Ark. Code Ann. § 4-56-101: Attorney's fees

(a) A provision in a promissory note for the payment of reasonable attorney's fees, not to exceed ten percent (10%) of the amount of principal due, plus accrued interest, for services actually rendered in accordance with its terms is enforceable as a contract of indemnity.

(b) This section shall apply only to notes executed from and after June 7, 1951.