Cedar Rapids Gazette, March 14, 1974, Page 9

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

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Cedar Rapids Gazette (Newspaper) - March 14, 1974, Cedar Rapids, Iowa The Cedar luplds G-gtile: Thurs., Mar. M, 1974 Iowa Senate Hedded for Debate on Interest Ceiling By Frank Nye ..DES MOINES The Iowa senate Thursday was headed into debate on one of the most controversial subjects it will face alt 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 com- petition will keep rates low. Present ceiling is 9 percent a year. The senate gave an inkling ihat 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 whole" for. some two hours Sen. Curtis Warren 'Media' Debates Urged by Blouin DUBTJQUE A series of three debates, "covered on radio and television" was sug- gested by Michael Blouin of Dubuque, candidate for the Democratic nomination for Sec- ond district congress, Wednes- day. His proposal was in answer to debate challenge issued by Martin Jensen of Cedar Rapids, another candidate for the Dem- ocratic nomination. Blouin, a slate- senator, said duties and previous commitments kept him from ac- cepting Jensen's challenge for debates at civic organization meetings in the district. He proposed that an indepen- dent party arrange the debates after a meeting of the four Democratic candidates with news media personnel "the first week in May." The primary''is June 4. The other candidates are Harry Sullivan of Ryan and C.J. Adams of Dubuque. closed-end credit Wednesday af- ternoon. Unified Code. Interest rate questions are among many involved in the 163-page bill proposing a unified consumer credit code for Iowa. f Wednesday before opening de- bale and promptly beating down amendment by Sen. Warren Curtis which would have tlirottled the pro- ;iposal. The bill proposes to bring v together in a new state depart- mcnt al! existing ajjeiwles w subdivisions that deal with lending institutions. I Curtis' amendment, rejected Sen. James Gallagher year on the unpaid balance or the total of 36 percent a year on the first of unpaid balance, 21 percent on the next to and 15 percent on ail over In a sometimes stirring de- SB to 19, would have left things approved by the senate Wednes sitting as a> "committee of the pretty much as they are. The bill would set up the divisions of banking, savings to base interest charges. loan associations, credil unions, supervised loan licen- :ees and consumer credit in a The senate discussed it while new department, each with its own head and a part-time board. Legislative Notes by Frbnk Nye Rep. Wyckoff Is No. I Filer of Primary Papers DES MOINES Who's No-, i? Notre Dame. UCLA, some team from North Carolina who? None, that's who. No. 1 filer of nomination papers to' run for any state office this fall is Slate Rep. Russell Wyckoff (D-Vin- toh) whose 31st district is composed of parts of Benton, Black Hawk, Buchanffln, Linn and Tama counties. Wyckoff was first in line and! got the No. 1 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 Crabb seeking re-election to a third term for the 53rd district. Hat's a Must State Rep. Harold Fischer (R- WYCKOFF Wellsburg) says .the reason hei doesn't streak, is because "they" won't let him if he insistsfai wearing his hat Which he does. n n; n Source j "THE way things are going .it appears -thai :the White House' 1 has run out of "unimpeachable'sources" to quote. So don't be surprised if you read a White House story at- tributed to "an impeachable source" one of these days. Limits on closed-end credit as bate, during which the proposal was variously described as "a terrible, rotten, conniving backroom bill" by Sen. James Gallagher (D-Jesup) to a rea- sonable consumer protection bill by its floor manager, Sen. Eliza- day afternoon would give the re- beth Shaw two mUtnU .r lailer two alternatives on which Charges He could charge not to exceec whichever amount was the greater between 18 percent a 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 sys- tems in Iowa 'and replace them with area education agencies (AKA) which would also over- see the state's 15 merged area schools. On a unanimous vote, the committee sent the controversi- al bill to the (house floor where battle is .expected over the bill's provision to abolish the county-level school boards. The 15 to 12 amendment lost nedy, Kinley, Miller of Des 28 to 20. Then the senate accept- Moines, Nolin, Orr, Palmer, ed Sen. William Palmer's (D-Priebe, Rodgers, Schaben, 10 YEARS AGO Jack Rubi was convicted and sentenced to death for the murder of Pres- ident Kennedy's accused assas sin. For the Finest' in Paints AT HANDLER MOTORS. BOW ARE RIGHT ON TARGET. Our Dodge Sportsm an wagons are America's Number One best seller. It's easy to see why Sportsman wagons outsell all the American-built competition. Sportsman wagons look good, ride well, come with power disc brakes and Electronic Ignition, and have our great Dodge Boy Deals. WE'VE GOT ALL-NEW DODGE KARY READY TO ROLL. If you need a delivery truck right now, we've got it! Allinew medium-duty trucks with the van body already attached. There are lots of models to choose from with lots of new features. Come and see them, now. SEE THE DODGE BOYS FOR GREAT BUYS IN USED TRUCKS, TOO! Dodge AUTHORIZED DEALERS handlers Corner Second Avenue and 8th Street Sf Phone 363-3521 E DODGE BOYS DODGE SUBARU IMPERIAL of these limits were changed. Senator Gene Glenn (D- Ottumwa) offered amendments reducing the 36 percent ceiling to 3D percent and the 21 per- cent figure to 18 percent. They were passed by respective votes of 26'to 20 and 27 to 23. But the senate turned down Henri's next two amendments tute IS for 12 in the Glenn amendment, the senate then re- jected the new figure, 27 to 23. Thai's as much progress as was made on the bill Wednes- day afternoon before Senate Re- publican Leader Clifton Lam- born called a halt. Voting to set the 18 percent ceiling on closed-end accounts as one alternative were: Repub- licans (25) Andersen, Berg- man, Briles, Burroughs, De- Koster, Griffin, Hansen, Hull- man, Kelly, Lamborn, McCart- ney, Miller of Marshall, Milli- gan, Murray, Nystrom, Potter, Rabedeaux, Ramsey, Rlley, Schwengels, Schwieger, Shaff, Shaw, Taylor, Tieden; Demo- crats (2) Junkins, Robinson. Voting for the 15 percent ceil- ing were: Republicans (3) Curtis, Plymal, Winkelman; Democrats (20) Blouin, Cole- and 18 percent figures to 12. 3es Moines) motion to change the 12 percent figure in Glenn's other amendment to 15 before deciding whether or not to lower :he 18 percent ceiling. Rejected After voting 25 to 24 to substi- to lowering both the 15 percent man. D o d e r e r, Gallagher, Glenn, Gluba, Keying, Hill, Ken- Scott, Van Gilst, Willils. The vote was exactly the same as the 25 to 24 vote to sub- stitute 15 for 12 except that Junkins and Robinson switched, voted "yes" on that one and Hultman was not recorded as voting. No. AC001.I7J SEIKO, THE EXPENSIVI WATCH WITH THE BUDGET PRICE. You don't have to .spend a fortune to get a treasure of a timepiece any more. Seiko's in- troduced automation to the watchmaking industry. A preci- sion micro assembly line turns out great watches at a cost you'll find hard to believe. You pay only for the timepiece, not the time it took to make it. for example, look at the one shown here, It is self-winding, water resistant down to 98.2 feet, has instant date change calendar, and a price tag to suit any budget. Come in and see our .new Seiko watches, and you'll un- derstand why Seiko is the larg- est manufacturer of jeweled lever watches in the world. Open Tonight (Thurs.) 'til 9 SMULEICOFF'S Jewelry Dept., Main Floor FREE PARKING for our customers. 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