Henslee v. Madison Guaranty Savings & Loan Ass'n

Jack Holt, Jr., Chief Justice.

This appeal involves two issues: (1) whether under the facts of this case a one percent (1 %) commitment fee constituted interest which, when added to the interest on a particular loan, tainted the transaction with usury; and (2) whether the adoption of Amendment 60 to article 19, § 13 of the Arkansas Constitution had the effect of repealing Ark. Code Ann. §§ 4-57-106 and 4-57-107 (1987). We find that both issues require an affirmative response.

Separate appellants William and Katherine Henslee and Stephen and Lynn Wilson obtained a $121,600.00 three-year loan…