratic nomination for Second district congress, Wednesday. His proposal was in answer to a debate challenge issued by Martin Jensen of Cedar Rapids, another candidate for the Democratic nomination. Blouin, a state senator, said legislative duties and previous commitments kept him from accepting Jensen’s challenge for debates at civic organization meetings in the district. He proposed that an independent party arrange the debates aller a meeting of the four Democratic candidates with news media personnel “the first week in May.” The primary is June 4. 'Die other candidates are Harry Sullivan of Ryan and C.J. Adams of Dubuque Sen. Curtis Warren closed-end credit Wednesday afternoon. Unified Code Interest rate questions are among many involved in the 163-page bill proposing a unified consumer credit code for Iowa. The senate discussed it while sitting as a “committee of the whole” for some two hours Wednesday before opening debate and promptly beating down an amendment by Sen. Warren Curtis (R-Cherokee), which would have throttled the proposal ’I’he bill proposes to bring together in a new state department all existing agencies or subdivisions that deal with lending institutions. Curtis’ amendment, rejected t28 to 19, would have left things pretty much as they are. The bill would set up the divisions of banking, savings rind loan associations, credit unions, supervised loan licensees and consumer credit in a new department, each with its own head and a part-time board. Sen. James Gallagher Limits on closed-end credit as approved by the senate Wednesday afternoon would give the retailer two alternatives on which to base interest charges. Charges He could charge not to exceed whichever amount was the greater between 18 percent a Legislative Notes by Frank Nye Rep. Wyckoff Is No. I Filer of Primary Papers DES MOINES — Who’s No. 11? Notre Dame, UCLA, some team from North Carolina or who? None, that’s who. No. I filer of nomination papers to run for any state office this fall is State Rep. Russell Wyckoff (D-Vin-ton) whose 31st district is composed of parts of Benton, Black Hawk, Buchanan, Linn and Tama counties. Wyckoff was first in line and) got the No. I receipt when Secretary of State Melvin Syn-horst opened his office last Monday — the first day for filing nomination papers. No. 2 is Rep. Frank Crab!) (;R-Denision), seeking re-election to a third term for the 53rd district. Hat's a Must State Rep. Harold “Grumpy”1 Fischer (Ii Wellsburg) says the reason he doesn't streak is because “they” won’t let him if he insists^on wearing his hat. Which he does. □    □    a Impeachable Source THE way things are going it appears that the White House has run out of “unimpeachable sources” to quote. So don’t be surprised if you read a While House story attributed to “an impeachable source” one of these days. WYCKOFF Joint County School Bill Leaves Committee DES MOINES (UPI) - The house education committee Wednesday approved sweeping legislation to scrap all joint county and county school systems in Iowa and replace them with area education agencies (AEA) which would also oversee the state’s 15 merged area schools. On a unanimous vote, the committee sent the controversial bill to Hie house floor where a battle is expected over the bill’s provision to abolish the county-level school boards. year on the unpaid balance or the total of 36 percent a year on the first $300 of unpaid balance, 21 percent on the next $300 to $1,000 and 15 percent on all over $1,000. In a sometimes stirring debate, during which the proposal was variously described as “a terrible, rotten, conniving backroom bill” by Sen. James Gallagher (D-Jesup) to a reasonable consumer protection bill by its floor manager, Sen. Elizabeth Shaw (R-Davenport), two of these limits were changed. Senator Gene Glenn (D-Ottumwa) offered amendments reducing the 36 percent ceiling to 30 percent and the 21 percent figure to 18 percent. They were passed by respective votes of 26 to 20 and 27 to 23. But the senate turned down Glenn’s next two amendments to lowering both the 15 percent and 18 percent figures to 12. The 15 to 12 amendment lost 28 to 20. Then the senate accepted Sen. William Palmer’s (I> Des Moines) motion to change the 12 percent figure in Glenn’s other amendment to 15 before deciding whether or not to lower the 18 percent ceiling. Rejected After voting 25 to 24 to substi- tute 15 for 12 in the Glenn amendment, the senate then rejected the new figure, 27 to 23. That’s as much progress as was made on the bill Wednesday afternoon before Senate Republican Leader Clifton Lam-born called a halt. Voting to set the 18 percent ceiling on closed-end accounts as one alternative were: Republicans (25) — Andersen, Bergman, Briles, Burroughs, De-Koster, Griffin, Hansen, Hult-man, Kelly, Lambom, McCartney, Miller of Marshall, Milligan, Murray, Nystrom, Potter, Rabedeaux, Ramsey, Riley, Schwengels, Schwieger, Shaft, Shaw, Taylor, Tieden; Democrats (2) Junkins, Robinson. Voting for the 15 percent ceiling were: Republicans (3) — Curtis, Plymat, Winkelman; Democrats (20) — Blouin, Coleman, D o d e r e r , Gallagher, Glenn, Gluba, Heying, Hill, Kennedy, Kinley, Miller of Des Moines, Nolin, Orr, Palmer, P r i e b e , Rodgers, Schaben, Scott, Van Gilst, Willits. The vote was exactly the same as the 25 to 24 vote to substitute 15 for 12 except that Junkins and Robinson switched, voted “yes” on that one and Hultman was not recorded as voting. 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