(a) Any financial institution that refuses or fails, for thirty (30) days after notice from the Bank Commissioner, to make any report to the commissioner, or fails to pay any fees for ten (10) days after the date of notice by the commissioner, shall be given an additional notice through personal service or by letter from such person of the office of the commissioner as the commissioner may designate.
(b)
(1) If the failure continues for ten (10) days after the receipt of the additional notice, then the commissioner may assess a monetary penalty against the financial institution for each separate failure or refusal of one hundred dollars ($100) each day for the first thirty (30) days after receiving the notice of delinquency from the commissioner and one thousand dollars ($1,000) per day of violation for every day thereafter.
(2) Alternatively, in the case of a state bank or subsidiary trust company, if the failure continues for ten (10) days after the receipt of the additional notice, the commissioner may take charge of the state bank or subsidiary trust company, as provided in case of insolvency.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 46 - State Bank Department and State Banking Board
Subchapter 5 - Reports and Examinations
§ 23-46-502. Statement on call
§ 23-46-503. When examinations made
§ 23-46-504. Examination of affiliates
§ 23-46-505. Noncompliance with banking law — Special examinations
§ 23-46-506. Examination procedure
§ 23-46-507. Information furnished state or federal agencies
§ 23-46-508. Noncooperation with examiners
§ 23-46-509. Assessment fees, application fees, and other department fees
§ 23-46-510. Failure to make report or pay fees — Penalty
§ 23-46-511. Retention of records
§ 23-46-512. Changes in chief executive officer and directors