This bill would put teeth into the Arkansas Constitution’s usury limit of 17% annual interest on consumer loans, which was adopted by the people of Arkansas in 1982 as Amendment 60 to our state Constitution.
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SECTION 1. This act shall be known and may be cited as the “Family Savings Initiative Act”.
SECTION 2. The purpose of the Family Savings Initiative Act is to provide for the establishment of individual development accounts designed to:
- Provide individuals and families with limited means an opportunity to accumulate assets;
- Facilitate and mobilize savings;
- Promote home ownership, microenterprise development, education, saving for retirement, and automobile purchase; and
- Stabilize families and build communities.
SECTION…
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