AR Supreme Court Hears Payday-Lending Case Arguments
November 7th, 2006LITTLE ROCK (AP) - A lawyer representing a consumers group asked the Arkansas Supreme Court on Thursday to repeal the state’s check cashers law.
The high court heard oral arguments in an appeal brought by several consumers and Arkansans Against Abusive Payday Lending after a Pulaski County judge dismissed their lawsuit.
The plaintiffs say the state law allows payday lenders to illegally loan money with triple digit interest rates.
Thursday, attorney Todd Turner of Arkadelphia argued that the Check Cashers Act passed by the Legislature in 1999 should be struck down, and he said the state would be subject to a claim for illegal exaction for licensing fees collected from payday lenders.
An attorney for the state Board of Collection Agencies told justices that consumers should have brought their complaint before the board before going to court.
Watch Southern Good Faith Fund’s Matt Price in the Fox 16 video:
Archive: November 2006 | Section: Media, Southern Bancorp, Southern Good Faith Fund, Video
