Colorado Reduce Lender Monthly Maintenance Fee Initiative (2018)
| Colorado Reduce Lender Monthly Maintenance Fee Initiative | |
|---|---|
 | |
| Election date November 6, 2018 | |
| Topic Banking | |
| Status Not on the ballot | |
| Type State statute | Origin Citizens |
The Colorado Reduce Lender Monthly Maintenance Fee Initiative (#184) was not on the ballot in Colorado as an initiated state statute on November 6, 2018.
This measure would have lowered the maximum monthly maintenance fee that a lender can charge on an outstanding deferred deposit or payday loan from $7.50 per $100 loaned or $30 per month (whichever is less) to $5.00 per $100 loaned or $25 per month, whichever is less.[1][2]
Text of measure
Ballot title
The ballot title for the initiative is below:[2]
| Initiative 184 ballot title | |||||
|---|---|---|---|---|---|
|
Shall there be a change to the Colorado Revised Statutes reducing the maximum amount of the monthly maintenance fee that a lender may charge for an outstanding deferred deposit loan from the lesser of seven dollars and fifty cents per one hundred dollars loaned or thirty dollars per month to the lesser of five dollars per one hundred dollars loaned or twenty-five dollars per month? | |||||
Full text
- The full text of the measure is available here.
Path to the ballot
The state process
In Colorado, the number of signatures required to qualify an initiated state statute for the ballot is equal to 5 percent of the total number of votes cast for the office of Colorado secretary of state in the preceding general election. State law provides that petitioners have six months to collect signatures after the ballot language and title are finalized. State statutes require a completed signature petition to be filed three months and three weeks before the election at which the measure would appear on the ballot. The Constitution, however, states that the petition must be filed three months before the election at which the measure would appear. The secretary of state generally lists a date that is three months before the election as the filing deadline.
The requirements to get an initiated state statute certified for the 2018 ballot:
- Signatures: 98,492 valid signatures were required.
- Deadline: The deadline to submit signatures was August 6, 2018.
The secretary of state is responsible for signature verification. Verification is conducted through a review of petitions regarding correct form and then a 5 percent random sampling verification. If the sampling projects between 90 percent and 110 percent of required valid signatures, a full check of all signatures is required. If the sampling projects more than 110 percent of the required signatures, the initiative is certified. If less than 90 percent, the initiative fails.
Details about this initiative
- Bill Fritts and Trista Gibson submitted this initiative on April 6, 2018.[2]
- A ballot title and summary were issued for it on April 18, 2018.[2]
- The measure did not submit signatures to the secretary of state's office by the August 6, 2018, deadline and therefore did not qualify for the ballot.
See also
External links
Footnotes
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State of Colorado Denver (capital) |
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