(a) All funds received by the Arkansas Motor Vehicle Commission shall be deposited into the State Treasury as special revenues to the credit of a special fund to be known as the “Arkansas Motor Vehicle Commission Fund”.
(b) All expenses incurred in the organization, maintenance, operation, and motor vehicle education and training of the commission shall be paid from the special fund, and the expenditure of all funds shall be subject to the General Accounting and Budgetary Procedures Law, § 19-4-101 et seq., the Arkansas Procurement Law, § 19-61-101 et seq., and other applicable fiscal laws.
(c) The receipts and disbursements of the commission shall be audited annually by the Legislative Auditor.