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

§ 23-48-805. Point-of-sale terminals not subject to regulation by Bank Commissioner - A point-of-sale terminal, as defined in this subchapter, shall not...

§ 23-48-806. Interconnected terminals - (a) In order to permit the transaction of any banking...

§ 23-48-807. Persons attending terminals — Verification of transactions - (a) (1) Except for customer-bank communication terminals located on the...

§ 23-48-808. Privacy of account information - A bank using customer-bank communication terminals shall establish and maintain...

§ 23-48-809. Approval for expanded powers of state banks - At such time as national banks having their main offices...

§ 23-48-810. Sharing of communication terminals — Definitions - (a) (1) An agreement to share a customer-bank communication terminal...

Subchapter 9 - Interstate Bank Mergers and Branching

§ 23-48-902. Authority of state banks to establish interstate branches by merger - (a) With the prior approval of the State Banking Board...

§ 23-48-903. Interstate merger transactions and branching permitted - One (1) or more Arkansas banks, provided no such Arkansas...

§ 23-48-905. Notice and filing requirements - (a) Any out-of-state bank that will be the resulting bank...

§ 23-48-906. Powers — Additional branches - (a) An out-of-state state-chartered bank which establishes and maintains one...

§ 23-48-907. Examinations — Periodic reports — Cooperative agreements — Fees - (a) To the extent consistent with subsection (c) of this...

§ 23-48-908. Enforcement - If the Bank Commissioner determines that a branch maintained by...

§ 23-48-909. Rules - The Bank Commissioner, with the approval of the State Banking...

§ 23-48-910. Notice of subsequent merger - Each registered out-of-state bank that has established and maintains a...

§ 23-48-911. Severability - If any provision of this subchapter or the application of...

Subchapter 10 - Registration of Out-of-State Banks

§ 23-48-1001. Application for certificate of authority - (a) An out-of-state bank that desires to operate a branch...

§ 23-48-1002. Amended certificate of authority - (a) A registered out-of-state bank shall apply for an amended...

§ 23-48-1003. Effect of certificate of authority - (a) A certificate of authority authorizes the out-of-state bank to...

§ 23-48-1004. Registered office and registered agent of out-of-state bank - Each registered out-of-state bank must continuously maintain in this state:...

§ 23-48-1005. Change of registered office or registered agent of out-of-state bank - (a) A registered out-of-state bank may change its registered office...

§ 23-48-1006. Resignation of registered agent of out-of-state bank - (a) The registered agent of an out-of-state bank may resign...

§ 23-48-1007. Service on out-of-state banks - (a) The registered agent of a registered out-of-state bank is...

§ 23-48-1008. Withdrawal of out-of-state bank - (a) A registered out-of-state bank may not withdraw from this...

§ 23-48-1009. Grounds for revocation. [Effective until May 1, 2021.] - The Bank Commissioner may commence a proceeding under § 23-48-1010...

§ 23-48-1009. Grounds for revocation. [Effective May 1, 2021.] - The Bank Commissioner may commence a proceeding under § 23-48-1010...

§ 23-48-1010. Procedure for and effect of revocation - (a) If the Bank Commissioner determines that one (1) or...

§ 23-48-1011. Appeal from revocation - (a) (1) An out-of-state bank may appeal the Bank Commissioner's...

Chapter 49 - Dissolution and Liquidation

§ 23-49-101. Definitions - As used in this chapter: (1) “Circuit court” means the...

§ 23-49-102. Department taking possession — Procedure - (a) In addition to the powers conferred upon the Bank...

§ 23-49-103. Injunction against commissioner - (a) Whenever any institution of whose business, property, and records...

§ 23-49-104. When possession terminates - When the Bank Commissioner has taken possession of the business...

§ 23-49-105. Notice of possession - (a) Immediately upon taking possession of the business and property...

§ 23-49-106. Appointment of receiver — Restrictions on proceedings, liens, or credits - (a) (1) The Bank Commissioner may appoint the appropriate federal...

§ 23-49-107. Powers of receiver - The receiver of a closed institution may do the following:...

§ 23-49-108. Sale of assets — Assumption of deposit liabilities by new institution - (a) The receiver may, with ex parte approval of the...

§ 23-49-109. Presentation of claims — Notice of claims procedure — Rejection of claims — Statute of limitations - (a) All parties having claims against the closed institution shall...

§ 23-49-110. Claims filed after 180-day claim period - Any claims filed after the one-hundred-eighty-day claim period prescribed by...

§ 23-49-111. Payment of claims - (a) All claims against the institution's estate, proved to the...

