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BISHOP v. LINKWAY STORES, INC.,

No. 83-119.

655 S.W.2d 426 (1983)

280 Ark. 106

Richard C. BISHOP, Appellant, v. LINKWAY STORES, INC., Arkansas Credit Council, S.T. (Ros) Smith, Bob Wimberley, and Arkansas Retail Merchants Association, Appellees.

Supreme Court of Arkansas.

Supplemental Opinion July 18, 1983.

Rehearing Denied September 12, 1983.

Attorney(s) appearing for the Case

J.H. Cottrell, Little Rock, for appellant.

Laser, Sharp, Haley, Young & Huckabay by Jack Young, Little Rock, for Linkway Stores, Inc.

Owens, McHaney & Calhoun by James M. McHaney and James M. McHaney, Jr., Little Rock, for Arkansas Credit Council.

Mitchell, Williams, Selig, Jackson & Tucker by Jim Guy Tucker, Little Rock, for Ark. Retail Merchants Assn.

ADKISSON, Chief Justice.

This case questions the amount of interest that can be charged on consumer loans and credit sales under Section 13, Article XIX of the Arkansas Constitution as recently amended by Amendment 60. Appellant, Richard C. Bishop, purchased from appellee, Linkway Stores, Inc., certain items of furniture for his home, executing in part payment a conditional sales contract providing for an interest rate of 15 percent per annum on the unpaid balance...

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