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JEFFERSON CITY – Secretary of State Robin Carnahan today announced that an initiative petition relating to payday, title, installment, and consumer credit loans has met state standards for circulation.
The ballot title for the petition reads:
Shall Missouri law be amended to limit the annual rate of interest, fees, and finance charges for payday, title, installment, and consumer credit loans and prohibit such lenders from using other transactions to avoid the rate limit?
State governmental entities could have annual lost revenue estimated at $2.5 to $3.5 million that could be partially offset by expenditure reductions for monitoring industry compliance. Local governmental entities could have unknown total lost revenue related to business license or other business operating fees if the proposal results in business closures.
The petition, which would amend Chapters 367 and 408 of the Missouri Revised Statutes, was submitted by Mr. James J. Bryan, P.O. Box 154, Glasgow, MO 65254.
Before any statutory changes can be brought before Missouri voters in the November 2012 election, signatures must be obtained from registered voters equal to five (5) percent of the total votes cast in the 2008 governor’s election from six of the state’s nine congressional districts.
Signatures on behalf of all initiative petitions for the 2012 ballot are due to the Secretary of State’s office by no later than 5 p.m. on May 6, 2012.
Before circulating petitions, state law requires that groups must first have the form of their petition approved by the Secretary of State and Attorney General. The Secretary of State then prepares a summary statement of no more than 100 words and the State Auditor prepares a fiscal impact statement, both of which are subject to the approval of the Attorney General. When both statements are approved, they become the official ballot title.