§ 8-5-806 - Terms of the revolving loan.
8-5-806. Terms of the revolving loan.
(a) (1) The maximum loan amount shall be:
(A) Forty-five thousand dollars ($45,000) per mandated pollution control project;
(B) Forty-five thousand dollars ($45,000) per pollution prevention project; and
(C) Forty-five thousand dollars ($45,000) per waste reduction project.
(2) The maximum allowable amount to be loaned shall not exceed sixty-five thousand dollars ($65,000) per individual applicant.
(b) The maximum term of the loan shall be ten (10) years per mandated pollution control project and ten (10) years per pollution prevention or waste reduction project.
(c) The interest rate shall be:
(1) Established by the Arkansas Department of Environmental Quality at or below market rate; and
(2) Fixed for the term of each loan at the rate that is in effect when the loan application is received or when the loan is closed, whichever is lower.
(d) (1) The borrower shall be required to make level monthly amortizing payments to retire the debt by the end of the loan term.
(2) Loan principal may be repaid in part or in full at any time without penalty.
(e) (1) The department may:
(A) Make secured or unsecured loans with a promissory note;
(B) Collect interest on any loans issued; and
(C) Assess penalties on late loan payments.
(2) Loans issued under this subchapter may contain an acceleration clause.
(f) The department may bring any lawful action to recover any loan that is in default.