Browse Arkansas Code titles and sections
23-53-106. Enforcement.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-53-106. Enforcement.
(a)(1) Any violation of this chapter constitutes an unconscionable or deceptive act or practice as defined under § 4-88-101 et seq.
(2)(A) Except as provided in § 23-53-105(a)(2)(A) or (B), any person found by a preponderance of the evidence to have violated this chapter shall be liable to the borrower for the following:
(i)(a) Actual damages, including consequential and incidental damages.
(b) The borrower shall not be required to demonstrate reliance in order to receive actual damages;
(ii) Statutory damages equal to twenty-five percent (25%) of the finance charges agreed to in the home loan agreement plus ten percent (10%) of the amount financed;
(iii) Punitive damages when the violation was malicious or reckless and when otherwise allowable by applicable law; and
(iv) Costs and reasonable attorney's fees.
(B) A borrower may be granted injunctive, declaratory, and other equitable relief as the court deems appropriate in an action to enforce compliance with this chapter.
(b) The intentional violation of this chapter renders the high-cost home loan agreement void, and the creditor shall have no right to collect, receive, or retain any principal, interest, or other charges at all with respect to the loan, and the borrower may recover any payments made under the agreement.
(c) The right of rescission granted under 15 U.S.C. § 1601 et seq., as it existed on March 1, 2003, for violations of that law and all other remedies provided under this chapter shall be available to a borrower by way of recoupment against a party foreclosing on the high-cost home loan or collecting on the loan, at any time during the term of the loan.
(d) The remedies provided in this section are not intended to be the exclusive remedies available to a bor
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-53-106
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:23-53-106
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a5d861a2deced2a3979429048021280c7ebd12a06b7cf3c443e071c11e1b8bdf
Source location: content.xml paragraph 26486
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23-53-106. Enforcement.
(a)(1) Any violation of this chapter constitutes an unconscionable or deceptive act or practice as defined under § 4-88-101 et seq.
(2)(A) Except as provided in § 23-53-105(a)(2)(A) or (B), any person found by a preponderance of the evidence to have violated this chapter shall be liable to the borrower for the following:
(i)(a) Actual damages, including consequential and incidental damages.
(b) The borrower shall not be required to demonstrate reliance in order to receive actual damages;
(ii) Statutory damages equal to twenty-five percent (25%) of the finance charges agreed to in the home loan agreement plus ten percent (10%) of the amount financed;
(iii) Punitive damages when the violation was malicious or reckless and when otherwise allowable by applicable law; and
(iv) Costs and reasonable attorney's fees.
(B) A borrower may be granted injunctive, declaratory, and other equitable relief as the court deems appropriate in an action to enforce compliance with this chapter.
(b) The intentional violation of this chapter renders the high-cost home loan agreement void, and the creditor shall have no right to collect, receive, or retain any principal, interest, or other charges at all with respect to the loan, and the borrower may recover any payments made under the agreement.
(c) The right of rescission granted under 15 U.S.C. § 1601 et seq., as it existed on March 1, 2003, for violations of that law and all other remedies provided under this chapter shall be available to a borrower by way of recoupment against a party foreclosing on the high-cost home loan or collecting on the loan, at any time during the term of the loan.
(d) The remedies provided in this section are not intended to be the exclusive remedies available to a borrower, nor must the borrower exhaust any administrative remedies provided under this chapter or any other applicable law before proceeding under this section.
(e)Corrections and Unintentional Violations.
(1) A creditor in a home loan who when acting in good faith fails to comply with the provisions of this chapter will not be deemed to have violated this section if the creditor establishes that either:
(A) Within thirty (30) days of the loan closing and before receiving any notice from the borrower of the compliance failure:
(i) The creditor has made appropriate restitution to the borrower; and
(ii) Appropriate adjustments are made to the loan; or
(B) Within sixty (60) days of the loan closing and before receiving any notice from the borrower of the compliance failure, and the compliance failure was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any errors:
(i) The borrower is notified of the compliance failure;
(ii) Appropriate restitution is made to the borrower; and
(iii) Appropriate adjustments are made to the loan.
