Initiative petition relating to loans, lender licensing fees approved for circulation for 2014 ballot

Posted June 13, 2013 at 11:15 am

Secretary of State Jason Kander announced that an initiative petition relating to Certain Loans and Lender Licensing Fees met state standards for circulation.

The official ballot title for the petition reads:

Shall the Missouri Constitution be amended to:

• limit the annual rate of interest, fees and finance charges for certain loans, and prohibit lenders of such loans from using other transactions to avoid the rate limit; and

• allow the legislature to set a licensing fee of no less than four hundred dollars a year charged to certain lenders for each of their locations?

No significant estimated costs or savings are expected for state and local governmental entities if this proposal is approved by voters. State governmental entities estimated this proposal could result in increased licensing revenue of at least $200,000 annually.

The petition, which would amend Article III of the Missouri Constitution, was submitted by Mr. Jewell Patek, 331 Madison, Jefferson City, MO 65102 (573) 690-3573.

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.