H.C. "Hank" Klein of Sherwood, a longtime AARP Arkansas volunteer leader, played a key role in removing predatory payday lending from Arkansas in 2009. Klein's expertise, passion and persistence during the legislative session that recessed April 3 of this year helped stop predatory lenders from regaining a foothold in our state.
Warren Searls, AARP Arkansas Lead Volunteer for Advocacy and Executive Council member, in this video explains that while the Arkansas Constitution "caps" interest on consumer loans at 17 percent Annual Percentage Rate (APR), an out-of-state lender is using a loophole to charge up to 280 percent APR! Senate Bill 658, which has passed the Arkansas Senate and is pending in the state House of Representatives, will seal shut this phantom loophole. AARP Arkansas strongly supports SB658—because less than eight years after payday lenders left Arkansas, we can't afford to let predatory lenders regain a foothold in our state.
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