On March 18, Arkansas Attorney General Dustin McDaniel sent a letter to 156 licensed payday lending stores in the state, saying they were violating state usury limit laws, must stop their payday lending practices and void current and past-due obligations of borrowers. In Mountain Home, all three cash advance stores remained open, which include First American Cash Advance, Cash Advance of Mountain Home and Mountain Home Quick Cash. State officials believe that payday lending stores are breaking state law by offering loans that are above 17 percent interest rate. Payday lenders are licensed to operate under the 1999 Check-Cashers Act, which allows some businesses to evade the law that limits interest to 17 percent by stating they are charging fees and not interest, according to Arkansans Against Abusive Payday Lending, a coalition that works to eliminate abusive payday lending in the state. Read More