“Payday loans wiped out in Arkansas — is this a trend?” is the title of a Mitch Lipka article at WalletPop.com. The article, itself, does not have too much meat. This is a compelling question.
Category Archives: Arkansas
The last Arkansas payday lender closes
Arkansas payday lenders operated under a check cashing law since 1999. Last year, the Arkansas Supreme Court overturned it’s original ruling putting 275 lenders more of less out of business. A few are still around offering check cashing and phone cards. In this AP article in Forbes, the last of the Arkansas lenders has closed. […]
Posted in Arkansas
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 […]
Posted in Arkansas
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 […]
Posted in Arkansas
Arkansas Lenders Holding Strong
101 payday lenders in Arkansas are gone since the beginning of ’08. Of the 237 operators 136 are still offering loans. 55 (I counted 54) of the lenders are operating “in defiance” of the attorney general using various methods. The other 81 lenders are operating outside of state regulation and will face “potential” scrutiny, whatever […]
Also posted in CSO
14-Store Chain fined $1.3 Million
The Arkansas regulatory body of payday lenders fined a 14 store chain owned by Dennis Bailey of fordyce more than $1.3 million. Matson was operating as a Missouri lender in Arkansas. Missouri law does not allow Missouri payday lenders to operate outside that state. It is still unknown if the 14 store operation will close […]
Also posted in fines
Arkansas – 101 Payday Lenders Closed
The Attorney General, Dustin McDaniel, is playing hard ball with payday lenders in Arkansas. Arkansas payday lenders were operating under the Arkansas Checkcashers Act, which passed in 1999. This act allowed a payday lender to cash a check and hold it for for a period of time, typically 14 days. It is alleged that 101 […]
Posted in Arkansas
