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Arkansas Code Title 17. Professions, Occupations, and Businesses § 17-52-313. Disposition of funds

Current as of March 28, 2024 | Updated by Findlaw Staff

(a)(1) The Executive Director of the State Board of Appraisers, Abstracters, and Home Inspectors shall receive, disburse, and account for all income paid to or received by the State Board of Appraisers, Abstracters, and Home Inspectors.

(2) The executive director shall institute a system of books and financial records satisfactory to the Secretary of the Department of Finance and Administration.

(3)(A) All fees collected on behalf of the board and all receipts of every kind and nature shall be paid into the State Treasury and shall be credited to the Arkansas Home Inspectors Registration Fund.

(B) The Arkansas Home Inspectors Registration Fund shall be for the general uses of the board, and out of it shall be paid all salaries and all other expenses necessarily incurred in carrying into effect the provisions of this subchapter.

(C) Expenditures from the Arkansas Home Inspectors Registration Fund shall be substantiated by vouchers and itemized statements at the end of each fiscal year or at any other time when demand is made by the Department of Finance and Administration.

(4) The executive director shall deposit all funds of the board that he or she receives with the State Treasury within forty-eight (48) hours, excluding holidays and Sundays, after he or she receives the funds.

(b) All fines collected for the violation of any provisions of this subchapter shall be paid over to the board to be used by it in the same manner as funds received for the issuance of registration.

(c) The total amount of warrants issued by the board or Auditor of State in payment of the expenses and compensation provided in this subchapter shall not exceed the amount of the application, registration, and other fees collected.

(d)(1) Any surplus funds at the end of the fiscal year may be retained by the board for future expenditures.

(2) The board shall not be required to pay any surplus into the General Revenue Fund Account of the State Apportionment Fund.

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Cite this article: FindLaw.com - Arkansas Code Title 17. Professions, Occupations, and Businesses § 17-52-313. Disposition of funds - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-17-professions-occupations-and-businesses/ar-code-sect-17-52-313/

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