§ 22-3-1904 - Loan approval process. - Arkansas Statutes

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 Arkansas Building Authority; 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 authority shall review the application to determine if the applicant satisfies the eligibility criteria for a loan from the revolving loan fund.

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

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