(1) Any person who, either in person or by and through his or her tenants, resides on or cultivates any of the swamp and overflowed lands which may have been confirmed to the state shall have a preemption right to the lands to be proved as provided in this section.
(2) Should the person, firm, or corporation making an application to purchase the lands show by affidavit of at least three (3) reliable and disinterested persons that he or she, either in person or by and through his or her tenants, is in actual possession of the lands under color of title and that he or she and those under whom he or she claims title have been in the actual possession thereof for more than fifteen (15) years prior to the passage of this subchapter together with the certificate of the clerk of the county court showing that the lands described in the petition of the applicant have been regularly assessed on the tax books of the county in which they are located for more than twenty (20) years prior to the passage of this subchapter, and that the taxes so assessed have been paid by the applicant or those under whom he or she claims title, then the Commissioner of State Lands shall execute a deed or patent conveying to the applicant all the right, title, claim, and interest which the State of Arkansas may have acquired in and to the lands upon the applicant's paying into the State Treasury the sum of one dollar ($1.00) per acre for the lands described in his or her application, together with a fee of one dollar ($1.00) to the Commissioner of State Lands for the execution of the deed.