(a) There is created a program to be known as the "Entrepreneur Fee Waiver Pilot Program".
(b) The program shall be developed, implemented, and administered by the Arkansas Development Finance Authority.
(c) The purpose of the program is to encourage and assist entrepreneurs by providing a waiver of state filing fees, state permit fees, or state licensing fees associated with the formation of a small business in this state.
(d) As used in this section, "entrepreneur" means an individual starting a small business and who meets the eligibility criteria established by the authority for the program.
(e) The authority shall promulgate rules in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., to establish criteria for the review and approval of applications for the program.
(f) A entrepreneur shall apply to the authority, using the form prescribed by the authority, before the formation of the small business for which the entrepreneur seeks waiver of the state filing fees, state permit fees, or state licensing fees.
(g) Any waivers or vouchers under this section shall be provided in the manner determined by the authority.
(h) The total amount waived by the authority under this section shall not exceed five hundred thousand dollars ($500,000) per fiscal year.
(i) The Secretary of State shall provide notice of the program to an entrepreneur filing for the formation of a small business in this state.
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