(a) From and after May 31, 1997:
(1) It shall be unlawful for any person, by whatever name called, to do business as a bank within this state or to maintain any office in this state for the purpose of doing such business, except state banks, registered out-of-state banks, and national banks chartered to do business in this state;
(2)
(A) No certificate of incorporation for a new state bank in this state shall be issued, and no new state bank shall be permitted to engage in business within Arkansas except by permission of the Bank Commissioner and upon approval of an application for a new state bank charter by the commissioner and the State Banking Board.
(B) The issuance of the certificate shall be within the sole discretion of the commissioner and the board, and the giving of the permission shall be within the sole discretion of the commissioner;
(3) Whenever it shall appear to the commissioner that any person is conducting business as a state bank without authority, the commissioner may determine that the person is fully subject to the commissioner's supervisory and regulatory powers and to the provisions of the Arkansas Banking Code of 1997;
(4) No new industrial loan institution shall be incorporated in this state; and
(5) No partnership or individual or other unincorporated person may lawfully transact a general commercial banking business in this state.
(b) Nothing in this section shall be construed to prohibit or interfere with the operations of duly and lawfully organized savings and loan associations or credit unions qualified to do business in this state.