Opinion No.

The Honorable Gunner DeLay State Senator 1430 North 50th Street Ft. Smith, AR 72984

Dear Senator DeLay:

You have requested an Attorney General opinion concerning the rates charged for second mortgages by in-state and out-of-state mortgage companies. More specifically, you have asked:(1) Can an out-of-state mortgage company contract for a second mortgage at a higher rate than an in-state mortgage company?(2) If there is a legal limit on what in-state mortgage companies can charge for a second mortgage, please state your opinion as to what that rate is.

Response

Question 1 — Can an out-of-state…