§ 23-49-112. Rejection of contracts and leases - (a) Within one hundred eighty (180) days after the date...

§ 23-49-113. Subrogation of federal deposit insurance agency to rights of depositors - Whenever a federal deposit insurance agency pays or makes available...

§ 23-49-114. Appointment of successor to fiduciary and representative proceedings - (a) (1) The receiver, with the approval of the circuit...

§ 23-49-115. Notice concerning safekeeping and safe-deposit boxes - (a) (1) The receiver shall cause notice to be mailed...

§ 23-49-116. Actions for enforcement of rights, demands, or claims vested in an institution or its shareholders or creditors - Notwithstanding any other provision of state law, the receiver may,...

§ 23-49-117. Contents of articles of dissolution - When the proceedings described in this chapter have been completed,...

§ 23-49-118. Execution and filing of articles with department — Certificate of dissolution - (a) The articles of dissolution shall be executed in duplicate...

§ 23-49-119. Voluntary liquidation - (a) (1) An application for approval to voluntarily liquidate the...

§ 23-49-120. Voluntarily placing an institution in possession of commissioner - (a) Any institution may place its affairs and assets under...

Chapter 50 - Miscellaneous Violations of Banking Laws

§ 23-50-101. Prosecution of violations — Nonliability of commissioner - (a) The Bank Commissioner may initiate any appropriate civil or...

§ 23-50-102. Forfeiture of charter - (a) (1) If the directors of any institution under the...

§ 23-50-103. Misleading actions or use of words by unauthorized persons - (a) (1) All persons except those described in subdivision (a)(2)...

§ 23-50-104. Circulation of false rumor injurious to bank - A person is guilty of a Class A misdemeanor whenever...

§ 23-50-105. Embezzlement, misuse of funds, etc., by officer, director, etc - (a) The following persons shall be guilty of a felony:...

§ 23-50-106. False statements or records — Bribery of commissioner, examiner, or department employee - The following persons shall be guilty of a Class D...

§ 23-50-107. False statements or records by officer, agent, or employee - Every officer, agent, or employee of any financial institution organized...

§ 23-50-108. False reports by commissioner or examiner — Acceptance of bribe - Any commissioner or examiner who shall knowingly make a false...

§ 23-50-109. Disclosure of information or false report by examiner - Any examiner who shall disclose any information obtained by him...

§ 23-50-110. Certification of check when funds insufficient - (a) It shall be unlawful for any officer, director, agent,...

Chapter 51 - Arkansas Trust Institutions Act

§ 23-51-101. Title - This chapter may be cited as the “Arkansas Trust Institutions...

§ 23-51-102. Certain definitions - (a) For the purposes of this chapter: (1) “Account” means...

§ 23-51-103. Rules - The Bank Commissioner may promulgate such rules as he or...

§ 23-51-104. Organization and powers of state trust company - (a) Subject to the other provisions of this chapter, one...

§ 23-51-105. Articles of association of state trust company - The articles of association of a state trust company must...

§ 23-51-106. Application for state trust company charter - (a) An application for a state trust company charter must...

§ 23-51-107. Notice and investigation of charter application - (a) The Bank Commissioner shall notify the organizers when the...

§ 23-51-108. Hearing and decision on charter application - (a) No person shall appear in opposition to the application...

§ 23-51-109. Issuance of charter - (a) A state trust company may not engage in the...

§ 23-51-110. Required capital - (a) The Bank Commissioner may not issue a charter to...

§ 23-51-111. Application of laws relating to general business corporations - (a) The Arkansas Business Corporation Act, § 4-27-101 et seq.,...

§ 23-51-112. Commissioner hearings — Appeals - (a) This section does not grant a right to a...

§ 23-51-113. Trust companies chartered under prior law - The charter of a corporation which was previously a trust...

§ 23-51-114. Amendment of state trust company articles of association - (a) A state trust company that has been granted a...

§ 23-51-115. Establishing a series of shares - (a) If the articles of association expressly give the board...

§ 23-51-116. Change in outstanding capital and surplus - (a) A state trust company may not reduce or increase...

§ 23-51-117. Capital notes or debentures - (a) With the prior written approval of the Bank Commissioner,...

§ 23-51-118. Private trust company - (a) A private trust company engaging in the trust business...

§ 23-51-119. Requirements for a private trust company - (a) Application. (1) A private trust company requesting an exemption...

§ 23-51-120. Conversion to public trust company - (a) A private trust company may terminate its status as...

§ 23-51-121. Investment in state trust company facilities — Definition - (a) In this chapter, “state trust company facility” means real...

