Arkansas' highest court has upheld $1.4 million in fines levied against the owner of a string of payday lending companies that regulators say operated in violation of state law. The Arkansas Supreme Court affirmed a circuit judge's ruling ordering Dennis Bailey to pay the fines to the Arkansas State Board of Collection Agencies.

The board said Bailey operated 14 payday lending outlets without a license and ordered him to stop. It later fined him when he continued to operate the businesses. A Pulaski County circuit judge upheld the fine.

The stores are located in Beebe, Bryant, Cabot, Camden, Corning, Fordyce, Harrison, Hot Springs, Little Rock, Mountain Home, Newport Searcy, Sheridan and Walnut Ridge.         

      (Copyright 2008 by The Associated Press. All Rights Reserved.)

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