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 Gulfco’s mortgage against the Brantleys’ home. It held that Gulfco’s arguments concerning Arkansas usury law and business registration provided no basis for reversal because the circuit court had not invalidated the transactions on either ground. The court upheld the finding that the series of loans was unconscionable and predatory, emphasizing the Brantleys’ inability to repay, escalating debt, and Gulfco’s continued lending secured by their home. Chief Justice Hannah, concurring, agreed with the result but would have declared the contract void as contrary to Arkansas public policy and the public interest.