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Debt Laws | Federal
Laws | Consumer Protection
State Laws
Arkansas Credit Cards
Title 4 Business and Commercial Law
Subtitle 7 Consumer Protection
Chapter 107 Credit Cards
Subchapter 1. General Provisions [Repealed.]
Subchapter 2. Transfer of Credit Card Debt.
Subchapter 3. Unauthorized Use of Credit Cards.
Subchapter 1. Repealed. [Reserved]
Subchapter 2. Transfer of Credit Card Debt.
As used in this subchapter, unless the context otherwise requires:
(1) "Card issuer" means any person who issues a credit card or the agent of the person with respect to the credit card;
(2) "Cardholder" means any person to whom a credit card is issued or any person who has agreed with the card issuer to pay obligations arising from the issuance of a credit card to another person;
(3) "Credit" means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment;
(4) "Credit card" means any card, plate, coupon book, or other credit device existing for the purpose of obtaining money, property, labor, or services on credit;
(5)(A) "Creditor" means a person who both:
(i) Regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four (4) installments or for which the payment of a finance charge is or may be required; and
(ii) Is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement.
(B) In the case of an open-end credit plan involving a credit card, the card issuer is a creditor.
(C) "Creditor" shall also include card issuers, whether or not the amount due is payable by agreement in more than four (4) installments;
(6)(A) "Open-end credit plan" means a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance.
(B) A credit plan which is an open-end credit plan within the meaning of the preceding sentence is an open-end credit plan even if credit information is verified from time to time; and
(7) "Person" means a natural person or an organization.
(a) If a credit cardholder transfers an outstanding credit card balance from one credit card account to another credit card account, the creditor issuing the credit card from which the outstanding balance was transferred shall not collect any interest or any other fees attributable to the credit card account for the amount of the outstanding balance having been transferred for any period after the date of the transfer from the account.
(b) Any creditor issuing a credit card who charges a consumer any interest or any other fees after the transfer of an outstanding credit balance from one credit card account to another credit card account shall be liable to the consumer for an amount which is treble the amount of any interest or other fees charged, plus all costs, to include a reasonable amount for attorney's fees.
(a)(1) Further, a violation of the provisions of this subchapter by a credit card issuer or creditor issuing a credit card shall constitute an unfair and deceptive act or practice as defined by the Deceptive Trade Practices Act, § 4-88-101 et seq.
(2) All remedies, penalties, and authority granted to the Attorney General under the Deceptive Trade Practices Act, § 4-88-101 et seq., shall be available to the Attorney General for the enforcement of this section.
(b) Nothing in this subchapter shall limit the rights or remedies which are otherwise available to the credit card holder under any other law.
(c) The obligations under this subchapter are cumulative and should in no way be deemed to limit the obligations imposed under any other state or federal law.
Notwithstanding the federal Consumer Credit Protection Act, 15 U.S.C. § 1601 et seq., or any other federal or state laws protecting the rights of consumers who are issued credit cards in this state or other states, the provisions of this subchapter shall apply to all qualifying credit card account transactions where a creditor has chosen to issue a credit card to a citizen of the State of Arkansas or has chosen to continue to offer a credit card account to a citizen in Arkansas and shall thereby be governed by the provisions of this subchapter.
Subchapter 3. Unauthorized Use of Credit Cards.
The General Assembly finds, determines, and declares that:
(1) Credit, particularly the use of credit cards, is an important tool for consumers in today's economy;
(2) Unscrupulous persons often fraudulently use the credit card accounts of others by stealing the credit card itself or obtaining the necessary information to fraudulently charge the purchase of goods and services to another person's credit card account; and
(3) Protection from unauthorized use of credit card accounts is necessary.
As used in this subchapter, "credit card" means:
(1) Any instrument or device, whether known as a credit card, charge card, credit plate, courtesy card, or identification card, or by any other name, that is issued with or without fee by an issuer for the use of the cardholder in obtaining money, goods, services, or anything else of value, either on credit or in possession or in consideration of any undertaking or guaranty by the issuer of the payment of a check drawn by the cardholder, on a promise to pay in part or in full therefor at a future time, whether or not all or any part of the indebtedness that is represented by the promise to make deferred payment is secured or unsecured;
(2) A debit card, electronic benefit transfer card, or other access instrument or device, other than a check that is signed by the holder or other authorized signatory on the deposit account, that draws funds from a deposit account in order to obtain money, goods, services, or anything else of value;
(3) A stored value card, smart card, or other instrument or device that enables a person to obtain goods, services, or anything else of value through the use of value stored on the card, instrument, or device; and
(4) The number that is assigned to the card, instrument, or device described in subdivision (1), (2), or (3) of this section, even if the physical card, instrument, or device is not used or presented.
(a) No person, firm, partnership, association, corporation, limited liability company, or other entity accepting credit cards for the transaction of business shall print more than the last five (5) digits of the credit card account number, the credit card expiration date, or both, on a credit card receipt to the cardholder.
(b)(1) This section shall apply only to the receipts that are electronically printed and shall not apply to transactions in which the sole means of recording the credit card number is by handwriting or by an imprint or copy of the credit card.
(2)(A) Except as provided in subdivision (b)(2)(C) of this section, this section applies to any person or entity formed on and after July 16, 2003, that uses a cash register or any other machine or device that electronically imprints receipts of credit card transactions.
(B) Except as provided in subdivision (b)(2)(C) of this section, beginning January 1, 2004, this section also applies to any person or entity formed before July 16, 2003, that uses a cash register and any other machine or device that electronically imprints receipts of credit card transactions.
(C) Until January 1, 2005, this section shall not apply to:
(i) Institutions of higher education; or
(ii) Persons or entities employing no more than twenty-five (25) employees or who have generated no more than five million dollars ($5,000,000) annually in revenues from the person's business activities.
AR Arkansas Official State Statutes
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