Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities

§ 23-32-207. Deposits and withdrawals — Accounts and certificates of deposit in two or more names - Checking accounts and savings accounts may be opened and certificates...

§ 23-32-208. Sharing of customer-bank communication terminals - (a) (1) An agreement to share a customer-bank communication terminal,...

§ 23-32-209. Misleading actions or use of words by unauthorized persons - (a) (1) All persons except those described in subdivision (a)(2)...

§ 23-32-210. Request for stop payment on electronic funds transfer - (a) Any financial institution doing business in this state shall...

Subchapter 3 - Surety Bond Exemption Act

§ 23-32-301. Title - This subchapter may be known as the “Surety Bond Exemption...

§ 23-32-302. Purpose - The purpose of this subchapter is to exempt state and...

§ 23-32-303. Applicability of other laws - The law defining savings and loan associations' formation, structure, and...

§ 23-32-304. Construction - Nothing in this subchapter shall be construed to: (1) Prevent...

§ 23-32-305. Exemption from posting bond in certain transactions - (a) Except when the dollar amount of responsibility assumed exceeds...

Subchapter 4 - Foreign Investor Companies

§ 23-32-401. Definition - As used in this subchapter, unless the context otherwise requires,...

§ 23-32-402. Application - No provision in this subchapter shall apply to any corporation...

§ 23-32-403. Transactions not considered engaging in business - Without excluding other activities which may not constitute transaction of,...

§ 23-32-404. Consent to service of process on Secretary of State - (a) All investor companies, except national banking institutions and state-chartered...

§ 23-32-405. Authority to sue and be sued - The investor companies may sue or be sued in this...

§ 23-32-406. Transaction of general business not authorized - Nothing in this subchapter shall be construed as authorizing investor...

Subchapter 5 - Agency Designation on Certificates of Deposit

§ 23-32-501. Definitions - In this subchapter: (1) “Account” means a contract of deposit...

§ 23-32-502. Scope of subchapter - (a) This subchapter applies to accounts in this state. (b)...

§ 23-32-503. Forms - A contract of deposit that substantially contains the following form...

§ 23-32-504. Designation of agent - (a) Unless the terms of an agency designation provide that...

§ 23-32-505. Payment to designated agent - On request of an agent under an agency designation for...

§ 23-32-506. Payment to minor - If a financial institution is required or permitted to make...

§ 23-32-507. Discharge - (a) (1) Payment made pursuant to this subchapter in accordance...

§ 23-32-508. Setoff - Without qualifying any other statutory right to setoff or lien...

§ 23-32-509. Effect on other laws - This subchapter is supplemental to all laws pertaining to the...

Chapter 35 - Credit Unions

Subchapter 1 - General Provisions

§ 23-35-101. Definition and purpose of credit union or central credit union - A credit union or central credit union is a cooperative...

§ 23-35-102. Operation of central credit unions - (a) A central credit union may be organized and operated...

§ 23-35-103. Taxation - A credit union shall be deemed an institution for savings...

§ 23-35-104. Insurance of accounts - (a) Each credit union organized under this chapter shall obtain...

Subchapter 2 - Supervision

§ 23-35-201. Credit Union Division — State Credit Union Supervisor — Staff - There is created under the State Securities Department a Credit...

§ 23-35-202. Authority of State Credit Union Supervisor — Rules and regulations - (a) All state-chartered credit unions shall be supervised and regulated...

§ 23-35-203. Annual examination of credit unions - (a) The State Credit Union Supervisor shall cause each credit...

§ 23-35-204. Reports — Penalty for failure to file - (a) Credit unions subject to the provisions of this chapter...

§ 23-35-205. Annual supervision fee - Each credit union subject to the provisions of this chapter...

Subchapter 3 - Organization

§ 23-35-301. Procedure for obtaining charter - (a) Any seven (7) or more residents of the State...

§ 23-35-302. Amendments to articles of incorporation and bylaws - (a) The articles of incorporation and the bylaws may be...

§ 23-35-303. Board of directors and committees generally - (a) The business affairs of the credit union shall be...

§ 23-35-304. Duties of board of directors - (a) The board of directors of the credit union shall...

§ 23-35-305. Officers — Selection, term, and oath - (a) Within ten (10) days following the organizational meeting and...

§ 23-35-306. Credit committee — Loan officers - (a) (1) The credit committee of the credit union shall...

§ 23-35-307. Supervisory committee - (a) The supervisory committee of the credit union shall make...

§ 23-35-308. Compensation of officers, directors, committee members, and employees - (a) No officer, director, or committee member of the credit...

Subchapter 4 - Membership

§ 23-35-401. Membership requirements - (a) The membership of a credit union shall be limited...

§ 23-35-402. Nonliability of members - The members of the credit union shall not be personally...

§ 23-35-403. Meetings — Voting - (a) The annual meeting and special meetings shall be held...

§ 23-35-404. Expulsion of members - (a) A member of a credit union may be expelled...

Subchapter 5 - Shares

§ 23-35-501. Shares generally — Liens on shares - (a) A “share” is a term applied to each five...

§ 23-35-502. Shares in name of minor - (a) Shares may be issued in the name of a...

§ 23-35-503. Shares issued in trust - (a) Shares may be issued in the name of a...

§ 23-35-504. Joint tenancy in shares and accounts - A member may designate any person to hold shares and...

Subchapter 6 - Operation

§ 23-35-601. Powers generally - A credit union shall have power to: (1) Make contracts;...

§ 23-35-602. Christmas and other thrift clubs - Christmas clubs, vacation clubs, and other thrift clubs, if provided...

§ 23-35-603. Loans and extensions of credit in advance - (a) A credit union may loan to members for a...

§ 23-35-604. Investment of funds - Funds not used in loans to members may be invested:...

§ 23-35-605. Reserves - (a) At the end of each accounting period, the gross...

§ 23-35-606. Inability to contact members — Transfer of funds to reserves - (a) (1) If a credit union is unable to contact...

§ 23-35-607. Dividends — Definition - (a) At such intervals as the board of directors of...

§ 23-35-608. Reduction of assets - When the losses of a credit union resulting from a...

§ 23-35-609. Fiscal year - The fiscal year of all credit unions subject to the...

