(a) The Division of Public School Academic Facilities and Transportation shall review and assess the accuracy of the information provided in each loan application within a reasonable time after receiving a loan application.(b)(1) After reviewing and considering the merits of the application, the division may:(A) Approve the loan requested for the full amount;(B) Approve the loan requested for an amount less than requested; or(C) Deny the loan.(2) The division shall notify the open-enrollment public charter school in writing of the decision.(c) An open-enrollment public charter school may apply for and accept a loan from the Open-Enrollment Public Charter School Facilities Loan Fund without prior approval from the Commissioner of Elementary and Secondary Education under § 6-23-401(a)(5).Amended by Act 2021, No. 544,§ 53, eff. 7/28/2021.Added by Act 2013, No. 1255,§ 1, eff. 8/16/2013.
Arkansas Legal Code