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AR SB900
Bill
Status
5/17/2013
Primary Sponsor
Jon Woods
Click for details
AI Summary
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Amends Amendment 89, § 3 of the Arkansas Constitution to set the maximum lawful interest rate on loans or contracts not described in Sections 1 and 2 at 17% per annum.
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Declares that the General Assembly has the authority to define the maximum lawful rate of interest on such loans.
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Declares an emergency due to deceptive and misleading information regarding consumer credit products potentially endangering the state's population.
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Authorizes the General Assembly to establish appropriate regulations of consumer credit products to ensure public safety, health, and welfare.
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Effective immediately upon gubernatorial approval, expiration of the veto period, or override of a gubernatorial veto.
Legislative Description
To Amend Amendment 89 Of The Arkansas Constitution Concerning The Interest Rate Limit On Loan Contracts Pursuant To Section 11 Of Amendment 89 To The Arkansas Constitution; And To Declare An Emergency.
Last Action
Sine Die adjournment
5/17/2013