Ark. Code Ann. § 22-3-1904: Loan approval process

(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. Amended by Act 2019, No. 910,§ 6225, eff. 7/1/2019. Acts 2009, No. 1372, § 1.

(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).

(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).

(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.