Title 4, Business and Commercial Law

(1) A motor vehicle service contract or theft protection program warranty issued or sold for delivery in this state shall contain the following disclosures, as applicable, in a conspicuous and readable manner:(1) The name and address of the:(A) Motor vehicle service contract prov…

(1) No motor vehicle service contract may be issued, sold, or offered for sale or delivery in this state unless the service contract conspicuously states that the holder is allowed to cancel the service contract:(1) Within thirty (30) days of its purchase, if no claim has been ma…

(a) The Insurance Commissioner may adopt such administrative rules as are necessary to implement the provisions of this subchapter. (b) The commissioner may promulgate rules providing for the filing with the commissioner of motor vehicle service contract forms by motor vehicle se…

(a) The Insurance Commissioner is authorized to conduct such investigations of the motor vehicle service contract and theft protection program business of any motor vehicle service contract provider or warrantor and of any person assisting the motor vehicle service contract provi…

Motor vehicle service contract providers and warrantors are subject to the Trade Practices Act, § 23-66-201 et seq., to the extent the Trade Practices Act, § 23-66-201 et seq., may be appropriately applied to motor vehicle service contract providers and warrantors given the natur…

(1) A motor vehicle service contract or theft protection program warranty shall not be issued that:(1) Is a violation of or does not comply with this subchapter, any specifically applicable provision of the Arkansas Insurance Code, or any applicable rule of the State Insurance De…

As used in this subchapter, “debt cancellation agreement” means a loan term or contractual arrangement modifying a loan term dealing with motor vehicles under which a lender agrees to cancel all or part of a borrower's obligation to repay an extension of credit from the lender up…

A lender shall not require a borrower to purchase a debt cancellation agreement.

(1) All terms of a debt cancellation agreement shall be printed or reproduced to render all material provisions of the agreement legible and shall clearly and conspicuously disclose the following information:(1) If the debt cancellation agreement is provided by or administered by…

(1) No debt cancellation agreement shall be issued that:(1) Is in any respect in violation of or does not comply with this subchapter;(2) Contains or incorporates by reference if incorporation by reference is otherwise permissible any inconsistent, ambiguous, illusory, or mislead…

(a) Debt cancellation agreements and sellers of debt cancellation agreements are subject to the provisions of § 4-88-101 et seq., and any violation of any of the provisions of this subchapter constitutes an unconscionable or deceptive act or practice under § 4-88-101 et seq. (b) …

(a) The General Assembly finds that guaranteed asset protection waivers are not insurance. (b) It is the intent of the General Assembly that all guaranteed asset protection waivers issued in this state, before or after the enactment of this subchapter, are not to be considered in…

(1) As used in this subchapter:(1) “Administrator” means a person, other than an insurer or creditor, that performs administrative or operational functions under a guaranteed asset protection waiver program;(2) “Borrower” means a debtor, retail buyer, or lessee under a finance ag…

(a) A guaranteed asset protection waiver may be offered, sold, or provided to a borrower in this state under this subchapter. (b) At the option of the creditor that offers the guaranteed asset protection waiver, a guaranteed asset protection waiver may:(1) Be sold for a single pa…

(a) A contractual liability policy or other insurance policy insuring a guaranteed asset protection waiver shall state the obligation of the insurer to reimburse or pay to the creditor any sums the creditor is legally obligated to waive under the guaranteed asset protection waive…

(1) A guaranteed asset protection waiver shall disclose, as applicable, in writing and in clear and understandable language that is easy to read, the following:(1) The name and address of the initial creditor, the borrower at the time of sale, and the identity of any administrato…

(a) (1) A guaranteed asset protection waiver agreement may be cancelable or may not be cancelable after the free look period.(2) A guaranteed asset protection waiver that is cancelable shall provide that if a borrower cancels a guaranteed asset protection waiver within the free l…

Section 4-90-803(c), § 4-90-805, and § 4-90-808 shall not apply to a guaranteed asset protection waiver offered in a commercial transaction involving a lease or retail installment sale.

(a) The Insurance Commissioner may take action that is necessary or appropriate to enforce this subchapter and to protect guaranteed asset protection waiver holders in this state. (b) After notice and opportunity for hearing, the commissioner may:(1) Order the creditor, administr…

This subchapter shall be known and may be cited as the “Credit Repair Services Organizations Act of 2017”.

(a) As used in this subchapter:(1) “Buyer” means a person or entity that has received credit in a loan transaction and is obligated to repay the loan amount;(2) “Consumer” means an individual who is solicited to purchase or who purchases the services of a credit services organiza…

This chapter shall be known and may be cited as the “Rental Purchase Act”.

