Opinion ID: 1630760
Heading Depth: 1
Heading Rank: 4

Heading: Constitutionality of Arkansas's Usury Provision

Text: Mr. Courtney argues that Arkansas' usury provision is either unconstitutional or invalid because the provision is based on the Federal Discount Rate, and the Federal Reserve Discount Rate no longer exists. Mr. Courtney's argument has no bearing on the outcome of this case, however, because a Federal Reserve Discount Rate was still in existence at the time that the loan agreement was made. See Hartford Fire Insurance Company v. Sauer, No. 04-127, 358 Ark. 89, 186 S.W.3d 229 n. 2 (2004). At any rate, this court will not address the merits of this argument on appeal, because the issue was not ruled on by the court below. This court has repeatedly held that the [f]ailure to obtain a ruling, even with respect to a constitutional question, precludes the issue on appeal. State Farm Fire & Casualty Company v. Ledbetter, 355 Ark. 28, 129 S.W.3d 815 (2003); Technical Services of Arkansas, Inc. v. Pledger, 320 Ark. 333, 896 S.W.2d 433 (1995). In this case, the trial court's order did not include a ruling on the constitutionality of Article 19, Section 13, and Mr. Courtney did not seek to set aside the order to obtain a ruling on the issue. See Doe v. Baum, 348 Ark. 259, 72 S.W.3d 476 (2002). Because there was no ruling below, this court is procedurally barred from addressing the issue on appeal. Reversed and remanded.