Arkansas Payday Loan Laws & Legislation

Arkansas Payday loan laws. Arkansas Payday loan legislation. Arkansas has specific payday advance laws. The Arkansas Attorney General is enforcing the state's 17% constitutional limit.

We suggest you concentrate your research on the Payday Loan Internet Model and the Credit Services Organization as described here. Although our discussion focuses on the Texas Credit Services Organization Model, you and your team may determine it is appropriate for a multiplicity of states.

Arkansas Payday Loan Law and Lgislation

Legal Status: Legal (Applies to check cashers only)

Citation:
Ark. Code. Ann. § 23-52-101 et seq.; Ark. Const. art. 19, § 13

Loan Terms:
Maximum Loan Amount: $400
Loan Term: 6-31 days
Maximum Finance Rate and Fees: 10% of check + $10; $5 ID card
Finance Charge for 14-day $100 loan: $22.22
APR for 14-day $100 loan: 579%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per location
Rollovers Permitted: None (cannot renew or consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: NSF fee; Court Costs; Reasonable Attorney's Fees
Criminal Action: Prohibited (Unless check returned due to closed account and stop-payment by maker)

Where to Complain, Get Information:
Regulator: Arkansas State Board of Collection Agencies
Address: Division of Check-Cashing Companies, 523 Louisiana Street, Suite 460 Little Rock AR 72201
Phone: (501) 371-1434
Fax: (501) 371-1440
Regulatory Contact: Peggy Matson,, Executive Director
Regulator Website

Licensee Database

Online Resources PaydayLoanIndustry.com