(b) The fee may be collected in three (3) ways:

1. (1)

   1. (A) The commission staff will charge an administration fee based on a percentage of the principal the borrower borrows.
   2. (B) The percentage will be the fee that is in effect at the time the memorandum of agreement is executed.
   3. (C) The Director of the Arkansas Natural Resources Commission will be responsible for setting the administration fee;

2. (2)

   1. (A) The commission staff and the Arkansas Development Finance Authority will both charge a financing fee as part of the borrower's repayments to defray administrative costs.
   2. (B) The amount withheld will be the fee that is in effect at the time the memorandum of agreement is executed.
   3. (C) The director will be responsible for setting the financing fee; or

3. (3)

   1. (A) Any borrower that withdraws from the CWRLF program may be charged a five thousand-dollar fee used to cover costs incurred by the commission staff for work done on the project.
   2. (B) Payment will be due immediately upon being invoiced by the commission staff.