By Wesley Brown, Arkansas News Bureau
The State Board of Collection Agencies on Wednesday denied a claim by opponents of the state’s check-cashing law who sought enforcement of a surety bond posted by a payday lender that violated the state usury law.
The board’s 3-1 ruling is another setback for payday lending foes, who argue that the check-cashing law illegally allows pay-day lenders to charge annual interest rates that exceed state constitution’s usury cap of 17 percent on consumer loans.
For this complete story, please visit http://www.arkansasnews.com/archive/2005/12/08/News/331701.html.
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