Civil Court Records
Criminal Court Records
Agency Laws & Licensing Requirements
Collection Agencies must follow the
licensing requirements are prescribed under the
Arkansas Collection Agency Act
- [ARK. C.17-24-101,
et seq.]. This Act states,
any person, partnership, association, or corporation who wish to conduct
a collection agency or engage within the State of Arkansas in the business
of collecting claims for others, or of soliciting the right to collect or
receive payment for any other person of any claim or advertise, either in
print, by letter, in person or otherwise, must obtain a license from the
State Board of Collection
The Collection Agency must provide
a bond in an amount not less than $5,000 and not more than $25 Thousand
dollars depending on the number of collectors employed by the collection
More information regarding licensing
can be obtained from:
The State of Arkansas
State Board of Collection
523 South Louisiana Suite
Little Rock, Arkansas 72201
Phone: (501) 376-9814
Arkansas Code &
Statutes (State laws governing
Agency Penalties For No License
General Office Helps Consumers
With Debt Collection Violations In Many Cases
Attorney Bar Locate an Attorney
who practices in Arkansas, State laws, and Links
Rate(s): Legal 6% or 5 points
above the Federal Discount Rate - Judgment Contract Rate or 10% per annum
whichever is greater.
Debt Collection Statute
Open Acct. 3 Years - Written Contract 5 Years (partial payment will stop
the statute from running) - Sale of goods (UCC-2 - 4) - Domestic Judgments
10 Years Renewable - Foreign Judgments 10 Years
Bad Check Laws &
Civil Penalty: Twice
the amount of the check. Prior to double charge can start out with $15.00
charge per NSF after 30 days.
& Fraudulent Practices
Prosecuting Attorney May Collect A Fee.
Hot Check Law. - 5-37-302
Issuing A Hot Check.
Adjusting - Injunction Against Operation - Receivership
Adjusting Law - Exclusions
$500.00 Head of family. $200.00 Single. Includes personal property except
clothing. Homestead Exemptions: 40 acres plus home in city 80 acres plus
home in country.
Arkansas Collection Agencies Must Follow the
Federal Fair Debt Collection Practices
The Federal Debt Collection Law is enforced by
The Federal Trade
$10,000 to $25,000, License and
registration required to solicit and/or collect, Some Regulation, Required
to register Collector name, Restrictions: Collector must attempt
to contact at home first before contact at Place Of Employment, Restrictions
also apply to creditors.
Other Credit and Collection
The major laws
that govern financial institutions and protect individuals in their financial
Consumer Credit Protection
Act It is the purpose of this
title to assure a meaningful disclosure of credit terms so that the consumer
will be able to compare more readily the various credit terms available to
him and avoid the uninformed use of credit, and to protect the consumer against
inaccurate and unfair credit billing and credit card practices.
Truth in Lending
Act Consumer Credit Costs
Disclosures, requires a lender to tell you how much it will cost to borrow
money so that you can compare the terms of credit offered by different lenders.
Fair Credit and Charge Card Disclosure
Act requires a lender offering
you a credit card to tell you the annual percentage rate (APR), the amount
of any annual fee, and whether you have a grace period to pay your bill before
a finance charge is added.
Fair Credit Reporting
Act controls how your credit
history (how you pay your bills) is kept by credit bureaus and used by lenders.
Equal Credit Opportunity
Act prohibits lenders
from discriminating against you in a credit transaction on the basis of certain
personal characteristics such as race, color, religion, national origin,
sex, marital status, age, because you receive public assistance or because
youve exercised your rights under the Consumer Credit Protection Act.
Fair Debt Collection Practices
Act lays out the rules a debt
collector must follow when trying to collect a debt from a consumer.
Home Equity Loan Consumer Protection
Act requires a lender to give
you complete information about the home equity loan plan it offersfirst
when you receive an application and again before you first use the line of
The Home Ownership and Equity Protection
Act requires disclosures and
imposes substantive limitations on mortgage transactions having rates or
fees above a certain percentage or amount. It also requires disclosures about
the potential costs for reverse mortgages.
Fair Housing Act
prohibits lenders from
discriminating against you in real estate mortgage or home improvement loans
on the basis of race, color, religion, national origin, sex, familial status,
Real Estate Settlement Procedures
Act states that lenders must
give purchasers information about the costs required to close a mortgage
loan. It also protects consumers from unnecessarily high real estate settlement
costs by prohibiting certain business practices. This applies when you take
out or refinance a loan secured by real estate such as a mortgage loan or
a home equity loan.
Fair Credit Billing
Act requires that a lender
promptly correct a mistake on your credit card bill.
Funds Availability Act limits
how long a bank may delay your use of the funds you deposit in an account.
Truth in Savings Act requires lenders
to disclose the terms of their deposit accounts in a uniform way.
Fund Transfer Act limits an
individuals liability if their ATM card is lost or stolen and calls
for investigation and correction of errors made to your account.
Leasing Act requires the costs
and the terms of a consumer lease, such as a lease for a car or for furniture,
be outlined to you so that you can compare the cost of leasing.
Credit and Collection
of the Currency
Office of the Ombudsman
Customer Assistance Unit
1301 McKinney Street
Houston, TX 77010
1 (800) 613-6743
(regulates banks with national in the name or N.A. after the
Compliance and Consumer Affairs
550 17th Street, N.W.
Washington, DC 20429
(202) 942-3100 or 1 (800) 934-3342
(regulates state chartered banks that are not members of the
Federal Reserve System)
of Thrift Supervision
1700 G Street, N.W.
Washington, DC 20552
(202) 906-6237 or 1 (800) 842-6929
(regulates federal savings and loans and federal savings banks)
Office of Public and Congressional Affairs
1775 Duke Street
Alexandria, VA 22314-3428
(regulates federally chartered credit unions)
Consumer Response Center
6th and Pennsylvania, N.W.
Washington, DC 20580
877-FTC-HELP toll free (877-382-4357)
(regulates finance companies, stores, auto dealers, mortgage
companies, and credit
More Credit and Collection
State Credit and Collection
Laws Laws about, Autos, Checks,
Credit, Courts, Judgments, Secured Debts, UCC, Credit Terms and Use, Bankruptcy
Courts, Collections and State Agencies/Organizations.
Open Directory Project Links
Search Consumer Rights & Protections
- Google Deep Search Arkansas Debt Collection Laws
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