An initiated petition regarding payday, title, consumer credit and installment loans have passed the circulation standards.

Robin Carnahan, the Secretary of State, shared the petition’s ballot title as follows:
Shall the law of Missouri be changed to put limitations to the yearly rates on interest, finance charges and fees for payday, title, consumer credit and installment loans and disallow lenders to utilize other transactions in order to avoid the cap in rates?

Entities of the state government could have a yearly revenue loss amounting to about $2.5 million to $3.5 million. These amounts can be partially offset by reducing expenditures for industry compliance monitoring. Entities of the local government could have a total lost profit associated with licenses and operating fees of businesses if the proposal leads to the closures of businesses.

The petition, which would change both chapters 367 and 408 of the Missouri Revised Statutes, was passed by Mr. James J. Bryan with the address of P.O. Box 154, Glasgow, MO 65254.

Before raising any statutory amendments to the voters in Missouri in the elections of November 2012, registered voters must sign. The number of voters should reach at least 5% of the total number of votes made in the governor’s election of 2008 coming from six out of the nine districts of Congress.

Signatures representing all the initiative petitions for the ballots in 2012 must be submitted to the office of the Secretary of State by 5 P.M of May 6, 2012.

Before moving around any petition, the law of the state requires that the petition’s form is approved by both the Attorney General and Secretary of State. A summary statement is then prepared by the State Secretary. The statement should contain up to a maximum of 100 words. After which, a fiscal impact statement is made by the State Auditor. Both summary and fiscal impact statements must be approved by the Attorney General. Once approval is given, they officially become the ballot title.

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