LITTLE ROCK, Ark. -- A new report released Wednesday says a third of the payday lenders that Attorney General Dustin McDaniel ordered to close have remained open and restructured their businesses to avoid state regulation.

The report by Arkansans Against Abusive Payday Lending shows 55 of the 156 payday lenders that McDaniel targeted with cease-and-desist letters this year are still open.

The report says the lenders "have developed new business models in an attempt to avoid even the minimal regulations of the Check Cashers Act and, more significantly, the recent crackdown by the Attorney General."

McDaniel told the payday lenders they would face lawsuits if they did not shut down by April 4, and 101 lenders closed in response to the cease-and-desist letters. The attorney general filed lawsuits in May against 20 payday lenders that he said were violating the state's constitution by charging high-interest loans.

To see a summary of the group's report, click
here.

To see the full report,
click here.

To see a list of the 35 holdout payday lenders, click
here.