Arkansas Board Asks Judge to Fine and Close Payday Lender - KAIT Jonesboro, AR - Region 8 News, weather, sports

Little Rock, AR

Arkansas Board Asks Judge to Fine and Close Payday Lender

JULY 12, 2006 - Posted at 7:59 a.m. CDT

 

LITTLE ROCK, AR - State regulators say the owner of a string of payday-lending companies who was ordered to shut them down hasn't done so, but instead has stripped the businesses of cash in an effort to avoid paying more than $1.3 million in fines.

The state Board of Collection Agencies asked in a court filing yesterday for a judgement against Dennis Bailey in the amount of the fines, plus six percent interest.

The filing claims that Bailey "has taken large sums of cash from the stores and swept the bank accounts" of his business.  The filing says Bailey moved the company to avoid paying more than $1.3 million in fines.

Bailey earlier asked a circuit judge to issue a stay on the board's order.

Paul Johnson, a lawyer for Bailey, said today he expects there will be a hearing on the matter.   The filings are before Pulaski County Circuit Judge Marion Humphrey.

(Copyright 2006 by The Associated Press.  All Rights Reserved.)

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