Ark. Code Ann. § 23-18-903 — AR Code / Title 23 / Chapter 18 / Subchapter 9 / Section 23-18-903
Financing orders
Status: in_force

(a) (1) A utility may petition the Arkansas Public Service Commission for a financing order. (2) For each petition as described in subdivision (a)(1) of this section, the utility shall: (A) Describe the storm recovery activities that the utility has undertaken or proposes to undertake and describe the reasons for undertaking the activities; (B) State the known storm recovery costs and estimate the costs of any storm recovery activities that are not completed or for which the costs are not yet known as identified and requested by the utility; (C) If applicable, state the level of the storm recovery reserve that the utility proposes to establish or replenish and has determined would be appropriate to recover through storm recovery bonds and is seeking to so recover and the level that the utility is funding or will seek to fund through other means, together with a description of the factors and calculations used in determining the amounts and methods of recovery; (D) (i) Indicate whether the utility proposes to finance all or a portion of the storm recovery costs and storm recovery reserve using storm recovery bonds. (ii) If the utility proposes to finance a portion of the costs, the utility shall identify that portion in the petition; (E) Estimate the financing costs related to the storm recovery bonds; (F) Estimate the storm recovery charges necessary to pay in full as scheduled the principal of, premium, if any, and interest on the proposed storm recovery bonds and related financing costs until the legal final maturity date of the proposed storm recovery bonds; (G) Estimate any cost savings from or demonstrate how rate impacts to customers would be mitigated as a result of financing storm recovery costs with storm recovery bonds in comparison with traditional utility financing or other traditional utility recovery methods; (H) File with the petition direct testimony supporting the petition; and (I) Facilitate a timely audit of all capital costs included within the storm recovery costs proposed to be financed by storm recovery bonds. (b) (1) (A) Proceedings on a petition submitted pursuant to subdivision (a)(1) of this section shall begin with a petition by a utility and shall be disposed of according to the commission's rules promulgated pursuant to the Arkansas Administrative Procedure Act, § 25-15-201 et seq., except that the provisions of this section, to the extent applicable, shall control. (B) Within seven (7) days after the filing of a petition, the commission shall publish a case schedule. The case schedule shall place the matter before the commission on an agenda that will permit a commission decision no later than one hundred twenty (120) days after the date the petition is filed. (C) (i) No later than one hundred thirty-five (135) days after the date the petition is filed, the commission shall issue a financing order or an order rejecting the petition. (ii) The commission shall issue a financing order authorizing financing of reasonable and prudent storm recovery costs, the storm recovery reserve amount determined appropriate by the commission, and financing costs if the commission finds that the issuance of the storm recovery bonds and the imposition of storm recovery charges authorized by the order are reasonably expected to result in lower overall costs or to mitigate rate impacts to customers as compared with traditional utility financing or other traditional utility recovery methods. (iii) Any determination of whether storm recovery costs are reasonable and prudent shall be made with reference to the general public interest in and the scope of effort required to provide the maintenance and safe and expeditious restoration of utility service. (2) In a financing order issued to a utility, the commission shall: (A) Specify the amount of storm recovery costs and the level of storm recovery reserves, taking into consideration, to the extent the commission deems appropriate, any other methods used to recover these costs, and describe and estimate the amount of financing costs which may be recovered through storm recovery charges, and specify the period over which the costs may be recovered; (B) Determine that the proposed structuring, expected pricing, and financing costs of the storm recovery bonds are reasonably expected to result in lower overall costs or would mitigate rate impacts to customers as compared with traditional utility financing or other traditional utility recovery methods; (C) Provide that, for the period specified pursuant to subdivision (b)(2)(A) of this section, the imposition and collection of storm recovery charges authorized in the financing order shall be nonbypassable and paid by all customers, subject to appropriate exclusions or adjustments to avoid the collection of natural gas costs from gas utility customers that do not purchase natural gas from the gas utility, receiving service from a utility or its successors or assignees under commission-approved rate schedules as provided in the financing order. An individual customer's monthly storm recovery charges shall be based upon the customer's then-current monthly billing determinants; (D) Determine what portion, if any, of the storm recovery reserves shall be held in a funded reserve and any limitations on how the reserve may be held, accessed, or used; (E) As necessary, include a formula-based mechanism for making expeditious periodic adjustments in the storm recovery charges that customers are required to pay under the financing order and for making any adjustments that are necessary to correct for any projected over-collection or under-collection of the charges or to otherwise ensure the timely payment as scheduled of storm recovery bonds and financing costs and other required amounts and charges payable in connection with the storm recovery bonds; (F) Specify the storm recovery