Advance America closes in Arkasas

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.

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