(a)(1) An applicant for a loan from the Sustainable Building Maintenance Program for State-Supported Institutions of Higher Education Revolving Loan Fund under § 6-62-1202 shall apply for the loan on a form approved by the Division of Higher Education.(2) The division shall review an application submitted under subdivision (a)(1) of this section to determine if the applicant satisfies the eligibility criteria for a loan from the fund.(b) The division shall provide an applicant for a loan from the fund with written notice of its determination regarding whether to offer the applicant a loan from the fund and any conditions for making the loan from the fund.(c) After an applicant for a loan from the fund has satisfied the preconditions, if any, for the division's approval of the applicant's loan application and has executed a contract for the loan from the fund, the division shall present the contract for the loan from the fund to the Arkansas Higher Education Coordinating Board for its approval.Added by Act 2023, No. 751,§ 1, eff. 8/1/2023.
Arkansas Legal Code