(2)(A) Examples of bona fide errors include clerical, calculation, computer malfunction and programming, and printing errors.
(B) An error of legal judgment with respect to a person's obligations under this section is not a bona fide error.
(f) Cumulative. The remedies provided under this chapter are cumulative and independent of and in addition to any other rights under other laws.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
**(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1601
Stored review status: release_metadata_unconfirmed. The source passage cites 15 U.S.C. § 1601. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1452
TITLE 15—COMMERCE AND TRADE
§ 1601
Sec.
1679f.
Noncompliance with this subchapter.
1679g.
Civil liability.
1679h.
Administrative enforcement.
1679i.
Statute of limitations.
1679j.
Relation to State law.
SUBCHAPTER III—CREDIT REPORTING AGENCIES
1681.
Congressional findings and statement of pur-
pose.
1681a.
Definitions; rules of construction.
1681b.
Permissible purposes of consumer reports.
1681c.
Requirements relating to information con-
tained in consumer reports.
1681c–1.
Identity theft prevention; fraud alerts and ac-
tive duty alerts.
1681c–2.
Block of information resulting from identity
theft.
1681c–3.
Adverse information in cases of trafficking.
1681d.
Disclosure of investigative consumer reports.
1681e.
Compliance procedures.
1681f.
Disclosures to governmental agencies.
1681g.
Disclosures to consumers.
1681h.
Conditions and form of disclosure to con-
sumers.
1681i.
Procedure in case of disputed accuracy.
1681j.
Charges for certain disclosures.
1681k.
Public record information for employment
purposes.
1681l.
Restrictions on investigative consumer re-
ports.
1681m.
Requirements on users of consumer reports.
1681n.
Civil liability for willful noncompliance.
1681o.
Civil liability for negligent noncompliance.
1681p.
Jurisdiction of courts; limitation of actions.
1681q.
Obtaining information under false pretenses.
1681r.
Unauthorized disclosures by officers or em-
ployees.
1681s.
Administrative enforcement.
1681s–1.
Information on overdue child support obliga-
tions.
1681s–2.
Responsibilities of furnishers of information
to consumer reporting agencies.
1681s–3.
Affiliate sharing.
1681t.
Relation to State laws.
1681u.
Disclosures to FBI for counterintelligence
purposes.
1681v.
Disclosure
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 1601
Stored review status: historical_2024_not_currentness_verified. The source passage cites 15 U.S.C. § 1601. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-53-105. Preservation and enforcement of claims and defenses — No subterfuge.
(a)Liability of Assignees and Other Holders in High-Cost Home Loans.
(1) Notwithstanding any provision of any other law, the remedies provided in this chapter apply to any person or entity who personally participated in the making or approving of the high-cost home loan and who violated the requirements of this chapter.
(2)(A)(i) Any person who purchases or is otherwise assigned a high-cost home loan shall be subject to all affirmative claims and any defenses with respect to the loan that the borrower could assert against the original creditor or broker of the loan.
(ii) However, if the purchaser or assignee demonstrates by a preponderance of the evidence that at the time of the purchase of the home loans or within a reasonable time thereafter the purchaser or assignee exercised reasonable due diligence that was intended to prevent the purchaser or assignee from purchasing or taking assignment of high-cost home loans, then the purchaser or assignee shall have no liability to any person under this chapter.
(B) The liability of any person who purchases or is otherwise assigned a high-cost home loan whose liability is established under this subsection but who did not personally participate in the making or approving of the high-cost home loan, shall be limited to the amount of all remaining indebtedness of the borrower and the total amount paid by the borrower in connection with the transaction.
(C) Any person incurring liability as an assignee is entitled to full recourse against any previous assignee or against any person or entity who personally participated in making or approving the home loan for the full amount of liability sustained by the assignee.
(b) Liability of Assignee
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-53-105
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 23-53-105. This identifies an authority to review, not proof of applicability.
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.