§ 23-35-610. Establishment of subsidiary offices - (a) A credit union shall have the power to establish...

§ 23-35-611. Records - (a) All credit union records shall be kept for a...

Subchapter 7 - Merger, Conversion, or Dissolution

§ 23-35-701. Merger - (a) Any credit union other than a central credit union...

§ 23-35-702. Conversion to or from federal credit union - The State Credit Union Supervisor shall issue rules to permit...

§ 23-35-703. Voluntary dissolution - A credit union may elect to dissolve voluntarily and wind...

§ 23-35-704. Suspension of operations — Involuntary liquidation - (a) If it shall appear that any credit union is...

§ 23-35-705. Procedure for liquidation or dissolution - (a) The credit union shall continue in existence for the...

Subchapter 8 - Prohibited Practices

§ 23-35-801. Misleading conduct or use of words “credit union” - (a) It is unlawful for any person, corporation, copartnership, or...

§ 23-35-802. Commission or compensation for sale of shares, grant of loans, etc - No credit union shall pay or receive any commission or...

§ 23-35-803. Prohibited actions by officers, directors, agents, etc - (a) (1) It is unlawful for any officer, director, committee...

§ 23-35-804. Compensation of directors or committee members - (a) With the exception of the treasurer of the credit...

Chapter 36 - Industrial Loan Institutions

§ 23-36-101. Definition - As used in this chapter, unless the context otherwise requires,...

§ 23-36-102. Stock ownership - At least two-thirds (2/3) of the stock of an industrial...

§ 23-36-103. Directors - (a) At least three-fourths (¾) of the number of directors...

§ 23-36-104. Corporate title - (a) Every corporation authorized by the Bank Commissioner to operate...

§ 23-36-105. Supervision by Bank Commissioner - (a) Every institution transacting the business of an industrial loan...

§ 23-36-106. Statement on call - (a) Every industrial loan institution operating under the supervision of...

§ 23-36-107. Examinations and fees - (a) (1) Every industrial loan institution shall pay to the...

§ 23-36-108. Powers generally - (a) Industrial loan institutions shall be empowered to purchase, sell,...

§ 23-36-109. Loan limits - The total liabilities to any industrial loan institution of any...

§ 23-36-110. Loans insured by federal government - (a) Subject to any rules which the Bank Commissioner finds...

§ 23-36-111. Prohibited loans - No industrial loan institution shall make any loans directly or...

§ 23-36-112. Late charge for default in payment - Industrial loan institutions are authorized under this chapter to impose...

§ 23-36-113. Reserves - (a) All industrial loan institutions shall establish, as a reserve...

§ 23-36-114. Deposit of funds - No industrial loan institution shall deposit any of its funds...

§ 23-36-115. Dividends - An industrial loan institution operating under this chapter may, under...

§ 23-36-116. Authority of Bank Commissioner to take charge - (a) The Bank Commissioner may forthwith take possession of the...

§ 23-36-117. Classification of creditors — Payment of claims - (a) All creditors of an industrial loan institution of which...

Chapter 37 - Savings And Loan Associations

Subchapter 1 - General Provisions

§ 23-37-101. Definitions - (a) As used in this chapter, unless the context otherwise...

§ 23-37-102. Acts 1963, No. 227, controlling - Insofar as the provisions of this act are inconsistent with...

§ 23-37-103. Authority to do business as savings and loan association - (a) From and after March 13, 1963, it shall be...

§ 23-37-104. Preexisting associations - (a) The name, rights, powers, privileges, and immunities of every...

§ 23-37-105. Arkansas Business Corporation Act applicable to stock savings and loan associations - Hereafter the Arkansas Business Corporation Act, § 4-26-101 et seq.,...

§ 23-37-106. Federal savings and loan associations - Unless federal laws or regulations provide otherwise, federal associations and...

§ 23-37-107. Fees - The Supervisor of Savings and Loan Associations shall collect in...

§ 23-37-108. Associations subject to gross receipts and compensating taxes - All savings and loan associations organized pursuant to the laws...

Subchapter 2 - Supervision

§ 23-37-201. Regulatory agencies generally - All associations subject to this chapter shall be supervised and...

§ 23-37-202. Disclosure of information - It shall be unlawful for any member of the Savings...

§ 23-37-204. Records of hearings and decisions - The Supervisor of Savings and Loan Associations shall maintain permanent...

§ 23-37-206. Division of Savings and Loan Associations — Supervisor — Staff - (a) There is created a Division of Savings and Loan...

§ 23-37-207. Supervisor's powers and duties generally - (a) The Supervisor of Savings and Loan Associations shall have...

§ 23-37-208. Supervisor's investigatory powers - (a) For the purpose of any investigation, examination, inquiry, or...

§ 23-37-209. Communications from supervisor — Manner of sending - Every approval or rejection by the Supervisor of Savings and...

§ 23-37-210. Annual audit and examination - (a) (1) The affairs of every association subject to this...

§ 23-37-211. Accounting practices - Every association shall use those forms and observe those accounting...

§ 23-37-212. Cease and desist orders, injunctions, etc - (a) (1) If after notice from the Supervisor of Savings...

§ 23-37-214. Appeal from decision of board - (a) Any person affected by any action, decision, or order...

Subchapter 3 - Organization

§ 23-37-301. Application for charter - (a) Application for a charter for a savings and loan...

§ 23-37-302. Capitalization requirements generally - The capitalization of a proposed stock or mutual association shall...

§ 23-37-303. Permanent capital stock - (a) The charter of an association may provide for the...

§ 23-37-304. Permanent stock associations — Paid-in surplus requirements - As a prerequisite to the approval of any application for...

§ 23-37-305. Permanent stock associations — Initial subscriptions to savings accounts - As a prerequisite to approval of any application for a...

§ 23-37-306. Mutual associations — Expense fund requirement - (a) In addition to the savings account subscriptions required by...

§ 23-37-307. Bylaws - In addition to any provisions which may be adopted by...

§ 23-37-308. Insurance of accounts - No association chartered under this chapter shall carry on the...

§ 23-37-309. Hearings on charter applications - When a proper application for a charter has been filed,...

§ 23-37-310. Approval or denial of application for charter - (a) The Savings and Loan Association Board [abolished] shall not...

