McDaniel: Those who don't comply are targets for lawsuits

Attorney General Dustin McDaniel gave an update this morning as to his recent letter to payday lenders, which demanded that they close shop or face legal action. Two recent Arkansas Supreme Court rulings can be used as a basis for interpreting the "fees" associated with loans these businesses provide to be in violation of the Arkansas Constitution as it pertains to usurious interest (Article 19, §13).

The Associated Press has more on this morning's news conference. If you're interested, here are the two recent Arkansas Supreme Court opinions:
Ark. Bd. of Collection Agencies et al v. Mcghee
Staton v Ark. Bd. of Collection Agencies et al