Arkansas Attorney General To Payday Lenders: Shut Down Or I'll See You In Court

Arkansas Attorney General To Payday Lenders: Shut Down Or I'll See You In Court

On March 18, Arkansas Attorney General Dustin McDaniel sent letters to 156 payday lenders, ordering them to stop issuing new loans and void any current and past due loans or face legal action. McDaniel charges that the lenders are violating Arkansas’s constitutional prohibition against usurious interest rates.