Arkansas § 15-5-1103 Definitions

Arkansas Statutes

§ 15-5-1103 — Definitions

Arkansas § 15-5-1103

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This text of Arkansas § 15-5-1103 (Definitions) 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. § 15-5-1103 (2026).

Text

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) "

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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.

Legislative History

Amended by Act 2017, No. 426,§ 6, eff. 8/1/2017. Amended by Act 2013, No. 1222,§ 1, eff. 8/16/2013. Acts 1993, No. 733, § 3; 1993, No. 886, § 3; 1995, No. 487, § 1; 1999, No. 429, § 8.