Minimum wage, payday loan petitions submitted

JEFFERSON CITY, Mo. -- Supporters of raising Missouri's minimum wage and limiting payday loans have submitted petitions to get the measures on the November ballot.

The minimum wage proposal would boost Missouri's minimum pay to $8.25 an hour starting 2013, with an annual cost-of living adjustment in subsequent years.

Missouri currently follows the federal minimum wage of $7.25 per hour. Voters also approved a 2006 ballot measure increasing the state minimum wage.

Under the payday loan proposal, annual rates on short-term loans would be capped at 36 percent. That would include interest, fees and finance charges.

Backers of the measures say they submitted about 180,000 signatures to the secretary of state's office for the payday loan measure and 175,000 for the petition on minimum wage.