(a) The sponsors must file the initiative petition within one year from the time the sponsors received notice from the lieutenant governor that the petitions were ready for delivery to them. The petition may be filed with the lieutenant governor only if it meets all of the following requirements: it is signed by qualified voters
(1) equal in number to 10 percent of those who voted in the preceding general election;
(2) resident in at least three-fourths of the house districts of the state; and
(3) who, in each of the house districts described in (2) of this subsection, are equal in number to at least seven percent of those who voted in the preceding general election in the house district.
(b) If the petition is not filed within the one-year period provided for in (a) of this section, the petition has no force or effect.