JEFFERSON CITY, Mo. (AP) — Critics are challenging a proposed Missouri ballot measure that seeks to limit interest rates for payday loans.
The proposed ballot measure would cap interest, fees and charges for payday and car title loans at 36 percent per year. Critics of the proposal filed a lawsuit in the state Capitol’s home of Cole County.
The suit contends a ballot summary for the proposal is inadequate and unfair and that the cost estimate for the proposal does not address all the possible costs.
Backers of the ballot measure say they plan to start collecting signatures for the initiative petition this week. To get the measure on the 2012 ballot, they must collect signatures from 5 percent of the voters who cast ballots in the 2008 governor’s election from six congressional districts.
Copyright Associated Press