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14-88-310. Interest in loans unlawful — Penalty.
Arkansas Code — all titles (historical 2020) · legal_authorities
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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-88-310
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:14-88-310
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0c81a638fc59041cbb2ae7c17655c19954faf8516732c6207a6d02e02a1f1598
Source location: content.xml paragraph 22422
Stored source content
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.
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