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Can you summarize 4 ARCO Chapter 87?
Consumer Protection > Arkansas Equal Consumer Credit Act
Short Summary
The Arkansas Equal Consumer Credit Act of 1975, also known as the Arkansas Equal Consumer Credit Act, prohibits creditors and credit card issuers from discriminating against individuals based on sex or marital status in consumer credit transactions. The Act applies to all creditors and credit card issuers in Arkansas. It establishes that any action brought under the Act can be filed in any court of competent jurisdiction in the state within one year from the date of the violation. The Act explicitly states that no class action may be filed under its provisions. It further prohibits creditors and credit card issuers from discriminating between equally qualified individuals solely based on sex or marital status in approving or denying credit terms or issuing, renewing, denying, or determining the terms of any credit card. Any creditor or credit card issuer found to be in violation of the Act may be liable to the individual for damages ranging from $100 to $500, as determined by the court. Additionally, the court may award the costs of the action and a reasonable attorney’s fee. The provided document does not mention any specific exemptions or penalties related to the Act.
Whom does it apply to?
The Act applies to creditors and credit card issuers in Arkansas.
What does it govern?
The Arkansas Equal Consumer Credit Act of 1975 governs the equal treatment of individuals in consumer credit transactions, prohibiting discrimination based on sex or marital status.
What are exemptions?
No exemptions are mentioned in the provided document.
What are the Penalties?
In a successful action to enforce the provisions of this chapter, the creditor or credit card issuer may be liable to the individual for damages ranging from $100 to $500. The court may also award the costs of the action and a reasonable attorney's fee.
Jurisdiction
Arkansas