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.