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Arizona Limits on Car Title Loan Interest Rates Initiative (2020)
| Arizona Limits on Car Title Loan Interest Rates Initiative | |
|---|---|
 | |
| Election date November 3, 2020 | |
| Topic Banking | |
| Status Not on the ballot | |
| Type State statute | Origin Citizens |
The Arizona Limits on Car Title Loan Interest Rates Initiative was not on the ballot in Arizona as an initiated state statute on November 3, 2020.
The ballot measure would have limited interest rates, fees, and charges for car title loans to no more than 36 percent.[1]
Text of measure
Full text
The full text of the measure is available here.
Path to the ballot
Process in Arizona
In Arizona, the number of signatures required to qualify an initiated state statute is equal to 10 percent of the votes cast for the office of governor in the most recent gubernatorial election. Petitions can be circulated for up to 24 months. Signature petitions must be submitted four months prior to the election at which the measure is to appear.
The requirements to get initiated state statutes certified for the 2020 ballot:
- Signatures: 237,645 valid signatures were required.
- Deadline: The deadline to submit signatures was July 2, 2020.
If the secretary of state certifies that enough valid signatures were submitted, the initiative is put on the next general election ballot. The secretary of state verifies the signatures through a random sampling of 5 percent of submitted signatures working in collaboration with county recorders. If the random sampling indicates that valid signatures equal to between 95 percent and 105 percent of the required number were submitted, a full check of all signatures is required. If the random sampling shows fewer signatures, the petition fails. If the random sampling shows more, the initiative is certified for the ballot.
Stages of this initiative
The committee Arizonans for Fair Lending filed the ballot initiative on May 15, 2019.[1] On February 3, 2020, Rodd McLeod, a campaign consultant for Arizonans for Fair Lending, said the campaign was unable to raise enough funds for the campaign.[2]
See also
External links
Footnotes
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