Arkasas still trying to keep payday lenders out

Payday lenders were hoping that a Supreme Court ruling in Arkansas would allow them to operate under a check cashing law from 1999. Well, the Supreme Court didn’t see things that way. They voted 6-0 against.

“Because that fee is in reality an amount owed to the lender in return for the use of borrowed money, we must conclude that the fees authorized clearly constitute interest,” Justice Paul Danielson wrote.

You can see the full story here.

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