(1) As used in this chapter, unless the context otherwise requires:(1) “Advertisement” means a commercial message in any medium that directly or indirectly promotes or assists a rental-purchase agreement, except for in-store merchandising aids;(2) “Consumer” means a person who le…

(a) A consumer damaged by a violation of this chapter by a lessor is entitled to recover from the lessor:(1) Actual damages;(2) Twenty-five percent (25%) of an amount equal to the total amount of payments required to obtain ownership of the merchandise involved. However, the amou…

An agreement which conforms with the definition as set forth in § 4-92-102(7) shall be a true lease and shall not constitute a credit sale, retail installment contract, agreement, obligation, or any other type of credit sale financing device, nor shall it create a security intere…

(a) A rental-purchase agreement shall not contain a provision:(1) Requiring a confession of judgment;(2) Authorizing a merchant or agent of the merchant to commit a breach of the peace while repossessing merchandise;(3) Waiving a defense, counterclaim, or right the consumer may h…

(a) A consumer who fails to make a timely rental payment may reinstate an agreement without losing any rights or options previously acquired by either paying all rental and other charges due or returning the merchandise to the lessor within five (5) business days from the date of…

Any advertisement for a rental-purchase agreement must clearly and conspicuously state that the advertised transaction is a rental-purchase transaction.

(a) This section applies when merchandise becomes attached to the personal property of the consumer that is subject to a perfected lien of a secured creditor while the merchandise is being leased from a lessor under a rental-purchase agreement. (b) (1) If a secured creditor has a…

This chapter may be known and cited as the “Credit Reporting Disclosure Act of 1989”.

As used in this chapter, the terms “consumer”, “consumer report”, “consumer reporting agency”, and “person” have the same meaning as used in the federal Fair Credit Reporting Act, 15 U.S.C. § 1681, 84 Stat. 1128.

Whenever credit, the further extension of existing credit, or the increase in limits of existing credit for personal, family, or household purposes is denied either wholly or partly because of information contained in a consumer report from a consumer reporting agency, the user o…

(a) The notification of adverse action shall be in writing and shall contain:(1) A statement of the action taken;(2) The name and address of the creditor; and(3) The name and address of the consumer reporting agency making the report. (1) A statement of the action taken; (2) The …

This chapter shall be known and may be cited as the “Health Spa Consumer Protection Act”.

(1) As used in this chapter, unless the context otherwise requires:(1) “Buyer” means a person who contracts for and purchases services under a health spa services contract;(2) “Contract for health spa services” means a written agreement whereby a buyer purchases or is obligated t…

The provisions of this chapter are not exclusive and do not relieve the parties or the contracts subject thereto from compliance with all other applicable provisions of law.

(a) Every contract for health spa services shall be in writing and be subject to the provisions of this chapter. (b) A copy of the written contract shall be given to the buyer at the time the contract is executed.

(a) Any contract for health spa services which does not comply with the applicable provisions of this chapter shall be voidable at the option of the buyer. (b) (1) Any contract for health spa services entered into in reliance upon any willful and false, fraudulent, or misleading …

(a) Any person, corporation, partnership, association, or group intending to open or operate a health spa shall file an annual registration statement with the office of the Secretary of State prior to the sale of any contracts for health spa services. (b) The registration stateme…

No contract for health spa services shall require payments or financing by the buyer over a period in excess of twenty-five (25) months from the date the contract is entered into, nor shall the term of any contract be measured by or be for the life of the buyer; however, the avai…

(a) Every contract for health spa services to be rendered at an existing health spa facility shall provide that the performance of the agreed-upon services will begin within forty-five (45) days from the date the contract is entered into. (b) Every contract for health spa service…

(a) (1) Contracts for health spa services may be cancelled within three (3) business days after the date of receipt by the buyer of a copy of the contract by written notice to the seller at the address specified in the contract.(2) The notice must be accompanied by the contract f…

This chapter may be known and cited as the “Arkansas Mail and Telephone Consumer Product Promotion Fair Practices Act”.

(1) As used in this chapter, unless the context otherwise requires:(1) “Consumer product” means a good or service purchased, leased, or rented primarily for personal, family, or household purposes, including a course of instruction or training, regardless of the purpose for which…

Any person who knowingly commits a practice defined as unlawful in this chapter shall be guilty of a Class B misdemeanor and upon conviction in the appropriate court of any county in this state in which any portion of the unlawful practice occurred shall be subject to punishment …