§ 23-37-311. Failure to commence business — Cancellation of charter - (a) Within one (1) year after the date of the...

§ 23-37-312. Amendment of charter and bylaws - By resolution adopted by a majority vote of its members...

§ 23-37-313. Changes in name, location, etc - (a) No association shall, without the prior approval of the...

§ 23-37-314. Indemnity bonds of directors, officers, and employees - (a) Every association shall maintain on file with the Supervisor...

§ 23-37-315. Corporate name - (a) (1) The name of every new association organized under...

§ 23-37-316. Standards of conduct - (a) A director of a state-chartered savings and loan association...

Subchapter 4 - Operation Generally

§ 23-37-401. Powers commensurate with federal associations - Irrespective of any limitations contained in this chapter, the Supervisor...

§ 23-37-402. Authority to act as trustee for certain trusts - (a) A savings and loan association created pursuant to the...

§ 23-37-403. Dividends - (a) (1) After providing for payment of the expenses of...

§ 23-37-404. Branch offices - (a) The Supervisor of Savings and Loan Associations in either...

§ 23-37-405. Membership charges prohibited - (a) No association shall directly or indirectly charge any membership,...

§ 23-37-406. Payment of commission on sale of stock - An association shall pay no fee, commission, or other remuneration...

Subchapter 5 - Savings Accounts

§ 23-37-501. Accounts of minors - (a) An association and any federal association may accept savings...

§ 23-37-502. Accounts in the names of two or more persons - Savings accounts may be opened in any association or a...

§ 23-37-503. Accounts of fiduciaries - (a) An association or a federal association may accept savings...

§ 23-37-504. Accounts of deceased nonresidents - (a) When a savings account is held in any association...

§ 23-37-505. Withdrawals generally - (a) Any savings account holder may, at any time, present...

§ 23-37-506. Conflicting claims to accounts - In the event an association is given notice that conflicting...

§ 23-37-507. Damages for refusal to pay withdrawal request - In the event an association wrongfully and without legal right...

§ 23-37-508. Power of attorney - An association or a federal association may recognize, or continue...

§ 23-37-509. Lien on account of borrower — Pledge of third party's account as security on loan - (a) Every association operating under this chapter or any federal...

§ 23-37-510. Validity of release or acquittance by officers of corporation or association - A release or acquittance signed by either the president or...

§ 23-37-512. Legal investments in accounts - (a) Administrators, executors, guardians, trustees, and other fiduciaries, business corporations,...

Subchapter 6 - Foreign Associations

§ 23-37-601. Operation in city on state line - A savings and loan association doing business in a state...

§ 23-37-602. Agents, brokers, etc., generally - Unless acting as an agent for and on behalf of...

§ 23-37-603. Broker's license - (a) Application for a broker's license shall be made to...

Subchapter 7 - Conversion, Merger, Etc.

§ 23-37-701. Conversion of state association into federal association - (a) Any association subject to this chapter may convert itself...

§ 23-37-702. Conversion of federal association into state association - (a) Upon the approval of the Federal Home Loan Bank...

§ 23-37-703. Conversion of mutual association into stock association - (a) With the approval of the Savings and Loan Association...

§ 23-37-704. Contemporaneous conversion from federal mutual to state stock association - (a) A federal association may file with the Savings and...

§ 23-37-705. Reorganization, merger, consolidation, or sale of assets - (a) Pursuant to a plan adopted by the board of...

§ 23-37-706. Federal Savings and Loan Insurance Corporation [abolished] as receiver - (a) The Federal Savings and Loan Insurance Corporation [abolished] is...

Subchapter 8 - Regional Savings and Loan Act of 1987

§ 23-37-801. Title - This subchapter shall be known and may be cited as...

§ 23-37-802. Definitions - As used in this subchapter, unless the context otherwise requires:...

§ 23-37-803. Penalties and remedies - (a) In the event any association or savings and loan...

§ 23-37-804. Acts requiring prior approval of the board - With the prior approval of the Savings and Loan Association...

§ 23-37-805. Acts requiring prior approval of federal authorities - With the prior approval of the Federal Home Loan Bank...

§ 23-37-806. Savings and loan holding company acquisitions not requiring prior approval - (a) Without any prior approval of the Savings and Loan...

§ 23-37-807. Applications to the board for approval - (a) Whenever an application is filed as required under §...

§ 23-37-808. Permissible nondisqualified acquisitions - A southern region association, a southern region savings and loan...

§ 23-37-809. Prohibited acquisitions - (a) Except as specifically permitted under § 23-37-812, no Arkansas...

§ 23-37-810. Acquirer of an Arkansas association or Arkansas savings and loan holding company subject to Arkansas laws - Any southern region association or southern region savings and loan...

§ 23-37-811. Registration of association — Reports — Rules - (a) Each Arkansas association, Arkansas savings and loan holding company,...

§ 23-37-812. Determination of total deposits - For purposes of this subchapter, the total deposits of savings...

Chapter 39 - Mortgage Loan Companies and Loan Brokers

Subchapter 4 - Prohibition of Advance Fee Loan Brokerage

§ 23-39-401. Definitions - For purposes of this subchapter, unless the context otherwise requires:...

§ 23-39-402. Nonexclusive remedy - Nothing in this subchapter limits the rights or remedies which...

§ 23-39-403. Liability of loan broker's principal - A principal of a loan broker shall be liable under...

§ 23-39-404. Prohibited acts - It shall be unlawful for a loan broker to: (1)...

§ 23-39-405. Remedies and penalties - (a) (1) A violation of any of the provisions of...

Subchapter 5 - Fair Mortgage Lending Act

§ 23-39-501. Title - This subchapter may be referred to as the “Fair Mortgage...

§ 23-39-502. Definitions - As used in this subchapter: (1) “Applicant” means a person...

§ 23-39-503. License required — Licensee records - (a) It is unlawful for any person located in Arkansas...

§ 23-39-504. Rulemaking authority - The Securities Commissioner may adopt any rules that he or...

§ 23-39-505. Qualifications for licensure — Issuance - (a) (1) A person desiring to obtain a license as...

§ 23-39-506. License renewal — Termination - (a) A licensed mortgage broker, mortgage banker, and mortgage servicer...

