Arkansas § 15-3-117 Use of revenues - Assistance to minority businesses

Arkansas Statutes

§ 15-3-117 — Use of revenues - Assistance to minority businesses

Arkansas § 15-3-117

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This text of Arkansas § 15-3-117 (Use of revenues - Assistance to minority businesses) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 15-3-117 (2026).

Text

(a)The Arkansas Economic Development Commission is authorized to use any available revenues for the accomplishment of the purposes set forth in this subchapter.

(b)In carrying out the purposes set forth in this subchapter, the commission will assist minority businesses in obtaining loans or other means of financial assistance.

(c)The terms and conditions of such loans or financial assistance, including the charges for interest and other services, will be consistent with the provisions of this subchapter.

(d)In order to comply with this requirement, efforts will be made to solicit for review and analysis proposed minority business ventures.

(e)It is further provided that basic loan underwriting standards will not be waived to inconsistently favor minority persons or businesses, or both

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(a) The Arkansas Economic Development Commission is authorized to use any available revenues for the accomplishment of the purposes set forth in this subchapter. (b) In carrying out the purposes set forth in this subchapter, the commission will assist minority businesses in obtaining loans or other means of financial assistance. (c) The terms and conditions of such loans or financial assistance, including the charges for interest and other services, will be consistent with the provisions of this subchapter. (d) In order to comply with this requirement, efforts will be made to solicit for review and analysis proposed minority business ventures. (e) It is further provided that basic loan underwriting standards will not be waived to inconsistently favor minority persons or businesses, or both, from the intent of the commission's lending practices.

Legislative History

Amended by Act 2015EX1, No. 8,§ 76, eff. 7/1/2015. Amended by Act 2015EX1, No. 7,§ 76, eff. 7/1/2015. Acts 1983, No. 859, § 9; 1985, No. 409, § 7; A.S.A. 1947, § 6-1609.