Missouri Loan Interest Rate Limit Initiative (2014)

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A Missouri Loan Interest Rate Limit Initiative did not appear on the November 4, 2014 election ballot in the state of Missouri as an initiated state statute. If approved by voters, the measure would have limited "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."[1]

Text of measure

Ballot question

According to the official ballot title published by the secretary of state, the ballot question would have read:[1]

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?

[2]

Fiscal statement

According to the official ballot title published by the secretary of state:[1]

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. [2]

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.[3]

See also

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References

  1. 1.0 1.1 1.2 1.3 Missouri Secretary of State, "Statute 2014-018," accessed February 24, 2014
  2. 2.0 2.1 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
  3. Ballotpedia.org, "Laws governing the initiative process in Missouri," accessed March 14, 2014