§ 23-39-507. Continuing education - (a) In addition to the other licensing requirements under this...

§ 23-39-508. Managing principals and branch managers - (a) (1) Each mortgage broker, mortgage banker, or mortgage servicer...

§ 23-39-509. Offices — Address changes — Location of records - (a) A mortgage broker, mortgage banker, and mortgage servicer shall...

§ 23-39-510. Licensee duties - (a) In addition to duties imposed by other statutory or...

§ 23-39-511. Records — Escrow funds or trust accounts - (a) The Securities Commissioner shall keep a list of all...

§ 23-39-512. Public inspection of records — Exceptions - (a) (1) Unless otherwise specified in this section, all information...

§ 23-39-513. Prohibited activities - In addition to the other activities that are prohibited under...

§ 23-39-514. Disciplinary authority - (a) The Securities Commissioner by order may deny, suspend, revoke,...

§ 23-39-515. Review of order of the commissioner - (a) (1) Any person aggrieved by a final order of...

§ 23-39-516. Criminal penalty - (a) It is unlawful for any person to make or...

§ 23-39-518. Cooperation with other regulatory agencies - (a) The Securities Commissioner may: (1) Enter into an arrangement,...

Chapter 40 - Arkansas Prepaid Funeral Benefits Law

§ 23-40-101. Short title - This chapter shall be known as the “Arkansas Prepaid Funeral...

§ 23-40-102. Purpose - The purpose of this chapter is to provide for the...

§ 23-40-103. Definitions - As used in this chapter: (1) “Annuity funding” means contract...

§ 23-40-104. Arkansas Insurance Code not affected - Except as provided in § 23-40-112(h)(2), this chapter shall not...

§ 23-40-105. Burial associations exempted - Nothing in this chapter shall apply to organizations or associations...

§ 23-40-106. Violations — Penalties - (a) (1) An officer, director, agent, or employee of an...

§ 23-40-107. Division of Prepaid Funeral Benefits — State Insurance Department Prepaid Trust Fund - (a) The Insurance Commissioner shall be responsible for the regulation...

§ 23-40-108. Administration - (a) This chapter shall be administered by the Insurance Commissioner....

§ 23-40-109. Permit required - (a) Any individual, firm, partnership, corporation, society, association, or other...

§ 23-40-110. Application for initial or renewed permit - (a) Each organization desiring to sell prepaid funeral benefits or...

§ 23-40-111. Issuance of permit — Cancellation or denial - (a) (1) The Insurance Commissioner may issue a permit conditioned...

§ 23-40-112. Prepaid funeral benefits contracts - (a) (1) The Insurance Commissioner shall approve forms for prepaid...

§ 23-40-113. Change of ownership - (a) The seller shall apply for change of ownership or...

§ 23-40-114. Trust funds — Creation — Deposits, withdrawals, and transfers of funds - (a) All contract proceeds collected under contracts for prepaid funeral...

§ 23-40-115. Trust funds — Investments - (a) The trustees shall invest the trust fund only in...

§ 23-40-116. Trust funds — Disbursements - The trustee shall disburse money or other property from the...

§ 23-40-117. Trust funds — Exemption from attachment, etc - (a) All contract proceeds held in trust pursuant to the...

§ 23-40-118. Agent for deposit of contract proceeds - (a) Each organization subject to this chapter shall designate an...

§ 23-40-119. Annual report and fee - (a) Each organization shall file an annual report and an...

§ 23-40-120. Records required — Examination - (a) Each organization which has outstanding contracts for prepaid funeral...

§ 23-40-122. Cancellation or transfer - (a) A purchaser may cancel or transfer a prepaid contract...

§ 23-40-123. Delinquency proceedings - (a) If it appears upon sufficient grounds or evidence satisfactory...

§ 23-40-124. Compliance - Compliance with this act shall be required for all licensees...

§ 23-40-125. Prepaid Funeral Contracts Recovery Program Fund — Created — Prepaid Funeral Contracts Recovery Program Board — Established - (a) There is established within the State Insurance Department Prepaid...

§ 23-40-126. Unfair competition or unfair or deceptive acts or practices prohibited — Penalties - An unfair method of competition or an unfair or deceptive...

Chapter 42 - Arkansas Securities Act

Subchapter 1 - General Provisions

§ 23-42-101. Title - This chapter may be cited as the “Arkansas Securities Act”.

§ 23-42-102. Definitions - As used in this chapter, unless the context otherwise requires:...

§ 23-42-103. Applicability - (a) (1) Sections 23-42-106, 23-42-108, 23-42-109, 23-42-212, 23-42-301(a), 23-42-501, and...

§ 23-42-104. Criminal penalties - (a) Any person who knowingly violates § 23-42-507 shall be...

§ 23-42-105. Prosecution of criminal offenses - (a) (1) Prosecutions for offenses described in § 23-42-104 must...

§ 23-42-106. Civil liability — Definitions - (a) (1) A person is liable to a buyer of...

§ 23-42-107. Consent to service of process - (a) (1) (A) Every applicant for registration under this chapter,...

§ 23-42-108. Rights and remedies cumulative - The rights and remedies provided by this chapter are in...

§ 23-42-109. Waiver of compliance void - Any condition, stipulation, or provision binding any person acquiring any...

§ 23-42-110. False or misleading statements unlawful - It is unlawful for any person to make or cause...

Subchapter 2 - Administration

§ 23-42-201. Administration by Securities Commissioner — Conflicts of interest - (a) (1) This chapter shall be administered by the Securities...

§ 23-42-202. Delegation of authority by Securities Commissioner - (a) The Securities Commissioner may delegate to any person under...

§ 23-42-203. Confidentiality of information or proceedings generally - (a) It is unlawful for the Securities Commissioner or any...

§ 23-42-204. Rules, forms, and orders of Securities Commissioner - (a) The Securities Commissioner, from time to time, may make,...

§ 23-42-205. Investigations - (a) The Securities Commissioner, in his or her discretion, may:...

§ 23-42-206. Records of Securities Commissioner generally — Interpretive opinions - (a) (1) A document is filed when it is received...

§ 23-42-207. Public inspection of records — Exceptions - (a) (1) Unless otherwise specified below, all information filed with...