property that is or shall be created in favor of a utility or its successors or assignees and that shall be used to pay or secure storm recovery bonds and financing costs; (G) Specify the degree of flexibility to be afforded to the utility in establishing the terms and conditions of the storm recovery bonds, including without limitation repayment schedules, interest rates, and other financing costs; (H) Provide the method by which storm recovery charges shall be allocated among the customer classes; (I) Provide that after the final terms of an issuance of storm recovery bonds have been established and before the issuance of storm recovery bonds, the utility shall determine the resulting initial storm recovery charge according to the financing order and the initial storm recovery charge shall be final and effective upon the issuance of the storm recovery bonds without further commission action; and (J) Include any other conditions that the commission considers appropriate and that are not otherwise inconsistent with this section. (c) (1) After the issuance of a financing order, the utility retains sole discretion regarding whether to cause the storm recovery bonds to be issued, including the right to defer or postpone the sale, assignment, transfer, or issuance, provided that the storm recovery bonds, other than refunding bonds, shall not be issued later than two (2) years from the date the financing order becomes final and nonappealable, or a later date as provided in the financing order, and provided further, that nothing herein shall prevent the utility, before the end of the two-year period, from abandoning the issuance of storm recovery bonds under the financing order, if this is in the best interest of ratepayers, by filing with the commission a statement of abandonment and the reasons therefore. (2) This subchapter does not limit the rights of the utility to recover its storm recovery costs under normal ratemaking should the storm recovery bonds not be issued. (d) (1) At the request of a utility, the commission may commence a proceeding and issue a subsequent financing order that provides for the refinancing, retiring, or refunding of storm recovery bonds issued pursuant to the original financing order if the commission finds that the subsequent financing order satisfies all of the criteria specified in subsection (b) of this section. (2) Effective on retirement of the refunded storm recovery bonds and the issuance of new storm recovery bonds, the commission may adjust the related storm recovery charges accordingly or establish substitute storm recovery charges. (3) Any financing order shall be issued within one hundred twenty (120) days of the application of a utility therefor. (e) All financing orders by the commission shall be operative and in full force and effect from the date of issuance by the commission. (f) (1) An aggrieved party or intervenor may within fifteen (15) days after the financing order or a supplemental order made by the commission becomes effective, or within fifteen (15) days from the date an application for rehearing is deemed to be denied as provided in § 23-2-422 , file in the Court of Appeals a petition stating the particular cause of objection to the order complained of. (2) Inasmuch as delay in the determination of the appeal of a financing order may delay the issuance of storm recovery bonds thereby diminishing savings or other benefits to customers which might be achieved if the bonds were issued as contemplated by a financing order, all the cases shall be given precedence over all other civil cases in the court and shall be heard and determined as speedily as possible. (g) A financing order issued to a utility may provide that creation of the utility's storm recovery property pursuant to subdivision (b)(2)(F) of this section is conditioned upon, and shall be simultaneous with, the sale or other transfer of the storm recovery property to an assignee and the pledge of the storm recovery property to secure storm recovery bonds. (h) (1) If the commission issues a financing order, the utility shall file with the commission at least annually a request for administrative approval applying the formula-based true-up mechanism to make the adjustments described in subdivision (b)(2)(E) of this section. (2) The review of a request described in subdivision (h)(1) of this section shall be limited to determining whether there is any mathematical error in the application of the formula-based mechanism relating to the appropriate amount of any projected over-collection or under-collection of storm recovery charges and the amount of an adjustment. (3) The adjustments shall ensure the recovery of revenues sufficient to provide for the payment of principal, interest, acquisition, defeasance, financing costs, or redemption premium and other fees, costs, and charges in respect of storm recovery bonds approved under the financing order. (4) Within fifteen (15) days after receiving a utility's request under subdivision (h)(1) of this section, the commission shall either administratively approve the request or inform the utility of any mathematical errors in its calculation. (5) If the commission informs the utility of mathematical errors in its calculation, the utility may correct its error and refile its request. (6) The time frames previously described in this subsection shall apply to a refiled request. (i) Subsequent to the earlier of the transfer of storm recovery property to an assignee or the issuance of storm recovery bonds authorized thereby, a financing order is irrevocable, and except as provided in subsections (d) and (h) of this section, the commission may not amend, modify, or terminate the financing order by any subsequent action or reduce, impair, postpone, terminate, or otherwise adjust storm recovery charges approved in the financing order. Amended by Act 2021, No. 641,§ 1, eff. 4/12/2021. Amended by Act 2019, No. 315,§ 2485, eff. 7/24/2019. Acts 2009, No. 729, § 1.

