Posted by Irwin on May 17, 2000 at 22:12:54:
This is a complex question. The answer is in the Arkansas State Court and Federal Court cases that interpret the constitutional provision that you refer to. Anything else would be pure guesswork, and it would be very risky to rely on it.
That said, the law probably governs ONLY loans that have no Federal connection, like FHA insurance or VA Guarantee, or made by a Federally chartered bank, S&L etc. As between you, and the guy you’re selling to, it probably applies, and limits your interest rate. But, as I said, have this check out by an Ark. lawyer.