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Arkansas Issue 2 comes under fire in lawsuit

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September 29, 2010

By Al Ortiz

LITTLE ROCK, Arkansas: Currently, there are three statewide ballot measures on the Arkansas ballot. However, that number might be less if a lawsuit filed against Issue 2 accomplishes what it wants to do: strike it from the ballot. If enacted by a majority of voters, the measure would temper interest rates limits on loans to lending entities. Those entities are: government entities, federally insured depository institutions and other lenders.

A challenge to Arkansas Issue 2 was filed with the Arkansas Supreme Court opposing the measure and asking the court to take the issue off of the November ballot. The lawsuit argues that the measure violates single-subject law and that the proposal combines three separate issues into one measure, sidestepping the limit on Arkansas Legislature to refer only up to three measures in an election year. The House and Senate committees on State Agencies and Governmental Affairs endorsed the constitutional amendment, which would also remove a 5 percent interest cap, and would, however, allow a 17 percent cap to still be implemented.[1][2][3]

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