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Arkansas Code Title 22. Public Property § 22-3-1904. Loan approval process

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

(a) An applicant for a loan from the Sustainable Building Design Revolving Loan Fund shall:

(1) Apply on a form approved by the Building Authority Division; and

(2)(A) Remit an origination fee of one-half of one percent (0.5%) of the requested amount of the loan.

(B) However, the amount of the origination fee shall not exceed two thousand five hundred dollars ($2,500).

(b) The division shall review the application to determine if the applicant satisfies the eligibility criteria for a loan from the fund.

(c) The division shall provide the applicant written notice of its determination whether to offer a loan from the fund and any conditions for making the loan.

(d) After the applicant has satisfied any preconditions, if any, for the division's approval of the loan and has executed a contract for the loan, the division shall forward the loan contract to the Department of Finance and Administration and the Governor for their approval.

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Cite this article: FindLaw.com - Arkansas Code Title 22. Public Property § 22-3-1904. Loan approval process - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-22-public-property/ar-code-sect-22-3-1904/

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