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15-5-1103. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-1103. Definitions.
As used in this subchapter:
(1) “Financial institution” means all banks, savings and loan associations, corporations organized under the County and Regional Industrial Development Company Act, § 15-4-1201 et seq., and any other lending institutions approved by the Board of Directors of the Arkansas Development Finance Authority;
(2) “Loss reserve account” means an account in a financial institution that is established and maintained by the Arkansas Development Finance Authority for the benefit of a financial institution participating in the Arkansas Capital Access Program for Small Business or the Arkansas Credit Reserve Program;
(3) “Qualified business” means a person conducting business for profit or not-for-profit who is authorized to conduct business in the State of Arkansas; and
(4) “Qualified loan” means a loan or portion of a loan made by a financial institution to a qualified business for any business activity that has its primary economic effect in Arkansas.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1103
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:15-5-1103
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 26da126353a4a26166719d4aa1e31d82a298e925f742269e0a4eb0a811336d6f
Source location: content.xml paragraph 8874
Stored source content
15-5-1103. Definitions.
As used in this subchapter:
(1) “Financial institution” means all banks, savings and loan associations, corporations organized under the County and Regional Industrial Development Company Act, § 15-4-1201 et seq., and any other lending institutions approved by the Board of Directors of the Arkansas Development Finance Authority;
(2) “Loss reserve account” means an account in a financial institution that is established and maintained by the Arkansas Development Finance Authority for the benefit of a financial institution participating in the Arkansas Capital Access Program for Small Business or the Arkansas Credit Reserve Program;
(3) “Qualified business” means a person conducting business for profit or not-for-profit who is authorized to conduct business in the State of Arkansas; and
(4) “Qualified loan” means a loan or portion of a loan made by a financial institution to a qualified business for any business activity that has its primary economic effect in Arkansas.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1201. Title.
This subchapter shall be referred to and may be cited as the “County and Regional Industrial Development Company Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1201
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. The source passage cites 15-4-1201. This identifies an authority to review, not proof of applicability.