# Ark. Code Ann. § 15-5-704: Duty of authority

> Arkansas · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-704

## Section

- **Citation:** Ark. Code Ann. § 15-5-704
- **Heading:** Duty of authority
- **Jurisdiction:** Arkansas
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** AR Code / Title 15 / Chapter 5 / Subchapter 7 / Section 15-5-704

## Text

The Arkansas Development Finance Authority, in addition to all the duties and functions defined in the Arkansas Development Finance Authority Act, §§ 15-5-101 - 15-5-106 , 15-5-201 - 15-5-211 , 15-5-213 , and 15-5-301 - 15-5-316 , is empowered to approve or deny by majority vote of the Board of Directors of the Arkansas Development Finance Authority the applications for direct loans and guaranties of obligations and qualified investments, except that, at the discretion of the board, approvals for loans up to any limit the board shall specify may be approved by the Small Business Loan Committee. The committee shall report all such actions taken at the next meeting of the board. Acts 1989, No. 623, § 4; 1993, No. 183, § 3; 1995, No. 1329, § 4.

The Arkansas Development Finance Authority, in addition to all the duties and functions defined in the Arkansas Development Finance Authority Act, §§ 15-5-101 - 15-5-106 , 15-5-201 - 15-5-211 , 15-5-213 , and 15-5-301 - 15-5-316 , is empowered to approve or deny by majority vote of the Board of Directors of the Arkansas Development Finance Authority the applications for direct loans and guaranties of obligations and qualified investments, except that, at the discretion of the board, approvals for loans up to any limit the board shall specify may be approved by the Small Business Loan Committee. The committee shall report all such actions taken at the next meeting of the board.

Acts 1989, No. 623, § 4; 1993, No. 183, § 3; 1995, No. 1329, § 4.

## Nearby sections

- [Ark. Code Ann. § 15-5-701 Title](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-701.md)
- [Ark. Code Ann. § 15-5-702 Legislative findings and declaration of public necessity](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-702.md)
- [Ark. Code Ann. § 15-5-703 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-703.md)
- [Ark. Code Ann. § 15-5-704 Duty of authority](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-704.md)
- [Ark. Code Ann. § 15-5-705 Funding or guarantee of loans - Conditions](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-705.md)
- [Ark. Code Ann. § 15-5-706 Evaluation of small-business persons](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-706.md)
- [Ark. Code Ann. § 15-5-707 Small Business Revolving Loan Fund - Investment of funds](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-707.md)
- [Ark. Code Ann. § 15-5-708 Applications - Supporting documents](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-708.md)
- [Ark. Code Ann. § 15-5-709 Applications - Review - Confidentiality and public disclosure - Notice](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-709.md)
- [Ark. Code Ann. § 15-5-710 Liability of authority's members and staff](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-710.md)
- [Ark. Code Ann. § 15-5-711 Grants to fund](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-711.md)
- [Ark. Code Ann. § 15-5-712 Power to make grants and loans](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-712.md)
- [Ark. Code Ann. § 15-5-713 Funding of qualified investments](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-713.md)
- [Ark. Code Ann. § 15-5-714 Entrepreneur Fee Waiver Pilot Program - Definition](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-714.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-704. Check the current official text before relying on it. Not legal advice.