Ford Motor Credit Co. v. Rogers

Robert H. Dudley, Justice.

Amendment 60, which amended Article 19, § 13 of the Constitution of Arkansas, became effective on December 2,1982. On July 11,1983, this court interpreted Amendment 60 as having a two-fold limitation on the maximum amount of interest a lender can charge on a consumer loan or credit sale — the lesser of 17% or 5% over the Federal Reserve Discount Rate. Bishop v. Linkway Stores, 280 Ark. 106, 655 S.W.2d 426 (1983). A petition for rehearing was denied on September 12, 1983. Petitioner, Ford Motor Credit Co., interpreted Amendment 60 as permitting a maximum of 17%…