Arkansas Code Title 4. Business and Commercial Law § 4-57-103. Statement of principal and interest

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(a) Upon written request of the borrower or debtor, any seller, lender, or any other person, corporation, or legal entity extending credit in this state shall furnish the borrower or debtor at the time of extending credit or of making the sale with a statement separately stating the principal and interest charged for any goods, property, or services sold to the borrower or debtor.

(b)(1) Any creditor willfully refusing to furnish the statement of principal and interest as required in this section or who upon furnishing the statement of principal and interest to the borrower or debtor fraudulently misrepresents the amount of principal or interest paid shall be guilty of a violation and upon conviction shall be subject to a fine of not less than fifty dollars ($50.00) nor more than five hundred dollars ($500).

(2) Each violation of this section shall constitute a separate offense.

Cite this article: FindLaw.com - Arkansas Code Title 4. Business and Commercial Law § 4-57-103. Statement of principal and interest - last updated January 01, 2020 | https://codes.findlaw.com/ar/title-4-business-and-commercial-law/ar-code-sect-4-57-103.html


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