LITTLE ROCK AP – Attorney General Dustin McDaniel on Tuesday said that only a handful of payday lending companies in the state have told his office they will shut down or have already done so rather than face the threat of a lawsuit accusing them of violating the state’s ban on high-interest loans.
Friday is the deadline McDaniel gave 60 companies that operate 156 payday lending locations in the state to respond to a cease-and-desist letter the attorney general sent the firms last month. McDaniel said his office is already preparing for lawsuits against companies that don’t shut down by then.
