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What does this mean: "Legal Status: Legal (Applies to check cashers only)"

Date: Tue, 06/29/2010 - 08:15

Submitted by David1277749905
on Tue, 06/29/2010 - 08:15

Posts: 13 Credits: [Donate]

Total Replies: 3


At this site http://www.paydayloaninfo.org/stateinfo/AR.asp I read the phrase:

"Legal Status: Legal (Applies to check cashers only)"

What does that mean, for a check casher it is legal to offer payday loans, but for other businesses it is illegal?


The website you have pointed to may be out of date. Some sites don't get updated with the most recent information. The site you pointed to links to the Arkansas State Board of Collection Agencies which regulates collection agencies and not payday lenders. I found the information that Arkansas does not regulate payday loans on Wikipedia. It could be wrong, but since there is no information on the state government's website I would trust Wiki.


lrhall41

Submitted by OVLG Attorney on Tue, 06/29/2010 - 11:18

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