Shutting loopholes in loan agreements would be key to make sure customer protection
Pay day loans in Arkansas
Pay day loans are prohibited in Arkansas, but attorney general Leslie Rutledge said June 2 because she believes the states should regulate the loans that she is not in favor of the proposed federal regulations.
The Arkansas constitution caps the attention price on customer loans to 17 %. Rutledge sent a page towards the customer Financial Protection Bureau might 11 voicing concern that brand brand new federal laws could “conflict with, constrict and otherwise needlessly restrict current state customer security guidelines, lending standards, licensing systems and enforcement that is regulatory.”