Aetna Finance Co. v. Darwin

Ruth Ragsdale (formerly and herein referred to as Ruth Darwin) appeals from a judgment of $42,439.56 in favor of Aetna Finance Co. (Aetna). Aetna loaned $51,000 to Jerald and Ruth Darwin on December 4, 1979. The Darwins requested a loan to purchase a commercial truck and trailer costing $39,500. At the time of the loan transaction, RCW 19.52.020 limited the interest rate on loans to 12 percent. Loan transactions that exceed $50,000 and are made exclusively for commercial or business pur poses were exempted. RCW 19.52.080. Aetna wished to limit its loans to those that would qualify for the…