AR SB658

Repeals the 1987 Credit Services Organizations Act and replaces it with the Credit Repair Services Organizations Act of 2017, establishing updated regulatory framework for credit repair service providers in Arkansas

Requires credit repair organizations to obtain a $10,000 surety bond and establish a federally insured trust account before collecting any payment from consumers

Mandates written disclosure to consumers before contract execution including their rights under the Fair Credit Reporting Act, dispute procedures, complete service descriptions, and pricing information

Prohibits organizations from charging solely for referrals when credit terms are substantially the same as general public terms, making false statements about creditworthiness, and making untrue representations

Allows consumers to cancel contracts within 5 days with full refund of payments within 10 days, and applies usury limits and interest rate disclosure requirements (bold 20-point APR display) to credit repair loans