§ 23-51-122. Other real estate - (a) A state trust company may not acquire real estate...

§ 23-51-123. Securities - (a) A state trust company may invest its corporate funds...

§ 23-51-124. Transactions in state trust company shares - (a) A state trust company may acquire its own shares...

§ 23-51-125. Subsidiaries - (a) Except as otherwise provided by this chapter or rules...

§ 23-51-126. Mutual funds - (a) A state trust company may invest for its own...

§ 23-51-127. Engaging in commerce prohibited - Except as otherwise provided by this chapter or rules adopted...

§ 23-51-128. Lending limits - (a) A state trust company's total outstanding loans and extensions...

§ 23-51-129. Lease financing transactions - (a) Subject to rules adopted under this chapter, a state...

§ 23-51-130. Trust deposit - (a) A state trust company may deposit trust funds with...

§ 23-51-131. Common investment funds - (a) A state trust company may establish common trust funds...

§ 23-51-132. Borrowing limit - Except with the prior written approval of the Bank Commissioner,...

§ 23-51-133. Pledge of assets - A state trust company may not pledge or create a...

§ 23-51-134. Acquisition of control - (a) Except as expressly otherwise permitted, a person may not...

§ 23-51-135. Application regarding acquisition of control - (a) The proposed transferee seeking approval to acquire control of...

§ 23-51-136. Hearing and decision on acquisition of control - (a) Not later than sixty (60) days after the application...

§ 23-51-137. Appeal from adverse decision - (a) (1) If a hearing has been held, the Bank...

§ 23-51-138. Objection to other transfer - This chapter may not be construed to prevent the Bank...

§ 23-51-139. Civil enforcement — Criminal penalties - (a) The Bank Commissioner may bring any appropriate civil action...

§ 23-51-140. Voting securities held by state trust company - (a) Voting securities of a state trust company held by...

§ 23-51-141. Bylaws - Each state trust company shall adopt bylaws and may amend...

§ 23-51-142. Board of directors - (a) The board of a state trust company shall be...

§ 23-51-143. Officers - The board shall annually elect the officers of the state...

§ 23-51-144. Certain criminal offenses - (a) An officer, director, employee or shareholder of a state...

§ 23-51-145. Transactions with management and affiliates - (a) Without the prior approval of a disinterested majority of...

§ 23-51-146. Fiduciary responsibility - The board of a state trust company is responsible for...

§ 23-51-147. Recordkeeping - A state trust company shall keep its fiduciary records separate...

§ 23-51-148. Bonding requirements - (a) The board of a state trust company shall require...

§ 23-51-149. Reports of apparent crime - A trust company that is the victim of a robbery,...

§ 23-51-150. Merger authority - (a) With the prior written approval of the Bank Commissioner,...

§ 23-51-151. Merger application - (a) The original articles of merger, a number of copies...

§ 23-51-152. Approval of commissioner - (a) If the Bank Commissioner approves the merger and finds...

§ 23-51-153. Rights of dissenters to mergers - A shareholder may dissent from the merger to the extent...

§ 23-51-154. Authority to purchase assets of another trust institution - (a) Subject to the provisions of this section, a state...

§ 23-51-155. Sale of assets - (a) The board of a state trust company, with the...

§ 23-51-156. Required vote of shareholders - A state trust company may go into voluntary liquidation and...

§ 23-51-157. Corporate procedure - Shareholder action to liquidate a state trust company shall be...

§ 23-51-158. Authority to liquidate — Publication - If the Bank Commissioner shall approve the liquidation, the commissioner...

§ 23-51-159. Examination and reports - When any state trust company shall be in process of...

§ 23-51-160. Unclaimed property - All unclaimed property remaining in the hands of a liquidated...

§ 23-51-161. Sale or transfer of property - Upon the approval of the Bank Commissioner, any state trust...

§ 23-51-162. When commissioner may take charge - The Bank Commissioner may forthwith take possession of the business...

§ 23-51-163. Directors may act - Any state trust company may place its assets and business...

§ 23-51-164. Application of Arkansas Banking Code of 1997 - When the Bank Commissioner, or duly appointed agent, shall take...

§ 23-51-165. Companies authorized to act as fiduciaries - (a) A company shall not act as a fiduciary in...

§ 23-51-166. Activities not requiring a charter, etc - Notwithstanding any other provision of this chapter, a company does...

§ 23-51-167. Trust business of state trust institution - (a) A state trust institution may act as a fiduciary...

§ 23-51-168. Trust business of out-of-state trust institution - An out-of-state trust institution which establishes or maintains one (1)...

