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Arkansas Cash Lenders
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.
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