Advance America to stop operations in Arkansas

March 20, 2006 - Little Rock, Arkansas

Advance America of Spartanburg, S.C., said in a Securities & Exchange Commission filing last week that it will cease pay lending operations in Arkansas.

According to the filing, the company's last installment loans will be made in April, and final payday cash advances will be made in June. But the company said it will keep its 30 Arkansas stores open through September to handle outstanding loans.

The move comes after its partner in Arkansas, First Fidelity Bank of Burke, S.D., decided to discontinue offering loans there. The bank decided to end its work with Advance America in Arkansas after the Federal Deposit Insurance Corp. adopted stricter rules regarding payday cash advances.

Advance America recently announced it would cease loan operations in Pennsylvania.

News Source

Arkansasbusiness.com, Lance Turner, Arkansasbusiness.com Daily Report

Related Stories - Advance America Cash Advance Centers Inc. (NYSE: AEA)

• Advance America ceases lawful debt collection in WV [March 14, 2007]
• 'Dan Rather Reports' criticizes payday loan industry [November 23, 2006]
• Advance America gives $50,000 to United Way [October 20, 2006]
• Payday lending cultivates legislative support for comeback [September 28, 2006]
• Advance America to stop providing payday loans to military personnel [September 25, 2006]
• Advance America buying back stock [September 12, 2006]
• New state laws regulate payday-advance loans [August 27, 2006]
• Advance America increases stock repurchase program by 100 million dollars [August 16, 2006]
• Advance America retreats [July 28, 2006]
• Advance America announces results of second quarter [July 26, 2006]
• Lenders cashing in on short-term loans [July 16, 2006]
• Military personnel prime targets for loans [July 9, 2006]
• Payday lenders reinventing business model to skirt state law, opponent says [June 27, 2006]
• Critics say high-price 'Choice' loan is still illegal [June 22, 2006]
• Advance America Cash Advance Centers upgraded to 'market outperform' [June 22, 2006]
• House bill proposes new short-term loan [June 2, 2006]
• Short-term payday loans do a booming business in N.H. [May 14, 2006]
• Payday loan company makes travel donations to group chaired by Richardson [April 1, 2006]
• Nation's largest payday lender looks at possibly pulling out of Arkansas [March 21, 2006]
• Advance America to stop operations in Arkansas [March 20, 2006]
• Advance America to cease payday loan ops in Pennsylvania [March 7, 2006]
• Three NC payday lenders agree to close, nearly drying up industry [March 1, 2006]
• Interest grows in payday loan companies populating Poconos [February 5, 2006]
• Payday-loan businesses still operate [January 12, 2006]
• Advance America Cash Advance 'market perform,' estimates reduced [December 28, 2005]
• Cash Advance's loans in N.C. ruled illegal [December 23, 2005]

Related Stories - Arkansas

• Organization cites payday lender actions [November 22, 2006]
• Arkansas fines payday lender $173,050 [November 15, 2006]
• Arkansas delegation supports payday loan interest cap [September 29, 2006]
• Local payday lender allowed to collect loans [August 1, 2006]
• Payday loan company shuts doors in Mountain Home [July 20, 2006]
• Payday lending: Group calls for increased regulation [July 5, 2006]
• Arkansas payday lender keeps stores open [July 3, 2006]
• Payday lenders reinventing business model to skirt state law [June 27, 2006]
• Nation's largest payday lender ... out of Arkansas [March 21, 2006]
• Advance America to stop operations in Arkansas [March 20, 2006]
• Who watches lenders? [March 8, 2006]
• Alternatives to high interest payday loans are viable [January 17, 2006]

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