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23-39-405. Remedies and penalties.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-39-405. Remedies and penalties.
(a)(1) A violation of any of the provisions of this subchapter shall constitute an unfair or deceptive act or practice as defined by the Deceptive Trade Practices Act, § 4-88-101 et seq.
(2) All remedies, penalties, and authority granted to the Attorney General under the Deceptive Trade Practices Act, § 4-88-101 et seq., shall be available to him or her for the enforcement of this subchapter.
(3) In any action brought by the Attorney General pursuant to this subsection, the Attorney General may also recover on behalf of borrowers the amounts specified under subsection (b) of this section.
(b)(1) A borrower may bring an action against the loan broker, its principals, employees, or agents, and against the surety bond, or trust account, if any, of the loan broker as a result of a violation of this subchapter.
(2) The action shall be brought in the county in which the solicitation was made, and the court shall award:
(A) An amount of three (3) times the amount paid by the borrower for the loan services or one thousand dollars ($1,000), whichever is greater;
(B) Incidental and consequential damages; and
(C) Costs and reasonable attorney's fees.
(c) A permanent injunction, judgment, or order of the court obtained by the Attorney General pursuant to this section shall be prima facie evidence in an action brought under this section that the defendant used or employed a method, act, or practice declared unlawful by this subchapter.
(d) A person bringing an action under this section shall bring the action within one (1) year after any action brought by the Attorney General has been terminated or two (2) years after the violation occurred, whichever is later.
(e)(1) Any person who knowingly commits a practice defined as unla
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-39-405
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-39-405
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a037c5d2f23ee36b8dc55a3dd97b35cbd77b6345f490faabff8ecd1ed8faf9f8
Source location: content.xml paragraph 18477
Stored source content
23-39-405. Remedies and penalties.
(a)(1) A violation of any of the provisions of this subchapter shall constitute an unfair or deceptive act or practice as defined by the Deceptive Trade Practices Act, § 4-88-101 et seq.
(2) All remedies, penalties, and authority granted to the Attorney General under the Deceptive Trade Practices Act, § 4-88-101 et seq., shall be available to him or her for the enforcement of this subchapter.
(3) In any action brought by the Attorney General pursuant to this subsection, the Attorney General may also recover on behalf of borrowers the amounts specified under subsection (b) of this section.
(b)(1) A borrower may bring an action against the loan broker, its principals, employees, or agents, and against the surety bond, or trust account, if any, of the loan broker as a result of a violation of this subchapter.
(2) The action shall be brought in the county in which the solicitation was made, and the court shall award:
(A) An amount of three (3) times the amount paid by the borrower for the loan services or one thousand dollars ($1,000), whichever is greater;
(B) Incidental and consequential damages; and
(C) Costs and reasonable attorney's fees.
(c) A permanent injunction, judgment, or order of the court obtained by the Attorney General pursuant to this section shall be prima facie evidence in an action brought under this section that the defendant used or employed a method, act, or practice declared unlawful by this subchapter.
(d) A person bringing an action under this section shall bring the action within one (1) year after any action brought by the Attorney General has been terminated or two (2) years after the violation occurred, whichever is later.
(e)(1) Any person who knowingly commits a practice defined as unlawful by this subchapter shall be guilty of a Class D felony and, upon conviction in the circuit court of any county in this state in which any portion of the unlawful practice occurred, shall be subject to punishment accordingly.
(2) If the person is a corporation, the penalties of this subsection also apply to a director, officer, or individual agent of a corporation who knowingly authorizes, orders, or performs an act in violation of this subchapter without regard to penalties imposed on the corporation.
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-88-101. Applicability of chapter.
This chapter does not apply to:
(1) Advertising or practices which are subject to and which comply with any rule, order, or statute administered by the Federal Trade Commission;
(2) Broadcasters, printers, publishers, and other persons engaging in the dissemination of information who do not have actual knowledge of the intent, design, purpose, or deceptive nature of the advertising or practice;
(3) Actions or transactions specifically permitted under laws administered by the Insurance Commissioner, the Securities Commissioner, the State Highway Commission, the Bank Commissioner, or other regulatory body or officer acting under statutory authority of this state or the United States, unless a director of these divisions specifically requests the Attorney General to implement the powers of this chapter; or
(4) Actions or transactions of a public utility which have been authorized by the Arkansas Public Service Commission, a municipal authority, the Federal Energy Regulatory Commission, the Federal Communications Commission, or other regulatory body or officer acting under statutory authority of the United States.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-88-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-88-101. This identifies an authority to review, not proof of applicability.