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By Rob Moritz Arkansas News Bureau LITTLE ROCK - The state law that regulates the payday lending industry in Arkansas should be stricken as unconstitutional because it allows companies to make loans to consumers at interest rates that exceed the state’s 17 percent usury limit, a lawyer for opponents of the law argued Thursday before the state Supreme Court.
LITTLE ROCK — The law regulating the payday lending industry in Arkansas should be stricken as unconstitutional because it allows companies to make loans to consumers at interest rates that exceed the state’s 17 percent usury limit, a lawyer for opponents of the law argued Thursday before the state Supreme Court.
TLITTLE ROCKA 1999 Arkansas law opened the door for payday lenders to charge triple-digit interest rates in violation of the constitution, attorneys told the states highest court on Thursday.
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