LITTLE ROCK AP – Attorney General Dustin McDaniel said Tuesday that most of the payday lending companies operating in Arkansas have said they will close or stop issuing high-interest loans in response to his threat last month to sue them if they continued to do business in the state.
McDaniel said his office received word from 52 companies that they will comply with the cease-and-desist letter he sent them. He said that based on news reports, consumer calls and other contacts, he believes another seven companies have stopped issuing payday loans.