§ 23-42-208. Cooperation with other regulatory agencies - (a) The Securities Commissioner may enter into an arrangement, agreement,...

§ 23-42-209. Injunction, mandamus, or other ancillary relief - (a) (1) (A) Whenever it appears to the Securities Commissioner,...

§ 23-42-210. Judicial review - (a) (1) A person aggrieved by a final order of...

§ 23-42-211. Disposition of fees - (a) (1) There is created on the books of the...

§ 23-42-212. Registration or availability of exemption not construed as approval by Securities Commissioner — Inconsistent representation - (a) (1) Neither the fact that an application for registration,...

§ 23-42-213. Disposition of fines — Investor Education Fund - (a) There is created on the books of the Chief...

Subchapter 3 - Broker-Dealers, Agents, and Investment Advisers

§ 23-42-301. Registration required — Unlawful acts — Supervision requirements - (a) It is unlawful for a person to transact business...

§ 23-42-302. Registration procedure - (a) (1) A broker-dealer, agent, investment adviser, representative, or branch...

§ 23-42-303. Minimum net capital requirement - (a) The Securities Commissioner shall require a minimum net capital...

§ 23-42-304. Filing fees — Rules - (a) Every applicant for initial or renewal registration and every...

§ 23-42-305. Corporate surety bonds — Alternatives - (a) (1) The Securities Commissioner shall require registered broker-dealers, investment...

§ 23-42-306. Records and reports — Examinations - (a) Every applicant, registered issuer, registered broker-dealer, or registered investment...

§ 23-42-307. Unlawful acts by investment advisers - (a) It is unlawful for any investment adviser or representative:...

§ 23-42-308. Denial, suspension, revocation, or withdrawal of registration, and other penalties - (a) The Securities Commissioner may by order deny, suspend, make...

§ 23-42-309. Protection of vulnerable adults from financial exploitation — Definitions - (a) As used in this section: (1) “Agencies” means: (A)...

Subchapter 4 - Registration of Securities

§ 23-42-401. Registration by notification - (a) The following securities may be registered by notification, whether...

§ 23-42-402. Registration by coordination - (a) Any security for which a registration statement has been...

§ 23-42-403. Registration by qualification - (a) Any security may be registered by qualification. (b) A...

§ 23-42-404. Registration statements generally - (a) A registration statement may be filed by the issuer,...

§ 23-42-405. Stop order denying, suspending, or revoking registration statement - (a) The Securities Commissioner may issue a stop order denying...

Subchapter 5 - Regulation of Transactions

§ 23-42-501. Sale of unregistered nonexempt securities - It is unlawful for any person to offer or sell...

§ 23-42-502. Filing of prospectus, sales literature, etc - The Securities Commissioner, by rule or order, may require the...

§ 23-42-503. Exempted securities - (a) The following securities are exempted from §§ 23-42-501 and...

§ 23-42-504. Exempted transactions - (a) The following transactions are exempted from §§ 23-42-501 and...

§ 23-42-505. Denial or revocation of exemption - (a) The Securities Commissioner may, by order, deny or revoke...

§ 23-42-506. Burden of proof of exemption - In any proceeding under this chapter, the burden of proving...

§ 23-42-507. Fraud or deceit in connection with offer, sale, or purchase of securities - It is unlawful for any person, in connection with the...

§ 23-42-508. Market manipulation - It is unlawful for any person, directly or indirectly, in...

§ 23-42-509. Covered securities - (a) The Securities Commissioner, by rule or order, may require...

Chapter 44 - Commodities Futures

§ 23-44-101. Definitions - As used in this chapter, unless the context otherwise requires:...

§ 23-44-102. Penalties - (a) (1) Any person, acting either as agent or principal,...

§ 23-44-103. Requirements for validity of contracts - (a) All contracts of sale for future delivery of cotton,...

§ 23-44-104. Recovery of advances under contract - Any broker, agent, or any other person making advances to,...

§ 23-44-105. Bucket shop contracts void - Any contract of sale for the future delivery of cotton,...

§ 23-44-106. Bucket shops prohibited - The maintenance or operation of a bucket shop at any...

§ 23-44-107. Exchanges and boards of trade — Organization — Records - (a) There may be organized, in any city, town, or...

§ 23-44-108. Exchanges and boards of trade — Use of public or private wires - (a) Only members of cotton exchanges, grain exchanges, boards of...

§ 23-44-109. Written statement to be furnished upon demand — Effect of noncompliance - (a) Every person shall furnish, upon demand, to any principal...

Chapter 45 - Arkansas Banking Code of 1997

§ 23-45-101. Short title - Chapters 45-50 of this title may be referred to as...

§ 23-45-102. Definitions - (a) Subject to other definitions contained in subsequent sections of...

§ 23-45-103. Effect on existing financial institutions - (a) The charters of state banks existing at the time...

§ 23-45-104. Unauthorized activity as a financial institution — Incorporation of industrial loan institutions prohibited — Individuals and partnerships not to transact general commercial banking business - (a) From and after May 31, 1997: (1) It shall...

§ 23-45-105. Headings - The headings and captions contained in this chapter are for...

§ 23-45-106. Rules of construction - (a) (1) Unless otherwise specifically indicated, and to the fullest...

Chapter 46 - State Bank Department and State Banking Board

Subchapter 1 - General Provisions

§ 23-46-101. Confidential records - (a) Notwithstanding the Freedom of Information Act of 1967, §...

Subchapter 2 - State Bank Department

§ 23-46-201. Creation of State Bank Department - There is created and established, at the seat of government...

§ 23-46-203. Seal — Evidentiary effect — Fees - (a) An appropriate seal shall be procured to be the...

§ 23-46-204. Bank Commissioner — Appointment and removal - (a) The Governor, by and with the advice and consent...

§ 23-46-205. Bank Commissioner — Powers and duties - (a) The Bank Commissioner shall be charged with the general...

§ 23-46-206. Employment and duties of staff generally - (a) (1) The Bank Commissioner, in consultation with the Secretary...

§ 23-46-207. Interests in financial institutions prohibited - (a) (1) No employee or officer of the State Bank...

§ 23-46-209. Records and financial reports — Disposition of funds - (a) The Bank Commissioner shall keep a true and perfect...

