Arkansas Credit Laws
| INTEREST RATE | (Legal: 6% ) | or 5 points above the Fed. discount rate Judgment 5 points above the Federal discount rate or 10% per annum whichever is less |
| STATUTE OF LIMITATIONS | (In Years) | Open Acct: 3 - Written Contract 5 (partial payment stops the statute from running) - Sale of Goods: (UCC-2) - 4 - Domestic Judgment 10 - Renewable - Foreign Judgment 10 |
| BAD CHECK LAWS | (Civil Penalty) |
Twice the amount of check - prior to double charge - can start out with $15 charge per NSF check after 30 days. |
| GENERAL GARNISHMENT EXEMPTIONS | $500 head of family; $200 single. Includes personal property except clothing. | |
| HOMESTEAD EXEMPTION | The Arkansas is classified into two types of
homesteads: rural and urban. A debtor may only choose one type.
State Homestead Exemption: The homestead outside any city, town, or village, owned and occupied as a residence, shall consist of no more than one hundred sixty (160) acres of land, with the improvements thereon, to be selected by the owner. The homestead shall not exceed in value the sum of twenty-five hundred dollars ($2,500), but, in no event shall the homestead be reduced to less than eighty (80) acres, without regard to value. Federal Homestead Exemption: Real or personal property, if it is being used as a residence, is exempt. The homestead exemption limit for singles is $800 and $1,250 for couples. |
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| No collection agency mentioned in § 17-24-103 shall charge as a collection charge or fee an amount in excess of 50% of the total amount actually collected on all accounts for any one client, nor more than 50% of the total amount actually collected on any one account, nor shall a minimum charge in excess of $1.00 be made on any partially or totally collected account. |