Arkansas § 15-5-1106 Loss reserve accounts - Limitation on amount

Arkansas Statutes

§ 15-5-1106 — Loss reserve accounts - Limitation on amount

Arkansas § 15-5-1106

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This text of Arkansas § 15-5-1106 (Loss reserve accounts - Limitation on amount) 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. § 15-5-1106 (2026).

Text

(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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(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.