(a) (1) A utility may petition the Arkansas Public Service Commission for a financing order. (2) For each petition as described in subdivision (a)(1) of this section, the utility shall: (A) Describe the storm recovery activities that the utility has undertaken or proposes to undertake and describe the reasons for undertaking the activities; (B) State the known storm recovery costs and estimate the costs of any storm recovery activities that are not completed or for which the costs are not yet known as identified and requested by the utility; (C) If applicable, state the level of the storm recovery reserve that the utility proposes to establish or replenish and has determined would be appropriate to recover through storm recovery bonds and is seeking to so recover and the level that the utility is funding or will seek to fund through other means, together with a description of the factors and calculations used in determining the amounts and methods of recovery; (D) (i) Indicate whether the utility proposes to finance all or a portion of the storm recovery costs and storm recovery reserve using storm recovery bonds. (ii) If the utility proposes to finance a portion of the costs, the utility shall identify that portion in the petition; (E) Estimate the financing costs related to the storm recovery bonds; (F) Estimate the storm recovery charges necessary to pay in full as scheduled the principal of, premium, if any, and interest on the proposed storm recovery bonds and related financing costs until the legal final maturity date of the proposed storm recovery bonds; (G) Estimate any cost savings from or demonstrate how rate impacts to customers would be mitigated as a result of financing storm recovery costs with storm recovery bonds in comparison with traditional utility financing or other traditional utility recovery methods; (H) File with the petition direct testimony supporting the petition; and (I) Facilitate a timely audit of all capital costs included within the storm recovery costs proposed to be financed by storm recovery bonds.

(1) A utility may petition the Arkansas Public Service Commission for a financing order.

(2) For each petition as described in subdivision (a)(1) of this section, the utility shall: (A) Describe the storm recovery activities that the utility has undertaken or proposes to undertake and describe the reasons for undertaking the activities; (B) State the known storm recovery costs and estimate the costs of any storm recovery activities that are not completed or for which the costs are not yet known as identified and requested by the utility; (C) If applicable, state the level of the storm recovery reserve that the utility proposes to establish or replenish and has determined would be appropriate to recover through storm recovery bonds and is seeking to so recover and the level that the utility is funding or will seek to fund through other means, together with a description of the factors and calculations used in determining the amounts and methods of recovery; (D) (i) Indicate whether the utility proposes to finance all or a portion of the storm recovery costs and storm recovery reserve using storm recovery bonds. (ii) If the utility proposes to finance a portion of the costs, the utility shall identify that portion in the petition; (E) Estimate the financing costs related to the storm recovery bonds; (F) Estimate the storm recovery charges necessary to pay in full as scheduled the principal of, premium, if any, and interest on the proposed storm recovery bonds and related financing costs until the legal final maturity date of the proposed storm recovery bonds; (G) Estimate any cost savings from or demonstrate how rate impacts to customers would be mitigated as a result of financing storm recovery costs with storm recovery bonds in comparison with traditional utility financing or other traditional utility recovery methods; (H) File with the petition direct testimony supporting the petition; and (I) Facilitate a timely audit of all capital costs included within the storm recovery costs proposed to be financed by storm recovery bonds.

(A) Describe the storm recovery activities that the utility has undertaken or proposes to undertake and describe the reasons for undertaking the activities;

(B) State the known storm recovery costs and estimate the costs of any storm recovery activities that are not completed or for which the costs are not yet known as identified and requested by the utility;

(C) If applicable, state the level of the storm recovery reserve that the utility proposes to establish or replenish and has determined would be appropriate to recover through storm recovery bonds and is seeking to so recover and the level that the utility is funding or will seek to fund through other means, together with a description of the factors and calculations used in determining the amounts and methods of recovery;

(D) (i) Indicate whether the utility proposes to finance all or a portion of the storm recovery costs and storm recovery reserve using storm recovery bonds. (ii) If the utility proposes to finance a portion of the costs, the utility shall identify that portion in the petition;

(i) Indicate whether the utility proposes to finance all or a portion of the storm recovery costs and storm recovery reserve using storm recovery bonds.

