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FORD MOTOR CREDIT CO. v. ROGERS

No. 84-290.

685 S.W.2d 145 (1985)

285 Ark. 64

FORD MOTOR CREDIT COMPANY, Petitioner, v. The Honorable Judith ROGERS, Chancellor, Pulaski County Chancery Court, Third Div., Respondent.

Supreme Court of Arkansas.

Rehearing Denied April 1, 1985.

Attorney(s) appearing for the Case

Griffin Smith and W.R. Nixon, Jr., Little Rock, for petitioner.

Joseph L. Tresp, North Little Rock, Meredith Wineland, David E. Smith, Bryant, for respondent.

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,

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