STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: Ark. State Const., Article 19 § 13 (d)(i) repealed by Ark. State Const., Amend. 89, § 14
• Contract Rate: Any agreed upon rate in writing not exceeding the rate set forth in Arkansas Constitution, Article 19, § 13, on money due or to become due. Ark. Code Ann. § 4-57-104
• Judgment Rate: 10% or contract rate, whichever is higher
• Corporate Rate: Not set
• Age of Majority: 18
• Emancipation: 16
• Contracts: A minor may enter into a contract for educational expenses or for necessaries. If a minor enters into a contract the contract may only be rescinded when the minor makes full restitution to satisfy the contract.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Neither spouse is liable for the other’s debt.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: 3 years; Written contracts, 5 years
• Medical Debts: No action should be brought to recover charges for medical services performed or provided before April 1, 1985, by a physician or other medical service provider after the expiration of a period of 18 months from the date of services. No action shall also be brought to recover charges for medical services after March 31st, 1985 after the expiration of 2 years from services.
•Judgments: 10 years
This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Although we attempt to provide up-to-date information, laws and regulations often change. We make no claims, promises, or guarantees about the accuracy or completeness of this document. For legal advice please contact an attorney.