§ 23-46-210. Annual and biennial reports of Bank Commissioner - (a) The Bank Commissioner shall make an annual report to...

§ 23-46-211. Retention of State Bank Department records - (a) The State Bank Department shall retain its general records...

§ 23-46-212. Emergency powers of Bank Commissioner — Legislative findings and intent — Definitions - (a) The General Assembly: (1) Finds that in the event...

Subchapter 3 - State Banking Board

§ 23-46-301. Creation — Members — Administration - (a) There is created a commission which shall be known...

§ 23-46-302. Special State Banking Board members - (a) When any member of the State Banking Board is...

§ 23-46-303. Study of banking statutes - The State Banking Board is authorized, at such times as...

§ 23-46-304. Powers of State Banking Board — Filings with Bank Commissioner - (a) In addition to all other powers conferred by Arkansas...

§ 23-46-305. Applications - (a) All applications which the State Banking Board is empowered...

Subchapter 4 - Proceedings Before State Banking Board and Bank Commissioner

§ 23-46-401. Applicability - Nothing in this subchapter is intended to have any application...

§ 23-46-402. Meetings of board — Notice - (a) (1) The Chair of the State Banking Board or...

§ 23-46-403. Applications - When any of the following applications are filed with the...

§ 23-46-404. Applications fees — Bank Commissioner's rules - (a) The State Banking Board shall have the power to...

§ 23-46-405. Investigation — Notice of hearing - (a) When the departmental investigation pursuant to § 23-46-205 or...

§ 23-46-406. Hearing - (a) (1) No person shall appear in opposition to the...

§ 23-46-407. Decision — Judicial review - (a) The State Banking Board shall render its decision in...

Subchapter 5 - Reports and Examinations

§ 23-46-501. Call for reports - The Bank Commissioner shall have power to call for reports...

§ 23-46-502. Statement on call - (a) Every state bank and subsidiary trust company operating under...

§ 23-46-503. When examinations made - (a) The Bank Commissioner shall, as often as may be...

§ 23-46-504. Examination of affiliates - The Bank Commissioner may make at any time, and from...

§ 23-46-505. Noncompliance with banking law — Special examinations - Whenever it shall come to the knowledge of the Bank...

§ 23-46-506. Examination procedure - (a) The Bank Commissioner or any examiner appointed by him...

§ 23-46-507. Information furnished state or federal agencies - (a) The Bank Commissioner may share with or furnish to...

§ 23-46-508. Noncooperation with examiners - (a) The Bank Commissioner may revoke a state bank's or...

§ 23-46-509. Assessment fees, application fees, and other department fees - (a) Every state bank and subsidiary trust company shall pay...

§ 23-46-510. Failure to make report or pay fees — Penalty - (a) Any financial institution that refuses or fails, for thirty...

§ 23-46-511. Retention of records - (a) Every state bank or subsidiary trust company shall retain...

§ 23-46-512. Changes in chief executive officer and directors - Every financial institution shall report promptly to the Bank Commissioner...

Subchapter 6 - Examination of Technology Service Providers Act

§ 23-46-601. Title - This subchapter shall be known and may be cited as...

§ 23-46-602. Definitions - As used in this subchapter: (1) “Bank supervisory agency” means...

§ 23-46-603. Technology service providers subject to examination by Bank Commissioner - When a depository institution receives a covered service, by contract...

§ 23-46-604. Authorization for agreements with bank supervisory agencies regarding use of examiners - The Bank Commissioner may enter into agreements with any bank...

§ 23-46-605. Authorization for joint examinations or joint enforcement actions with bank supervisory agencies - The Bank Commissioner may enter into joint examinations or joint...

§ 23-46-606. Acceptance of examinations from bank supervisory agency - The Bank Commissioner may accept an examination that is conducted...

§ 23-46-607. Enforcement — Rules - The Bank Commissioner may by rule: (1) Adopt additional procedures...

Chapter 47 - Bank Powers — Subsidiaries

Subchapter 1 - Powers Generally

§ 23-47-101. Powers of state banks generally - (a) Subject to any State Bank Department rule and consistent...

§ 23-47-102. Acquisition and disposition of own stock - (a) No state bank shall be the purchaser or holder...

§ 23-47-103. Acquisition of bank premises - (a) A state bank or subsidiary trust company, acting with...

§ 23-47-104. Prohibition on engaging in business as real estate salespersons or brokers - Banks, bank holding companies, and subsidiaries of banks or bank...

Subchapter 2 - Deposits

§ 23-47-201. Notice of rules governing deposits - (a) (1) Banks shall have the power to make rules...

§ 23-47-202. Deposits by minors - When any deposit is made in any bank by a...

§ 23-47-203. Securing of deposits - (a) It shall be lawful for any state bank to...

§ 23-47-204. Deposit accounts — Definitions - (a) (1) As used in this section: (A) “Multiple-party deposit...

§ 23-47-205. Adverse claim to deposit - Notice to a bank of an adverse claim to a...

§ 23-47-206. Settlement of checks at par — Exception - (a) No state bank shall settle any check drawn on...

§ 23-47-207. Payment of overdrafts — Liability of officer or employee - (a) Any officer or employee who knowingly pays out the...

§ 23-47-208. Deferred income investment accounts - (a) On behalf of depositors, state banks may create and...

§ 23-47-209. Savings promotion raffle — Definitions - (a) As used in this section: (1) (A) “Financial institution”...

Subchapter 3 - Agency Designation on Certificates of Deposit

§ 23-47-301. Definitions - In this subchapter: (1) “Account” means a contract of deposit...

§ 23-47-302. Scope of subchapter - (a) This subchapter applies to accounts in this state. (b)...

§ 23-47-303. Forms - A contract of deposit that substantially contains the following form...

§ 23-47-304. Designation of agent - (a) Unless the terms of an agency designation provide that...

§ 23-47-305. Payment to designated agent - On request of an agent under an agency designation for...

§ 23-47-306. Payment to minor - If a bank is required or permitted to make payment...

§ 23-47-307. Discharge - (a) (1) Payment made pursuant to this subchapter in accordance...

§ 23-47-308. Setoff - (a) Without qualifying any other statutory right to setoff or...

§ 23-47-309. Effect on other laws - This subchapter is supplemental to all laws pertaining to the...