§ 23-51-169. Name of trust institution - A state trust company or out-of-state trust institution may register...

§ 23-51-170. Trust business - A state trust company or a state bank may: (1)...

§ 23-51-171. Branches and offices of state trust institutions - (a) A state trust institution may act as a fiduciary...

§ 23-51-172. State trust company principal office - (a) Each state trust company must have and continuously maintain...

§ 23-51-173. Trust office - (a) A state trust institution may establish or acquire and...

§ 23-51-174. Out-of-state offices - (a) A state bank, a state trust company, or a...

§ 23-51-175. Trust business at a branch or trust office - An out-of-state trust institution may act as a fiduciary in...

§ 23-51-176. Establishing an interstate trust office - (a) An out-of-state trust institution that does not operate a...

§ 23-51-177. Acquiring an interstate trust office - (a) An out-of-state trust institution that does not operate a...

§ 23-51-178. Requirement of notice - An out-of-state trust institution desiring to establish and maintain a...

§ 23-51-179. Conditions for approval - (a) No trust office of an out-of-state trust institution may...

§ 23-51-180. Additional trust offices - An out-of-state trust institution that maintains a trust office in...

§ 23-51-181. Examinations — Periodic reports — Cooperative agreements — Assessment of fees - (a) To the extent consistent with subsection (c) of this...

§ 23-51-182. Enforcement - (a) (1) Consistent with the Arkansas Administrative Procedure Act, §...

§ 23-51-183. Notice of subsequent merger, closing, etc - Each out-of-state trust institution that maintains an office in this...

§ 23-51-184. Commissioner shall supervise and examine authorized trust institutions - Every authorized trust institution shall be under the supervision of...

§ 23-51-185. Examinations — Assessments - (a) The Bank Commissioner may examine each state trust company...

§ 23-51-186. Statements of condition and income - Each state trust company shall periodically file with the Bank...

§ 23-51-187. Confidential records - (a) The following records of the State Bank Department shall...

§ 23-51-188. Administrative orders — Penalties for violation - (a) In addition to any other powers conferred by this...

§ 23-51-189. Notice and opportunity for hearing - Consistent with the Arkansas Administrative Procedure Act, § 25-15-201 et...

§ 23-51-190. Subpoena power and examination under oath - The Bank Commissioner shall have the power to subpoena witnesses,...

§ 23-51-191. Removal of directors, officers, and employees - Consistent with § 23-51-189, the Bank Commissioner shall have the...

§ 23-51-192. Delegation and fiduciary responsibility - (a) Any person acting as a trustee or as any...

§ 23-51-193. Affiliates - (a) Any person acting as a trustee or in any...

§ 23-51-194. Fee determination - The compensation arrangement between a client and any person acting...

§ 23-51-195. Disclosure of potential conflicts of interest - Any company, proposing to act as a trustee or in...

§ 23-51-196. Interests in trust institutions prohibited - (a) Neither the Bank Commissioner nor any employee or officer...

§ 23-51-197. Designation of trustee - Any person residing in this state may designate any trust...

§ 23-51-198. Choice of law governing trusts - Any trust institution that maintains a trust office in this...

§ 23-51-199. Choice of law governing fiduciary investments - Any trust institution that maintains a trust office in this...

Chapter 53 - Arkansas Home Loan Protection Act

§ 23-53-101. Title - This chapter shall be known as the “Arkansas Home Loan...

§ 23-53-102. Legislative intent - (a) The General Assembly finds that: (1) Abusive mortgage lending...

§ 23-53-103. Definitions - As used in this chapter: (1) “Affiliate” means any company...

§ 23-53-104. Prohibited acts and practices regarding high-cost home loans - (a) Insurance and Debt Cancellation Agreements. No creditor making a...

§ 23-53-105. Preservation and enforcement of claims and defenses — No subterfuge - (a) Liability of Assignees and Other Holders in High-Cost Home...

§ 23-53-106. Enforcement - (a) (1) Any violation of this chapter constitutes an unconscionable...

Chapter 54 - Reverse Mortgage Protection Act

§ 23-54-101. Title - This chapter shall be known and may be cited as...

§ 23-54-102. Applicability - This chapter applies to reverse mortgage loans executed on or...

§ 23-54-103. Definitions - As used in this chapter, “reverse mortgage” means a nonrecourse...

§ 23-54-104. Provisions of reverse mortgages - (a) A reverse mortgage loan: (1) (A) Shall permit prepayment...

§ 23-54-105. Treatment of loan proceeds - To the extent that implementation of this section does not...

