FOR IMMEDIATE RELEASE
Wednesday, August 07, 2013
Contact: Kevin Flannery, (573) 526-0949
Two Initiative Petitions Relating to Interest, Fees and Finance Charges on Certain Loans Approved for Circulation for 2014 Ballot
Jefferson City, Mo. — Secretary of State Jason Kander today announced that two initiative petitions relating to interest, fees and finance charges on certain loans met state standards for circulation.
The official ballot title for both of the initiative petitions reads:
Shall the Missouri Constitution be amended to:
• limit the annual percentage rate of interest, fees and finance charges at which borrowers can be charged by lenders for certain loans;
• allow borrowers of certain loans, at no cost, to cancel and fully repay the loan within two business days of signing or to enter into an extended payment plan anytime before certain loans are due;
• prohibit criminal prosecution of borrowers for failure to repay certain loans; and
• create a criminal offense for lenders who purposely and repeatedly violate lending laws contained in this amendment?
State and local governmental entities expect no significant costs or savings if this proposal is approved by voters. Increased fine revenue resulting from this proposal could reduce state government expenses and increase revenue for some school districts, but the fiscal impact is unknown and likely insignificant.
Both petitions were submitted by Whitfield Montgomery, 1547 Carr Drive, St. Louis, MO 63106. One of the two petitions would amend Article I of the Missouri Constitution, while the other would amend Article III of the Missouri Constitution.
Before any constitutional changes can be brought before Missouri voters in the November 2014 election, signatures must be obtained from registered voters equal to eight (8) percent of the total votes cast in the 2012 governor's election from six of the state's eight congressional districts.
Signatures on behalf of all initiative petitions for the 2014 ballot are due to the secretary of state’s office by no later than 5 p.m. on May 4, 2014.
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.
Visit www.sos.mo.gov to learn more about the Office of the Missouri Secretary of State.
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