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RASCON v. TRANSAMERICA FINANCIAL CORP.

Nos. 1 CA-CV 89-572, 1 CA-SA 89-263.

168 Ariz. 201 (1990)

812 P.2d 1019

Olivia M. RASCON; Jorge G. and Antonio G. Medina, Husband and Wife, Individually and on Behalf of All Others Similarly Situated, Plaintiffs-Appellants, Cross-Appellees, v. TRANSAMERICA FINANCIAL CORPORATION, a Delaware Corporation; Pacific Finance Loans dba Transamerica Financial Services, a California Corporation; Transamerica Financial Services, Inc., an Arizona Corporation, Defendants-Appellees, Cross-Appellants. BENEFICIAL ARIZONA, INC., formerly known as Beneficial Finance Co. Arizona, a Delaware Corporation; Beneficial Mortgage Co. of Arizona, a Delaware Corporation; and Southwest Beneficial Finance, Inc., an Illinois Corporation, Petitioners, v. SUPERIOR COURT OF the State of Arizona, In and For the COUNTY OF MARICOPA, Honorable Alan S. Kamin, a Judge Thereof, Respondent Judge, Leonard H. AROS and Connie Aros, Husband and Wife; Ronald E. Wade and Belle Wade, Husband and Wife; Arturo Espinoza and Odine Espinoza, Husband and Wife; Johnnie Breckenridge and Jeanne Breckenridge, Husband and Wife; James E. Clark and Suzanne Clark, Husband and Wife; James L. Williams and Vicki L. Williams, Husband and Wife; John E. Berry and Theresia Berry, Husband and Wife; Individually and on Behalf of Others Similarly Situated, Real Parties in Interest.

Court of Appeals of Arizona, Division 1, Department B.

Review Denied June 25, 1991.

Attorney(s) appearing for the Case

Meyer, Hendricks, Victor, Osborn & Maledon by William J. Maledon, Andrew D. Hurwitz and Mark A. Fuller, Phoenix, Southern Arizona Legal Aid, Inc. by William E. Morris and Salese McCarthy, P.C. by Armand Salese, Tucson, for plaintiffs-appellants, cross-appellees and respondents.

Streich, Lang, Weeks & Cardon by Wm. S. Hawgood II, Louis A. Stahl, Charles W. Jirauch and Randall S. Theisen, Phoenix, for defendants-appellees, cross-appellants.

Molloy, Jones & Donahue, P.C. by Michael J. Meehan and Mark Dinell and Slutes, Sakrison, Even, Grant & Pelander, P.C. by John Pelander, Tucson, for petitioners.

O'Dowd, Burke & Lundquist by Bruce A. Burke, Tucson, for real parties in interest.

OPINION

JACOBSON, Presiding Judge.

This appeal and petition for special action involve similar issues relating to the legality of certain lending practices instituted in 1980 by various consumer lenders in response to changes in Arizona's usury law. The sole issue we address is whether Consumer Loan Act licensees could make consumer loans, between July 1980 and July 1984, at rates permitted by the general usury statute. Because we hold that such loans were...

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