§ 14-88-310 - Interest in loans unlawful -- Penalty. - Arkansas Statutes

14-88-310. Interest in loans unlawful -- Penalty.

(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.