Ark. Code Ann. § 23-36-101 (2026)

As used in this chapter, unless the context otherwise requires, “industrial loan institution” means any corporation organized under the general corporation laws of this state, which is engaged in lending money, to be paid in weekly, monthly, or other periodical installments or principal sums, as a business. However, this definition shall not be construed to include building and loan associations, commercial banks or savings banks, trust companies, credit unions, pawnbrokers, agricultural or livestock pools, rural credit unions, or farmers cooperative societies.

History. Acts 1941, No. 111, § 1; A.S.A. 1947, § 67-1001.

Publisher's Notes. Acts 1941, No. 111, § 3, provided, in part, that institutions operating prior to March 3, 1941, under authorization of the State Banking Department, could apply, within 30 days after March 3, 1941, for a certificate of authority to operate under the provisions of this chapter. If the application was approved by the Bank Commissioner, the institution would become an industrial loan institution subject to the provisions of this chapter.