(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.
Section: Previous 15-5-1102 15-5-1103 15-5-1104 15-5-1105 15-5-1106 15-5-1107 15-5-1108 15-5-1109 15-5-1110 15-5-1111 NextLast modified: November 15, 2016