More than 9,300 Arkansas consumers are slated to receive financial relief from a multistate settlement involving lease-to-own company Snap Finance.

Attorney General Tim Griffin announced October 21 that the agreement will cancel $18,449,844 in qualifying outstanding lease payments owed by Arkansans.

The settlement involves agreements entered into from 2017 through 2022, and affected customers will be able to keep their merchandise without further payments on the canceled obligations.

Why states investigated

Attorneys general examined complaints about confusing lease terms, inadequate disclosure of total costs and problems consumers faced when trying to return merchandise.

Some shoppers reportedly believed they had signed up for short repayment arrangements when the actual lease terms could be longer and more expensive.

Investigators also examined claims that lease payments could improve credit scores.

What changes under the agreement

The settlement requires clearer cost and contract disclosures and restricts misleading advertising about the terms of lease arrangements.

Snap also agreed to changes addressing lease termination, returns, servicing practices and statements about credit ratings.

Across the settling states, the agreement provides more than $662 million in lease-payment forgiveness.

What affected Arkansans should know

The Arkansas attorney general says the qualifying lease debts will be canceled automatically.

The announcement does not direct consumers to pay a fee to receive this relief.

People with questions about whether their agreement is covered should refer to the Arkansas attorney general's official announcement and verified consumer assistance channels.

This is an important consumer-protection development that could directly affect thousands of Arkansas households.