Missouri Lending Charges Limits Initiative (2014)

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The Missouri Lending Charges Limits Initiative did not appear on a 2014 election ballot in the state of Missouri as an initiated state statute. The measure would have limited the annual rate of interest, fees, and finance charges for payday, title, installment, and consumer credit loans.[1]

Text of measure

Ballot question

The official ballot question read as follows:[2]

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? [3]

Fiscal note

See also: Fiscal impact statement

According the Missouri secretary of state's fiscal note:

  • State and local governmental entities could have annual lost revenue estimated of at least $17 million if the proposal results in significant business closures. Changes in economic activity could offset these potential losses by an unknown amount.

Support

The measure was sponsored by Missourians for Responsible Lending.[1]

Path to the ballot

see also: Laws governing the initiative process in Missouri

The supporting group had until May 4, 2014 to turn in the required amount of valid signatures. Missouri law states that signatures for initiated state statutes must be obtained from registered voters equal to five percent of the total votes cast in the 2012 governor's election from six of the state's eight congressional districts. This amounts to a minimum of 98,618 valid signatures, depending on which districts signatures are gathered from.[4]

See also

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References