Posted: Aug 20, 2012 4:49 AM by Associated Press
JEFFERSON CITY, Mo. (AP) - A Missouri judge is considering whether proposed new restrictions on payday loans and other short-term lending should appear on the statewide November ballot.
State elections officials have ruled the measure's proponents collected too few signatures from registered voters to get it on the ballot. The proponents responded with a lawsuit claiming officials failed to count some valid signatures.
Cole County Circuit Judge Pat Joyce scheduled a hearing on the lawsuit Monday in Jefferson City.
The initiative would cap annual interest on certain short-term loans at 36 percent.