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Two Initiative Petitions Approved for Circulation for 2012 Ballot

JEFFERSON CITY – Secretary of State Robin Carnahan today announced that two initiative petitions relating to payday, title, installment and consumer credit loans were approved for circulation.

The ballot title for the first petition reads:

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?

The proposal is estimated to result in no direct costs or savings to state and local governmental entities.

The ballot title for the second petition reads:

Shall Missouri law be amended to limit the annual rate of interest, fees, and finance charges for payday, title, installment, and consumer credit loans, unless the parties agree otherwise in writing, and prohibit such lenders from using other transactions to avoid the rate limit?

The proposal is estimated to result in no direct costs or savings to state and local governmental entities.

The petitions, which would amend Chapters 367 and 408 of the Missouri Revised Statutes, were submitted by Mr. Jewell D.H. Patek, 331 Madison, Jefferson City, MO 65102.

Before any statutory changes can be brought before Missouri voters in the November 2012 election, signatures must be obtained from registered voters equal to five (5) percent of the total votes cast in the 2008 governor’s election from six of the state’s nine congressional districts.

Signatures on behalf of all initiative petitions for the 2012 ballot are due to the Secretary of State’s office by no later than 5 p.m. on May 6, 2012.

Before circulating petitions, state law requires that groups must first have the form of their petition approved by the Secretary of State and Attorney General. The Secretary of State then prepares a summary statement of no more than 100 words and the State Auditor prepares a fiscal impact statement, both of which are subject to the approval of the Attorney General. When both statements are approved, they become the official ballot title.

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