Subchapter 4 - Investments

§ 23-47-401. Investment powers and limitations - (a) A state bank may invest its funds without limitation...

Subchapter 5 - Loans

§ 23-47-501. Loan limits — Maximum generally - (a) The total indebtedness to any state bank of any...

§ 23-47-502. Loan limits — Inclusions and exceptions - (a) The following loans and other forms of indebtedness shall...

§ 23-47-503. Loans involving stock of state bank - (a) It shall be unlawful for any state bank to...

§ 23-47-504. Loans to affiliates and insiders - The provisions of subsections (g) and (h) of section 22...

§ 23-47-505. Illegal loans — Liability of officer or director - Any officer or director of any state bank who shall...

§ 23-47-506. Sale of certain mortgage loans - Notwithstanding any other provision of law, any state bank which...

§ 23-47-507. Power to hold and sell collateral - (a) A state bank may hold and sell all kinds...

§ 23-47-508. Disposition of real estate acquired through debt collection - (a) Except as provided in subsection (b) of this section,...

§ 23-47-509. Loans to minors - Whenever a minor borrows money from a bank for the...

§ 23-47-510. Casualty insurance — Replacement cost coverage - (a) A state bank, when making a mortgage loan, may...

Subchapter 6 - Subsidiaries

§ 23-47-601. Operating subsidiaries - (a) (1) With the prior approval of the Bank Commissioner,...

§ 23-47-602. Real estate subsidiaries - (a) A state bank acting through an operating subsidiary or...

§ 23-47-603. Bank service companies - (a) As used in this section, unless the context otherwise...

§ 23-47-605. Community development corporations - (a) As used in this section, the term “public welfare”...

§ 23-47-606. Small business investment companies - (a) A state bank may purchase up to one hundred...

§ 23-47-607. Investment in stock of certain banks authorized to do foreign banking - (a) Any state bank may purchase up to one hundred...

§ 23-47-608. Authority to act through subsidiaries - With prior notice to the Bank Commissioner and in accordance...

Subchapter 7 - Trust Powers

§ 23-47-701. Authority of Bank Commissioner - The Bank Commissioner shall be authorized and empowered to grant...

§ 23-47-702. Considerations determinative of grant or denial of applications - In determining whether to grant an application by a state...

§ 23-47-703. Grant and exercise of powers deemed not in contravention of Arkansas law - The granting and exercise of such powers as are authorized...

§ 23-47-704. Segregation of fiduciary and general assets — Separate books and records - State banks exercising any or all of the powers enumerated...

§ 23-47-705. Prohibited operations — Separate investment account — Collateral for certain funds used in conduct of business — Lien and claim upon state bank failure - (a) (1) No state bank shall receive in its trust...

§ 23-47-706. Official's oath or affidavit - If Arkansas law requires that a corporation acting as trustee,...

§ 23-47-707. Loans of trust funds to officers and employees prohibited — Penalties - (a) It shall be unlawful for any state bank to...

§ 23-47-708. Surrender of authorization — Board resolution — Commissioner certification — Activities affected - (a) (1) Any state bank desiring to surrender its right...

§ 23-47-709. Revocation — Procedures available - (a) (1) In addition to the authority conferred by any...

§ 23-47-710. Services provided by affiliates - (a) Any bank, subsidiary trust company, or national trust company...

Subchapter 8 - Subsidiary Trust Companies

§ 23-47-801. Definitions - For purposes of this subchapter, “affiliated bank” means a bank,...

§ 23-47-802. Subsidiary trust companies — Creation, formation, etc. — Powers — Location - (a) Notwithstanding the provisions of § 23-48-405, bank holding companies...

§ 23-47-803. Substitution of subsidiary trust company or national trust company for affiliated bank - (a) A subsidiary trust company or national trust company and...

§ 23-47-804. Removal of accounts from operation of substitution agreement — Denial of substitution - (a) A fiduciary account may be removed from the operation...

§ 23-47-805. Deposits - (a) A subsidiary trust company or national trust company may...

§ 23-47-806. Responsibility for acts and omissions - (a) The bank holding company owning a subsidiary trust company...

§ 23-47-807. Qualification as successor fiduciary - For the purposes of qualification as successor fiduciary under any...

Subchapter 9 - Safe-deposit Facilities

§ 23-47-901. Safe deposit facilities — Liability of lessor - (a) A bank may lease safe-deposit boxes for the keeping...

§ 23-47-902. Multiple-party leases - (a) If a safe-deposit box is held in the name...

§ 23-47-903. Lease to a minor - A bank may lease a safe-deposit box to a minor...

§ 23-47-904. Limiting right of access for failure to comply with security procedures - If any lessee is unwilling or unable to comply with...

§ 23-47-905. Adverse claims to contents of safe-deposit box - Notice to a bank of an adverse claim to the...

§ 23-47-906. Remedies and procedures for nonpayment of rent - (a) If the safe-deposit box rental is delinquent for six...

Chapter 48 - Organization and Operation

Subchapter 1 - General Provisions

§ 23-48-101. Banks subject to gross receipts and compensating use taxes - All banks shall be subject to the Arkansas Gross Receipts...

§ 23-48-102. Trust companies no longer subject to banking laws - (a) All trust companies, other than national trust companies and...

§ 23-48-103. Bank holidays - (a) (1) Any bank, subsidiary trust company, or national trust...

§ 23-48-104. Dealings with agents, fiduciaries, etc - A bank dealing, whether to its own benefit or otherwise,...

§ 23-48-105. Agents for affiliate — Definitions - (a) (1) As used in this section, “institution” means a...

§ 23-48-106. Exemption from posting bond in certain transactions - (a) Except when the dollar amount of responsibility assumed exceeds...

Subchapter 2 - Reserves and Dividends

§ 23-48-201. Membership in Federal Reserve System - Any state bank shall have the right to own such...

§ 23-48-202. Reserve requirements - A state bank not a member of the Federal Reserve...

§ 23-48-203. Payment of dividends - Any state bank may, from time to time, declare and...

Subchapter 3 - Organization and Management Generally

§ 23-48-301. Application for incorporation - (a) Any one (1) or more natural persons, eighteen (18)...

§ 23-48-302. Organizational expenses - (a) Organizational expenses shall not be paid from capital or...

