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HENSLEE v. MADISON GUAR. SAV. AND LOAN

No. 88-45.

760 S.W.2d 842 (1989)

297 Ark. 183

William E. HENSLEE, Katherine L. Henslee, Stephen A. Wilson, Lynn R. Wilson, and Lois M. Napper, Appellants, v. MADISON GUARANTY SAVINGS AND LOAN ASSOCIATION, Appellee.

Supreme Court of Arkansas.

January 9, 1989.

Attorney(s) appearing for the Case

Robert J. Brown, Steven Napper, Little Rock, for appellants.

Phillip Cuffman, Little Rock, for appellee.

SUBSTITUTED OPINION

HOLT, 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...

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