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15-5-1106. Loss reserve accounts — Limitation on amount.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-1106. Loss reserve accounts — Limitation on amount.
(a) The Arkansas Development Finance Authority shall establish a loss reserve account for each financial institution with which the authority makes a contract.
(b) The loss reserve account for a financial institution shall consist of moneys paid in fees by borrowers and the financial institution and moneys transferred to the account from the Capital Access Fund.
(c) The authority may establish and maintain loss reserve accounts with any financial institution under such policies as the authority may adopt.
(d) All moneys in a loss reserve account are the property of the authority.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1106
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:15-5-1106
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 316ffe1d2de0292b7b6c2a839f2973ce4c722029c524dad38f0a4fa2ae2715a6
Source location: content.xml paragraph 8909
Stored source content
15-5-1106. Loss reserve accounts — Limitation on amount.
(a) The Arkansas Development Finance Authority shall establish a loss reserve account for each financial institution with which the authority makes a contract.
(b) The loss reserve account for a financial institution shall consist of moneys paid in fees by borrowers and the financial institution and moneys transferred to the account from the Capital Access Fund.
(c) The authority may establish and maintain loss reserve accounts with any financial institution under such policies as the authority may adopt.
(d) All moneys in a loss reserve account are the property of the authority.
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