State Rep. David Johnson, D-Little Rock, and state Sen. Shawn Womack, R-Mountain Home, filed House Bill 1036, last week which would prohibit businesses (payday lenders) from charging more than 17 percent interest on a consumer loan and would set a fine of $300 per transaction for violations of the statute.The state constitution already prohibits interest rates of more than 17 percent on consumer loans and credit sales, but there is no state statute imposing a penalty for exceeding that limit. Payday borrowers typically are charged a fee that some say is the equivalent of a high interest rate - often more than 300 percent. [Read More]
Arkansas Bill Introduced to Stop PayDay Preditory Lending
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State Rep. David Johnson, D-Little Rock, and state Sen. Shawn Womack, R-Mountain Home, filed House Bill 1036, last week which would prohibit businesses (payday lenders) from charging more than 17 percent interest on a consumer loan and would set a fine of $300 per transaction for violations of the statute.The state constitution already prohibits interest rates of more than 17 percent on consumer loans and credit sales, but there is no state statute imposing a penalty for exceeding that limit. Payday borrowers typically are charged a fee that some say is the equivalent of a high interest rate - often more than 300 percent. [Read More]
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