ARKANSASA OKLAHOMA

meeting, "Passage of this amendment could help assure the continuedgrowth of the Arkansas building industry."

f un nnfaNSAS Credit Council, an I organization committed to the passage ofthe 1982 Interest Rate Control Amendment, has been formed. This proposed amendment, enacted by the General Assembly of Arkansas, will be referred to the voters for approval at the general election in November.

Currently, Arkansas lumber and building supply dealers are confronted daily with limitations of credit. These limitations are the result of provisions set forth in the Arkansas Constitution of 1874, which sets the maximum rate of interest at no more than 1090. With the passage of the I 982 Interest Rate Control Amendment, interest rates on general loan commitments in Arkansas will be tied to the Federal Reserve Discount Rate.

The maximum lawful rate of interest on general loans under the proposed amendment cannot exceed 5 9o per annum above the Federal Reserve Discount Rate as quoted at the time of the contract. The maximum interest rate for consumer loans and credit sales will be limited to l79o annually.

Truman Hall of Lyman Lamb Company, Little Rock, and this year's chairman of the Mid-America Lumbermens Association's Arkansas state affairs committee, said at a recent dealer committee

Thanks to the efforts of the Retail Lumber and Building Material Dealers Legislative Action Committee of Oklahoma, a combined effort of the Oklahoma Lumbermen's Association and the Mid-America Lumbermens As-

Amending a somewhat confusing 1980-passed statute, the new provisions provide that, in addition to delivery by the customer contractor, a material supplier can now alternatively deliver to one of the owners occupying the dwelling a warning notice. This must be done, however, prior to first furnishing any materials. Only one notice is required regardless of the number of loads that are delivered.

Passage of the new lien law, along with other legislative accomplishments, gives the new joint committee a successful legislative record in is first year ofoperation.