McDaniel: Some Payday Lenders Are Closing - KAIT Jonesboro, AR - Region 8 News, weather, sports

Little Rock, AR

McDaniel: Some Payday Lenders Are Closing

LITTLE ROCK, AR - Attorney General Dustin McDaniel says only a handful of payday lending companies in the state have told his office they will shut down or have already done so.

Friday is the deadline McDaniel gave 60 companies that operate 156 payday lending locations in the state to respond to a cease-and-desist letter he sent the firms last month.  McDaniel says his office is already preparing for lawsuits against companies that don't shut down by then.

McDaniel says his office has received written replies from six companies that operate about a dozen payday lending locations stating that they will shut down or have already shut down.  McDaniel says his office also has anecdotal evidence that about 30 payday lending businesses will or have closed, but has not received any written notice.

(Copyright 2008 by The Associated Press.  All Rights Reserved.)

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