Arkansas Payday law ruled unconstitutional

The Arkansas Supreme Court today has ruled that the 1999 Arkansas Check Cashers law is unconstitutional. The ruling is a serious legal blow to check cashing companies operating in the state.

"Because the Check Cashers Act clearly authorizes loans charging usurious rates of interest in contravention of the limits set forth in Article 19, Section 13, we hold that the act, in its entirety, clearly and unmistakably conflicts with out constitution and is unconstitutional," Justice Paul Danielson wrote in the court’s opinion.

See talkbusiness.net for more details.