Browse Arkansas Code titles and sections
4-57-109. Consumer lawsuit lending — Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-57-109. Consumer lawsuit lending — Definitions.
(a) As used in this section:
(1) “Consumer” means an individual who is or may become a plaintiff or claimant in a dispute;
(2) “Consumer lawsuit lender” means an individual or entity that engages in consumer lawsuit lending;
(3) “Consumer lawsuit lending” means:
(A) Providing money to a consumer to use for any purpose other than prosecuting the consumer's dispute, the repayment of which is conditioned upon and sourced from the consumer's proceeds from the outcome of the dispute by judgment, settlement, or otherwise; and
(B) Purchasing from a consumer a contingent right to receive a share of the proceeds of the consumer's dispute by judgment, settlement, or otherwise; and
(4) “Dispute” means:
(A) A civil action;
(B) An alternative dispute resolution proceeding; or
(C) An administrative proceeding before an agency or instrumentality of the government of this state.
(b)(1) The maximum rate of interest provided by § 4-57-104 applies to a consumer lawsuit lending transaction.
(2) Any amount paid or payable to a consumer lawsuit lender under a consumer lawsuit lending transaction that exceeds the amount provided by the consumer lawsuit lender to the consumer in connection with a consumer's dispute shall be included as interest for purposes of § 4-57-104.
(c) A contract or agreement governing a consumer lawsuit lending transaction shall:
(1) Be in writing; and
(2)(A) Prominently disclose the annual percentage rate applicable to the consumer lawsuit lending transaction.
(B) The annual percentage rate shall be included in bold, 20-point type and Arial font surrounded by a black rectangle border of line weight one point five (1.5), as follows:
“ APR . % ”
Click to view table.
(d) A violation of
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-57-109
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:4-57-109
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 679750a7240b61d17c09db2c9716174e6f2eb4ea9131f07340b7d798496dbf98
Source location: content.xml paragraph 29030
Stored source content
4-57-109. Consumer lawsuit lending — Definitions.
(a) As used in this section:
(1) “Consumer” means an individual who is or may become a plaintiff or claimant in a dispute;
(2) “Consumer lawsuit lender” means an individual or entity that engages in consumer lawsuit lending;
(3) “Consumer lawsuit lending” means:
(A) Providing money to a consumer to use for any purpose other than prosecuting the consumer's dispute, the repayment of which is conditioned upon and sourced from the consumer's proceeds from the outcome of the dispute by judgment, settlement, or otherwise; and
(B) Purchasing from a consumer a contingent right to receive a share of the proceeds of the consumer's dispute by judgment, settlement, or otherwise; and
(4) “Dispute” means:
(A) A civil action;
(B) An alternative dispute resolution proceeding; or
(C) An administrative proceeding before an agency or instrumentality of the government of this state.
(b)(1) The maximum rate of interest provided by § 4-57-104 applies to a consumer lawsuit lending transaction.
(2) Any amount paid or payable to a consumer lawsuit lender under a consumer lawsuit lending transaction that exceeds the amount provided by the consumer lawsuit lender to the consumer in connection with a consumer's dispute shall be included as interest for purposes of § 4-57-104.
(c) A contract or agreement governing a consumer lawsuit lending transaction shall:
(1) Be in writing; and
(2)(A) Prominently disclose the annual percentage rate applicable to the consumer lawsuit lending transaction.
(B) The annual percentage rate shall be included in bold, 20-point type and Arial font surrounded by a black rectangle border of line weight one point five (1.5), as follows:
“ APR . % ”
Click to view table.
(d) A violation of this section is:
(1) A deceptive and unconscionable trade practice under § 4-88-107; and
(2) Subject to the penalties, remedies, and enforcement provided by § 4-88-101 et seq.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-57-104. Maximum rate of interest permitted.
The parties to a contract may agree in writing to the payment of interest not exceeding the applicable rate of interest, if any, set forth in Arkansas Constitution, Amendment 89, on money due or to become due.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-57-104
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 4-57-104. 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.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-88-107. Deceptive and unconscionable trade practices generally.
(a) Deceptive and unconscionable trade practices made unlawful and prohibited by this chapter include, but are not limited to, the following:
(1) Knowingly making a false representation as to the characteristics, ingredients, uses, benefits, alterations, source, sponsorship, approval, or certification of goods or services or as to whether goods are original or new or of a particular standard, quality, grade, style, or model;
(2) Disparaging the goods, services, or business of another by false or misleading representation of fact;
(3) Advertising the goods or services with the intent not to sell them as advertised;
(4) Refusal of a retailer to deliver to a customer purchasing any electronic or mechanical apparatus the record of warranty and statement of service availability which the manufacturer includes in the original carton or container of the product or the refusal to make available on request information relating thereto;
(5) The employment of bait-and-switch advertising consisting of an attractive but insincere offer to sell a product or service which the seller in truth does not intend or desire to sell, evidenced by:
(A) A refusal to show or a disparagement of the advertised product;
(B) The requirement of a tie-in sale or other undisclosed conditions precedent to the purchase;
(C) A demonstration of a defective product; or
(D) Other acts demonstrating an intent not to sell the advertised product or services;
(6) Knowingly failing to identify flood, water, fire, or accidentally damaged goods as to such damages;
(7) Making a false representation that contributions solicited for charitable purposes shall be spent in a specific manner or for specified purposes;
(8) Knowingly
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-88-107
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 4-88-107. This identifies an authority to review, not proof of applicability.