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August 11, 2009
Payday lending declared dead in Arkansas
Kudos to consumer champion Hank Klein of Arkansans Against Abusive Payday Lending. In a press conference today, held with an assistant state attorney general and others, the group he founded and tirelessly volunteered with today declared that Payday lending is history in Arkansas. First American, the final payday lender to cease operations in Arkansas, closed its last store on July 31. [...] The formal end of payday lending in Arkansas occurs nine months after the Arkansas Supreme Court ruled that a 1999 payday lending industry drafted law violated the Arkansas Constitution, and 17 months after Arkansas Attorney General Dustin McDaniel initiated a decisive crackdown on the industry. For more on the status of the nationwide fight against triple-digit payday lending that depletes wealth from communities, see the Consumer Federation of America's paydayloaninfo.org.
Posted by Ed Mierzwinski at August 11, 2009 04:05 PM
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