Gulfco of Louisiana, Inc. D/b/a Tower Loan of Springhill, Louisiana, Appellant v. MacArthur Brantley and Pamela…

Summary

The court affirmed the refusal to enforce a mortgage securing a series of high-interest loans because the totality of the circumstances established unconscionable and predatory lending practices that contravened Arkansas public policy. It held that the circuit court had not invalidated the agreements under Arkansas usury law or because Gulfco was unlicensed in Arkansas, so those arguments provided no basis for reversal. Chief Justice Hannah, concurring, agreed with the result but would have declared the contract void as against public policy and the public interest based on usury and predatory lending.