In Arkansas, lenders are given certain rights to ensure they continue to receive payments. One major right lenders are granted is the ability to take back any goods that have a loan in default, according to Credit Info Center. A loan defaults if there is a failure to make payments as agreed upon.
Although lenders have the right to repossess goods with a loan in default, there are rules that must be followed. Repossession companies are allowed to trespass on property, but they are not allowed to enter any closed structure such as a garage or shed. The repossession process must be peaceful, and the repossession company cannot make any loud disturbances while attempting to take the owed-upon goods, notes Credit Info Center.
In Arkansas, after the goods have been repossessed, lenders must allowed a 10-day period for loan holders to pay the amount owed. If the amount owed cannot be paid in the 10-day grace period, the lender has the right to sell the goods privately or at a public auction, explains Credit Info Center. The lender must report any surplus monies after the goods are sold and the debt is paid. If there is a balance, debtors may still be responsible for payment of that debt.Learn More
The Arkansas "hot check" law comes into effect when a person in the state of Arkansas writes a check for an amount he knows cannot be covered by the money in his bank account. Whether the hot-check writer has committed a felony or misdemeanor depends on the amount of the bounced check, but the penalties are also different depending on where the offense was committed.Full Answer >
The major bodies of water in Arkansas include the Arkansas River, Mississippi River, Ouachita River, Red River, St. Francis River and White River. These rivers collect water from numerous streams in the state and divide Arkansas into different watersheds.Full Answer >
The automobile sales tax rate in Arkansas is 6.5 percent. The tax is collected when the automobile is registered with the state's Office of Motor Vehicle, which must occur within 30 days of purchase or transfer of title.Full Answer >
To obtain a copy of your birth certificate in Arkansas, you must fill out the birth certification application provided on the Arkansas Department of Health website. Mail or deliver the form in person, along with a copy of a valid photo ID and the applicable fee, to the Vital Records office. Unless paying for expedited service, you should receive a copy of your birth certificate, if it is on record, within four to six weeks.Full Answer >