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I'm not sure if this works as designed, but after I checked the "Load a pre-built option list", selected US states for example, and save it, I can't edit it anymore; everything seems fixed. For instance, I can't uncheck "Load a pre-built option list" when I got a bug related to the option element module, or uncheck Allow "Other..." option.
Also, I set the label inline, but it displays as above.
Screenshots are attached.