§ 23-54-106. Loan application — Disclosures - (a) No reverse mortgage loan application shall be taken by...

§ 23-54-107. Lien - (a) A reverse mortgage shall constitute a lien against the...

§ 23-54-108. Default - (a) The reverse mortgage loan may become due and payable...

§ 23-54-109. Remedies - (a) A lender who fails to make loan advances as...

Chapter 55 - Uniform Money Services Act

Article 1 - General Provisions

§ 23-55-101. Short title - This chapter may be cited as the Uniform Money Services...

§ 23-55-102. Definitions - In this chapter: (1) “Applicant” means a person that files...

§ 23-55-103. Exclusions - This chapter does not apply to: (1) the United States...

§ 23-55-104. Administration and rules - (a) The Securities Commissioner shall administer this chapter. (b) The...

Article 2 - Money Transmission Licenses

§ 23-55-201. License required - (a) A person may not engage in the business of...

§ 23-55-202. Application for license - (a) In this section, “material litigation” means litigation that according...

§ 23-55-204. Surety bonds - (a) (1) Except as otherwise provided in subsection (b), a...

§ 23-55-205. Issuance of license - (a) When an application is filed under this article, the...

§ 23-55-206. Renewal of license - (a) A licensee under this article shall pay an annual...

§ 23-55-207. Net worth - (a) A licensee under this article shall maintain a net...

Article 4 - Currency Exchange Licenses

§ 23-55-401. License required - (a) A person may not engage in currency exchange or...

§ 23-55-402. Application for license - (a) A person applying for a license under this article...

§ 23-55-403. Issuance of license - (a) When an application for a license is made under...

§ 23-55-404. Renewal of license - (a) A licensee under this article shall pay an annual...

Article 5 - Authorized Delegates

§ 23-55-501. Relationship between licensee and authorized delegate - (a) In this section, “remit” means to make direct payments...

§ 23-55-502. Unauthorized activities - A person may not provide money services on behalf of...

Article 6 - Examinations — Reports — Records

§ 23-55-601. Authority to conduct examinations and investigations - (a) The Securities Commissioner or the commissioner's designee may conduct...

§ 23-55-602. Cooperation - The Securities Commissioner may consult and cooperate with other state...

§ 23-55-603. Reports - (a) A licensee shall file with the commissioner within 15...

§ 23-55-604. Change of control - (a) A licensee shall: (1) give the commissioner notice in...

§ 23-55-605. Records - (a) A licensee shall maintain the following records for determining...

§ 23-55-606. Anti-money laundering program and reports - (a) Every licensee shall comply with all state and federal...

§ 23-55-607. Confidentiality - (a) Unless otherwise specified in this section, all information filed...

§ 23-55-608. Disclosure requirements - (a) A licensee shall provide its name and mailing address...

Article 7 - Permissible Investments

§ 23-55-701. Maintenance of permissible investments - (a) A licensee shall maintain at all times permissible investments...

§ 23-55-702. Types of permissible investments - (a) Except to the extent otherwise limited by the commissioner...

Article 8 - Enforcement

§ 23-55-801. Suspension and revocation - (a) The commissioner may suspend or revoke a license or...

§ 23-55-802. Suspension and revocation of authorized delegates - (a) The commissioner may issue an order suspending or revoking...

§ 23-55-803. Orders to cease and desist - (a) If the Securities Commissioner determines that a violation of...

§ 23-55-804. Consent orders - The commissioner may enter into a consent order at any...

§ 23-55-805. Civil penalties - The commissioner may assess a civil penalty against a person...

§ 23-55-806. Criminal penalties - (a) A person that intentionally makes a false statement, misrepresentation,...

§ 23-55-807. Unlicensed persons - (a) (1) [Repealed.] (2) If as a result of an...

§ 23-55-808. Receivership - (a) (1) Whenever a licensee has refused or is unable...

Article 9 - Administrative Procedures

§ 23-55-901. Administrative proceedings - All administrative proceedings under this chapter must be conducted in...

§ 23-55-902. Hearings - (a) Except as otherwise provided in §§ 23-55-803 and 23-55-807,...

Article 10 - Miscellaneous Provisions

§ 23-55-1001. Uniformity of application and construction - In applying and construing this Uniform Act, consideration must be...

§ 23-55-1002. Severability clause - If any provision of this chapter or its application to...

§ 23-55-1003. Effective date - This chapter takes effect January 1, 2008.

§ 23-55-1006. License terms - Effective January 1, 2012: (1) a license for a money...

§ 23-55-1007. Multistate automated licensing system - (a) The Securities Commissioner may: (1) Enter into an arrangement,...

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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