Advance America and the Attorney General of Arkansas agreed to disagree and the compan will move out of Arkansas by October 31st.
Arkansas makes up less than 1% of Advance America’s revenues, so they decided it was not worth the fight. You can read the full article here.
The Arkansas Supreme Court next month will hear arguments in a lawsuit challenging the constitutionality of the 1999 Check Cashers Act, a law that advocates say payday lenders have tried to use as a shield in charging triple-digit interest rates. Arkansas’ constitution sets the state’s usury limit at 17 percent. If this lawsuit passes, lenders will most likely be allowed to move back into Arkansas.
