(a) The Director of the Arkansas Farm Mediation Program shall issue a release upon request to any creditor who has paid any required fees and:
(1) Who has attended an initial mediation meeting under § 2-7-301 or § 2-7-307;
(2) Who has served a mediation notice on the farmer and the farmer has not requested mediation within the time allowed;
(3) When the farmer has waived mediation with respect to that creditor or the agricultural property at issue;
(4) When the agricultural property has been abandoned by the farmer;
(5) In the discretion of the director if the default is other than monetary;
(6) When ordered to do so by a court upon a finding by the court that mediation would be unduly burdensome and an extreme hardship on the creditor;
(7) Upon the failure of a farmer to appear at a scheduled mediation meeting; or
(8) As otherwise provided by rule.
(b) A release is effective as to any proceeding commenced or continued or any action taken one (1) year or less after its date of issuance, but a release is not effective as to any proceeding commenced or action taken more than one (1) year after its date of issuance.