{"data":{"id":"us-ar/ark.-code-ann.-14-88-310","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 14-88-310","heading":"Interest in loans unlawful - Penalty","body":"(a) It shall be unlawful for a municipal board of improvement, or any member thereof, to: (1) Loan the funds, or to be interested in the loan of the funds, raised in any improvement district; or (2) Apply or use the funds for any purpose except the purpose for which they were raised; or (3) Purchase, or to be interested in the purchase of, any lot or lands sold for the payment of delinquent assessments; or (4) Loan money or furnish money or credit to any person, company, or corporation to make such a purchase. (b) Any person violating the provisions of this section commits a felony and shall be: (1) Fined in any sum not less than five hundred dollars ($500) nor more than five thousand dollars ($5,000); and (2) Imprisoned in the state penitentiary not less than one (1) year nor more than ten (10) years. Acts 1909, No. 80, §§ 2, 4, p. 222; C. \u0026 M. Dig., §§ 5712, 5713; Pope's Dig., §§ 7351, 7352; Acts 1975, No. 928, § 7; A.S.A. 1947, §§ 20-121, 20-123.\n\n(a) It shall be unlawful for a municipal board of improvement, or any member thereof, to: (1) Loan the funds, or to be interested in the loan of the funds, raised in any improvement district; or (2) Apply or use the funds for any purpose except the purpose for which they were raised; or (3) Purchase, or to be interested in the purchase of, any lot or lands sold for the payment of delinquent assessments; or (4) Loan money or furnish money or credit to any person, company, or corporation to make such a purchase.\n\n(1) Loan the funds, or to be interested in the loan of the funds, raised in any improvement district; or\n\n(2) Apply or use the funds for any purpose except the purpose for which they were raised; or\n\n(3) Purchase, or to be interested in the purchase of, any lot or lands sold for the payment of delinquent assessments; or\n\n(4) Loan money or furnish money or credit to any person, company, or corporation to make such a purchase.\n\n(b) Any person violating the provisions of this section commits a felony and shall be: (1) Fined in any sum not less than five hundred dollars ($500) nor more than five thousand dollars ($5,000); and (2) Imprisoned in the state penitentiary not less than one (1) year nor more than ten (10) years.\n\n(1) Fined in any sum not less than five hundred dollars ($500) nor more than five thousand dollars ($5,000); and\n\n(2) Imprisoned in the state penitentiary not less than one (1) year nor more than ten (10) years.","path":["AR Code","Title 14","Chapter 88","Subchapter 3"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"13e6d0474d6acc3d48185768d185eee0ec9229119ab6bd0e284600cf890dee16","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-14-88-309","next":"us-ar/ark.-code-ann.-14-88-311"},"notice":"GroundRules: Original legal text. Not legal advice."}