When it comes to predatory lending, Arkansas may enjoy something of a reputation of being the place of calm in the eye of the storm. That is, while states all around Arkansas continue to allow payday lending operations to function and charge sometimes exorbitant interest rates for fast cash, Arkansas' constitution has put a lid on such non-bank lending rates, capping them at 17 percent.
We've previously written about John L. Smith's bankruptcy filings. Yet months after a settlement was thought to be near this matter has not yet been resolved.
Bankruptcy laws underwent major modifications in 2005. The purpose of the changes was intended to make it harder for individuals to potentially abuse the system.