§ 23-48-303. Promoter's fees prohibited - (a) A state bank shall not pay any fee, compensation,...

§ 23-48-304. Investigation of new charter applications by Bank Commissioner - (a) As soon as practicable after acceptance of any application...

§ 23-48-305. Issuance and filing of certificate of incorporation - (a) Upon approval of the State Banking Board and payment...

§ 23-48-306. Relocation of place of business — Amendment of articles - (a) (1) Any state bank may apply for authority to...

§ 23-48-307. Objects and method of charter amendment - (a) Any state bank, through amendment to its articles of...

§ 23-48-308. Filing of amendments to articles of incorporation - (a) (1) An application for approval of a proposed charter...

§ 23-48-309. Names of state banks and subsidiary trust companies - (a) (1) Prior to the formation of a state bank,...

§ 23-48-310. Minimum capital requirements generally - (a) For all state banks chartered after May 30, 1997,...

§ 23-48-311. Increase or decrease of capital stock - (a) The authorized capital stock of any state bank may...

§ 23-48-312. Liability of shareholders — Assessment of stock - (a) (1) Except as otherwise provided in this section, a...

§ 23-48-313. Classes of stock — Fractional shares — Scrip - (a) (1) (A) The shares of the capital stock of...

§ 23-48-314. Preemptive rights of stockholders - (a) Unless otherwise provided by the articles of incorporation, every...

§ 23-48-315. Issuance and sale of capital notes and other subordinated indebtedness - (a) (1) With the written consent of the Bank Commissioner,...

§ 23-48-316. Transfer of stock - (a) The stock of every state bank shall be transferrable...

§ 23-48-317. Change in control - (a) As used in this section, unless the context otherwise...

§ 23-48-318. Stockholder meetings — Notice of special meeting - (a) A special meeting of the stockholders, whether held for...

§ 23-48-319. Stockholder meetings — Notice of annual meeting - (a) Not less than ten (10) days' written notice of...

§ 23-48-320. Stockholder meetings — Quorum — Voting - (a) (1) Each share of stock shall be entitled to...

§ 23-48-321. Closing transfer books — Fixing record date - (a) For the purpose of determining stockholders entitled to notice...

§ 23-48-322. Board of directors — Standard of conduct - (a) (1) (A) The affairs of any state bank shall...

§ 23-48-323. Officers — Selection — Terms — Bonds - (a) (1) A state bank shall have: (A) A president...

§ 23-48-324. Officers — Taking acknowledgments - (a) An official of a bank who holds a commission...

§ 23-48-325. Banker's banks - (a) Any state bank may purchase, for its own account,...

§ 23-48-326. Application of Arkansas Business Corporation Act - All state banks and subsidiary trust companies shall be subject...

§ 23-48-327. Registered office and registered agent for service of process - (a) (1) A state bank may designate and maintain a...

Subchapter 4 - Bank Holding Companies

§ 23-48-401. Definitions - As used in this subchapter, unless the context otherwise requires:...

§ 23-48-402. Nonapplicability of subchapter - (a) This subchapter shall not apply to shares of any...

§ 23-48-403. Penalties - (a) Any person who willfully violates any provision of this...

§ 23-48-404. Administration - The Bank Commissioner is authorized to and shall administer and...

§ 23-48-405. Ownership or control of subsidiaries - It shall be unlawful for a bank holding company to...

§ 23-48-406. Acquisition of bank stock or assets — Limitations - (a) A bank holding company is prohibited from acquiring ownership...

Subchapter 5 - Mergers, Consolidations, Conversions, Emergency Acquisitions, Purchases, or Assumptions

§ 23-48-501. Definitions - As used in this subchapter: (1) “Converting bank” means a...

§ 23-48-502. Merger or conversion of state bank into national bank - (a) Subject to the provisions of this subchapter and provided...

§ 23-48-503. Merger of bank, bank holding company, or savings and loan association into state bank - (a) (1) (A) With the approval of the Bank Commissioner...

§ 23-48-504. Conversion of national bank or savings and loan association into state bank - (a) A national bank or savings and loan association having...

§ 23-48-505. Merger of state bank into an out-of-state state-chartered bank - (a) Subject to the provisions of this subchapter and provided...

§ 23-48-506. Dissenting stockholders - (a) For purposes of this section, with respect to a...

§ 23-48-507. Continuation of corporate entity — Use of old name - (a) A resulting bank shall be the same business and...

§ 23-48-508. Resulting state bank — Time for conformance with state law - If a party to a merger or converting bank has...

§ 23-48-509. Merger of wholly owned Arkansas bank holding company into state bank - (a) With the approval of the Bank Commissioner, any wholly...

§ 23-48-510. Purchases or assumptions by a state bank - (a) (1) With the approval of the State Banking Board...

§ 23-48-511. Commissioner's granting of new charter or branch facility in connection with failed institutions - (a) Upon application of either individual incorporators or a bank...

§ 23-48-512. Provisions when resulting state bank not to exercise trust powers - When a resulting state bank is not to exercise trust...

Subchapter 6 - Reorganization Through Plan of Exchange

§ 23-48-601. Authority to adopt plan of exchange — Approval by Bank Commissioner required - (a) (1) A state bank may adopt a plan of...

§ 23-48-602. Procedure for adopting and filing plan of exchange - (a) The directors, consisting of at least a majority, of...

§ 23-48-603. Dissenting from plan of exchange - (a) (1) The owner of shares of a state bank...

§ 23-48-604. Effect of exchange - (a) (1) When the plan of exchange of shares as...

§ 23-48-605. State bank and holding company to remain separate — Nonliability of directors, officers, etc - The state bank and the bank holding company shall remain...

Subchapter 7 - Branch Offices

§ 23-48-701. Definitions - As used in this subchapter: (1) (A) “Full service branch”...

§ 23-48-702. Establishment of full-service branches and limited-purpose offices — Locations - (a) (1) No bank shall engage in core banking activities,...

§ 23-48-703. Establishment of full-service branch — Standards and procedure - (a) The Bank Commissioner shall have the authority to approve...

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Arkansas Code Title 23 - Public Utilities and Regulated Industries Subtitle 2 - Financial Institutions And Securities

Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities