Hank Klein
“Recent actions taken by the ASBCA represent a step in the right direction in favor of Arkansas consumers… However, a regulation rate of 55 percent would still get an ‘F’ on any academic grading scale.”
Arkansans Against Abusive Payday Lending (AAAPL) president H. C. “Hank” Klein said that nearly half of all payday lenders in Arkansas are unlicensed and unregulated by the Arkansas State Board of Collection Agencies (ASBCA)…
AAAPL data show that 146 of the state’s 265 payday lenders are licensed and regulated by the ASBCA to make payday loans – leaving 45 percent unregulated.
Klein said that all payday loan shops must be licensed:
“While progress has been made, much more remains to be done. No payday lender in Arkansas should be allowed to operate without both a license to make payday loans and meaningful regulation by the [state board].”
H. C. “Hank” Klein is founder and president of Arkansans Against Abusive Payday Lending (AAAPL).
Source: Study: Payday Lending Has Better Licensing, But Regulation Lacking (Arkansas Business)
Recent Posts:
- 01/02/2011: U.S. Trustee Program Approved Credit Counseling Agencies
- 12/27/2010: Added Most Popular Lenders Page
- 12/14/2010: Added State Licensed Lenders Page
- 12/06/2010: Thank You!
- 12/04/2010: Payday Loan Demographics Study – December 2010
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