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1974 Arkansas Attorney General Reports and Opinions 1 (1974)

handle is hein.sag/sagar0043 and id is 1 raw text is: STATE OF ARKANSAS

OFFICE OF THE ATTORNEY GENERAL
JUSTICE BUILDING, LITTLE ROCK
JIM GUY TUCKER
ATTORNEY GENERAL
January 2, 1974
Opinion No. 74-1
The Honorable William J. Smith
Smith, Williams, Friday, Eldredge 6 Clark
Attorneys at Law
Boyle Building
Little Rock, Arkansas 72201
Dear Mr. Smith:
This is to acknowledge receipt of your letter dated December 28,
1973, and the proposed initiative petition concerning a constitu-
tional amendment for revision of Section 13 of Article XIX of the
Arkansas Constitution of 1874. You request that the popular name
and ballot title of this petition be approved as provided in Ark.
Stat. Ann. §2-208. Further, you request our instructions to the
canvassers and signers of the petition as provided in Ark. Stat.
Ann. §2-206.
Your proposed initiative petition provides a popular name and ballot
title as follows:
AMtENDMENT TO AUTHORIZE THE GENERAL ASSEMBLY TO FIX
MAXIMUM LAWFUL RATES OF INTEREST
An amendment to authorize the General Assembly to
fix maximum lawful rates of interest by amending section
13 of Article XIX of the Arkansas Constitution of 1874
so that as amended Section 13 will provide that the
maximum lawful rate of interest, except when the General
Assembly shall otherwise provide, shall be ten percent
per annum; that all contracts for an unlawful rate of
interest shall be void as to principal and interest; and
that when no rate of interest is agreed upon the rate
shall be six percent per annum.
Be it ordained by the People of the State of Arkansas
that the following shall be an Amendment to the Constitution:

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