AR SB644

Transfers the Arkansas Student Loan Authority to the Arkansas Development Finance Authority as a Type 2 transfer, with all authority, powers, duties, functions, records, personnel, and funds transferring to the development authority effective July 1, 2017.

Repeals Arkansas Code Title 6, Chapter 81, Subchapter 1 (the entire Arkansas Student Loan Authority statutory framework) and establishes a new Student Loan Authority Division within the Arkansas Development Finance Authority.

Amends the Arkansas Development Finance Authority's powers to include making, acquiring, purchasing, and servicing guaranteed education loans and education loans, with authority to issue bonds, collect fees, and enter into loan guaranty contracts.

Transfers Arkansas Student Loan Authority board member terms to expire on the effective date, eliminating the separate authority's governance structure and consolidating operations under the development authority's existing framework.

Declares an emergency effective July 1, 2017, citing cost savings and more efficient administration through consolidation with the Arkansas Development Finance Authority.