Story Published:
Sep 23, 2008 at 4:32 PM CST
Story Updated:
Sep 23, 2008 at 4:32 PM CST
LITTLE ROCK, Ark. -- Advance America says it will close its 30 cash advance stores in Arkansas because of lawsuits threatened by the state's attorney general. The company said it would close all its stores after Attorney General Dustin McDaniel's office agreed to file no more lawsuits against it.
McDaniel's office says Advance America will close its locations by Oct. 31. The company is based in Spartanburg, S.C.
McDaniel sent a cease-and-desist letter to Advance America and other payday outlets on March 18. McDaniel accused the firms of charging high interest rates that violate the state's constitution. McDaniel's letter demanded that the firms stop issuing high-interest loans and forgive any outstanding debts.
