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Payday Loans

Big news at the Missouri Supreme Court today as the justices upheld the constitutional right of the Auditor to issue fiscal notes for ballot initiatives.  Additionally, the Supreme Court ruled that Secretary of State Robin Carnahan's ballot summaries are fair and sufficient. The ruling today is a big boost for the initiatives to raise Missouri's minimum wage, cap the rates of Missouri payday loans, and an effort to increase the tobacco tax. 

What is key to this ruling, especially with regards to the Auditor's constutional right to issue fiscal notes for ballot initiatives, is that Rex Sinquefield and other anti-tax folks cannot try to pull the wool over the eyes of Missouri's citizenry by putting out misleading fiscal notes for their budget busting proposals such as repealing the state income tax and replacing it with the Everything Tax which would dramatically increase the sales tax on everyday household goods and services.

All in all, a good day for democracy in the Show Me State.

From the Progress Missouri blog:

Victory: Supreme Court Upholds Citizens' Petitions to Cap the Rate and Raise the Wage

“Today's ruling is great news for the 350,000 Missourians who signed petitions to cap the rate on payday loans and raise our minimum wage," said Rev. James Bryan, Treasurer for Missourians for Responsible Lending. “The payday lenders and corporate special interests have tried everything in the book to silence Missourians and keep these petitions off the ballot-- unsuccessfully. We are happy to put this very long legal process behind us.”

“We expect the Secretary of State to certify signatures for the petitions to raise the minimum wage and cap payday loan interest rates in the coming days, and look forward to the final months of this two year campaign and victory in November,” said Rev. Dr. James T. Morris, Treasurer of Give Missourians a Raise. “Today is a great day for the working people of Missouri.”

Today's full ruling is online here.

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