Payday Loan Laws Legislation On Payday Lending And The Cash Advance Industry

Arkansas Payday Loan Laws

Min/Max Term of Payday Loan: 6-31 days
Max Fees and Finance Charges: $10 fee + $5 origination fee + 10% (personal check or money order); or 5% if check is public assistance; or 6% other checks
Maximum Loan Amount: $400
Number of Rollovers: None (cannot renew or consolidate)
Outstanding loans allowed at one time: One per location
Cool-off period: Not specified
Military Protection: Not specified
Payment Plan: Not specified
Limits on collection and presentment: Not specified
Collection fees: NSF fee; Court costs; Reasonable Attorney's Fees
Presentment Limit: Not specified
Penalties: Civil Fines, Suspension or revocations of license; Cease and Desist Order; Criminal
Private right of action: Yes


Arkansas Payday Loan Laws:

Senate Bill 948 amended existing law protecting the military, and some licensing requirements.

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