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Legal Opinion

Opinion No.

Arkansas Attorney General Reports

Decided February 11, 2010Published

1Opinion of the Court

The Honorable Walls McCrary State Representative

319 West Academy Street Lonoke, Arkansas 72086-3104

Dear Representative McCrary:

I am writing in response to your request on behalf of a constituent for an opinion on the following questions:

1. What is the maximum annual interest rate that can be charged on a Contract for Sale of lots and/or land?

2. What is the maximum annual interest rate that can be charged on a Contract for Sale of lots and/or land together with a house placed on it?

3. What formula is used to determine the correct amount of interest?

Your request provides no additional context…

2Cases cited13 opinions

  1. Cooper v. Cherokee Village Development Co.Supreme Court of Arkansas · 1963
  2. McElroy v. GrishamSupreme Court of Arkansas · 1991
  3. Bishop v. LINKWAY STORES, INC.Supreme Court of Arkansas · 1983
  4. National Surety Corporation v. Inland Properties, Inc.District Court, E.D. Arkansas · 1968
  5. Aldens, Inc. v. MillerCourt of Appeals for the Eighth Circuit · 1979

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