Court Upholds Fines Against Payday Lender

LITTLE ROCK, AR - Arkansas' highest court has upheld $1.4 million in fines levied against the owner of a string of payday lending companies that regulators say operated in violation of state law.  The Arkansas Supreme Court affirmed a circuit judge's ruling ordering Dennis Bailey to pay the fines to the Arkansas State Board of Collection Agencies.

The board said Bailey operated 14 payday lending outlets without a license and ordered him to stop.  It later fined him when he continued to operate the businesses.  A Pulaski County circuit judge upheld the fine.

Six of the stores are located in Region 8, including Beebe, Corning, Mountain Home, Newport, Searcy and Walnut Ridge.

(The Associated Press contributed to this report.)