The proposed ballot language in Missouri is misleading because 1.) It makes it sound as if there is no current limit on payday loan fees (there is); and 2.) It doesn’t say that the initiative would impose a 35 percent APR cap on short-term loans (which would prohibit such loans.) Finally — let’s be clear — there would be a significant financial impact: MO would lose about $596 million and nearly 10,000 jobs with more than $378 million in wages, according to IHS Global Insight. The story of dueling lawsuits is here…