Ark. Code § 15-5-1103

Current with legislation from 2024 effective through May 3, 2024.

Section 15-5-1103 - Definitions

As used in this subchapter:

(1) "Financial institution" means all banks, savings and loan associations, corporations organized under the County and Regional Industrial Development Company Act, § 15-4-1201 et seq., and any other lending institutions approved by the Board of Directors of the Arkansas Development Finance Authority;

(2) "Loss reserve account" means an account in a financial institution that is established and maintained by the Arkansas Development Finance Authority for the benefit of a financial institution participating in the Arkansas Capital Access Program for Small Business or the Arkansas Credit Reserve Program;

(3) "Qualified business" means a person conducting business for profit or not-for-profit who is authorized to conduct business in the State of Arkansas; and

(4) "Qualified loan" means a loan or portion of a loan made by a financial institution to a qualified business for any business activity that has its primary economic effect in Arkansas.

Ark. Code § 15-5-1103

Amended by Act 2017, No. 426,§ 6, eff. 8/1/2017.

Amended by Act 2013, No. 1222,§ 1, eff. 8/16/2013.

Acts 1993, No. 733, § 3; 1993, No. 886, § 3; 1995, No. 487, § 1; 1999, No. 429, § 8.