Arkansas Pawn Shops are regulated and licensed by the Sheriff of the county in which the pawn shop regularly does business. The state has a usury limit at 18% APR on any consumer credit transaction in Arkansas. This is per the State Constitution, and the only way to change this is to have a vote by citizens to change the constitution. Because the State Attorney General does not recognize pawn stores as consumer credit institutions, thus which allows pawn stores to circumvent constitutional usury laws.The Arkansas Pawnbroker Act can be read on the website of the Code of Arkansas Public Access, and locating Title 17 Professions, Occupations, and Businesses > Subtitle 2. Nonmedical Professions > Chapter 56 Arkansas Pawnbroker Act. Click the link below to view the Arkansas Pawnbroker Act.
Regulatory and Licensing Authority: Sheriff of the County in which the pawn shop regularly does business.
Arkansas Pawnbroker Act
Tim Collier, President of the Arkansas Pawnbrokers Association email@example.com