(a) No fees of any nature, fiscal agent's, legal, or otherwise, shall be paid either directly or indirectly for any service performed with respect to any loan made under the provisions of this subchapter.(b) Any person who shall give or receive any such fee, or any person who shall use or cause to be used the proceeds of any such loan for any school purpose other than that for which it is made, shall be guilty of a Class B misdemeanor.Acts 1953, No. 384, § 12; A.S.A. 1947, § 80-952; Acts 2005, No. 1994, § 385.
Arkansas Legal Code