AR SB568

Amends Section 3 of Amendment 89 to the Arkansas Constitution to allow the General Assembly to set maximum interest rates on loans of $5,000 or less, rather than the default 17% per annum cap

Delegates authority to the General Assembly to establish interest rate regulations for small loans to address access to credit for "unbanked" and "under-banked" consumers with low credit scores who cannot access traditional financing

Maintains the 17% per annum interest rate cap for loans over $5,000 and for loans not covered by the General Assembly's future regulations on small loans

Declares an emergency to allow the bill to take effect immediately upon Governor approval, without action, or upon veto override, citing irreparable harm to citizens without immediate relief from constitutional interest rate limits

Requires a three-fourths vote of each house of the General Assembly to adopt the amendment, consistent with Section 11 of Amendment 89