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AR HB1852
Bill
Status
5/17/2013
Primary Sponsor
Frederick Love
Click for details
AI Summary
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Establishes the Arkansas Credit Reserve Program under the Arkansas Development Finance Authority to increase credit availability to small businesses in Arkansas
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Designs the Arkansas Credit Reserve Program to operate similarly to the existing Arkansas Capital Access Program for Small Business established under § 15-5-1101 et seq.
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Allows qualified businesses to pay required enrollment fees using sources other than the business's own sources
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Permits financial institutions to collect their required fees from qualified borrowers rather than paying the fees separately
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Maintains fee structure of 1.5% to 3.5% of principal amount paid by the borrower, with the financial institution paying an equal fee or collecting it from the borrower
Legislative Description
To Allow For The Creation Of The Arkansas Credit Reserve Program; And To Allow For Alternative Methods Of Paying Fees Under The Arkansas Capital Access Program For Small Business.
Last Action
Died in House Committee at Sine Die adjournment.
5/17/2013