Second Arkansas Payday Loan Lender in Trouble; Still Collecting Cash Advances
By J.J. CameronPayday Loan Writer
It hasn't been a good summer for payday loan companies in Arkansas.
We've already discussed the legal trouble Dennis Bailey found himself in a few weeks ago. In June, he was ordered to close all 14 of his instant payday loan stores and fined $1.3 million for operating without a license.
Now, another Mountain Home payday advance lending business is facing controversy.
In March, the Arkansas State Board of Collection Agencies contacted Robert Morgan of Morgan Cash Advance, informing him he had been operating without a check-cashing license, said Shelly Crippes, an investigator with the ASBCA.
His firm closed in July, but due to quick compliance with the order, Morgan is allowed to continue collecting bad credit payday loans from his customers.
He just cannot issue any new payday loans. After the March investigation, the ASBCA fined Morgan $1,000 for operating two stores without a check-cashing license, Crippes said. On April 17, Morgan sent a letter via his attorney, Roger Morgan of Mountain Home, stating he was ceasing all cash loan operations.
