Jernigan, Bank Commissioner v. Loid Rainwater Co.

The Pulaski circuit court found that an. order of the securities division of the State Bank Department was void, and the Bank Department asks that we reverse the judgment.

The order in question was adverse to the application of Loid Rainwater for renewal of his license as a loan broker. It is as follows:

“Applicant proposed to make loans to borrowers at a rate of interest not to exceed ten per cent, per annum, and in addition thereto the applicant or loan broker will require the borrower to take an insurance policy with the United Mutual Life Insurance Company of Indianapolis, Indiana, an…