At this point, people everywhere in Missouri have heard about the petition for the controversial “Missouri Payday Ballot Initiative,” which is seeking to cap interest rates at 36 percent. What the petition did not say was that it actually is targeting all small-dollar loans in Missouri, including safe and responsible traditional installment loans. Nor did the petition say what a catastrophe it would be for individuals and businesses in our state if this initiative is adopted into law. The Cole County Court recently ruled that the petition language was “misleading” and that any signatures gathered must be thrown out. The court further found that the initiative was “insufficient, unfair and likely to deceive voters.” And its effect would be to eliminate the entire small-dollar loan industry—costing the state millions of dollars in lost tax revenue. The petition purposely blurred the lines between payday loans and traditional installment loans, when in fact the two are radically different. Unfortunately, the court’s ruling is currently being appealed by those who would like to railroad this misleading ballot initiative into law in Missouri. Stand Up Missouri has been established to educate the public about the potential consequences of this initiative and the drastic impact it would have on Missouri’s economy if the appeal succeeds and the initiative goes on the ballot in November. We invite you to explore our website and learn more about this vital issue

Filed under: Videos

Like this post? Subscribe to my RSS feed and get loads more!