(ii) If the utility proposes to finance a portion of the costs, the utility shall identify that portion in the petition;

(E) Estimate the financing costs related to the storm recovery bonds;

(F) Estimate the storm recovery charges necessary to pay in full as scheduled the principal of, premium, if any, and interest on the proposed storm recovery bonds and related financing costs until the legal final maturity date of the proposed storm recovery bonds;

(G) Estimate any cost savings from or demonstrate how rate impacts to customers would be mitigated as a result of financing storm recovery costs with storm recovery bonds in comparison with traditional utility financing or other traditional utility recovery methods;

(H) File with the petition direct testimony supporting the petition; and

(I) Facilitate a timely audit of all capital costs included within the storm recovery costs proposed to be financed by storm recovery bonds.

(b) (1) (A) Proceedings on a petition submitted pursuant to subdivision (a)(1) of this section shall begin with a petition by a utility and shall be disposed of according to the commission's rules promulgated pursuant to the Arkansas Administrative Procedure Act, § 25-15-201 et seq., except that the provisions of this section, to the extent applicable, shall control. (B) Within seven (7) days after the filing of a petition, the commission shall publish a case schedule. The case schedule shall place the matter before the commission on an agenda that will permit a commission decision no later than one hundred twenty (120) days after the date the petition is filed. (C) (i) No later than one hundred thirty-five (135) days after the date the petition is filed, the commission shall issue a financing order or an order rejecting the petition. (ii) The commission shall issue a financing order authorizing financing of reasonable and prudent storm recovery costs, the storm recovery reserve amount determined appropriate by the commission, and financing costs if the commission finds that the issuance of the storm recovery bonds and the imposition of storm recovery charges authorized by the order are reasonably expected to result in lower overall costs or to mitigate rate impacts to customers as compared with traditional utility financing or other traditional utility recovery methods. (iii) Any determination of whether storm recovery costs are reasonable and prudent shall be made with reference to the general public interest in and the scope of effort required to provide the maintenance and safe and expeditious restoration of utility service. (2) In a financing order issued to a utility, the commission shall: (A) Specify the amount of storm recovery costs and the level of storm recovery reserves, taking into consideration, to the extent the commission deems appropriate, any other methods used to recover these costs, and describe and estimate the amount of financing costs which may be recovered through storm recovery charges, and specify the period over which the costs may be recovered; (B) Determine that the proposed structuring, expected pricing, and financing costs of the storm recovery bonds are reasonably expected to result in lower overall costs or would mitigate rate impacts to customers as compared with traditional utility financing or other traditional utility recovery methods; (C) Provide that, for the period specified pursuant to subdivision (b)(2)(A) of this section, the imposition and collection of storm recovery charges authorized in the financing order shall be nonbypassable and paid by all customers, subject to appropriate exclusions or adjustments to avoid the collection of natural gas costs from gas utility customers that do not purchase natural gas from the gas utility, receiving service from a utility or its successors or assignees under commission-approved rate schedules as provided in the financing order. An individual customer's monthly storm recovery charges shall be based upon the customer's then-current monthly billing determinants; (D) Determine what portion, if any, of the storm recovery reserves shall be held in a funded reserve and any limitations on how the reserve may be held, accessed, or used; (E) As necessary, include a formula-based mechanism for making expeditious periodic adjustments in the storm recovery charges that customers are required to pay under the financing order and for making any adjustments that are necessary to correct for any projected over-collection or under-collection of the charges or to otherwise ensure the timely payment as scheduled of storm recovery bonds and financing costs and other required amounts and charges payable in connection with the storm recovery bonds; (F) Specify the storm recovery property that is or shall be created in favor of a utility or its successors or assignees and that shall be used to pay or secure storm recovery bonds and financing costs; (G) Specify the degree of flexibility to be afforded to the utility in establishing the terms and conditions of the storm recovery bonds, including without limitation repayment schedules, interest rates, and other financing costs; (H) Provide the method by which storm recovery charges shall be allocated among the customer classes; (I) Provide that after the final terms of an issuance of storm recovery bonds have been established and before the issuance of storm recovery bonds, the utility shall determine the resulting initial storm recovery charge according to the financing order and the initial storm recovery charge shall be final and effective upon the issuance of the storm recovery bonds without further commission action; and (J) Include any other conditions that the commission considers appropriate and that are not otherwise inconsistent with this section.

(1) (A) Proceedings on a petition submitted pursuant to subdivision (a)(1) of this section shall begin with a petition by a utility and shall be disposed of according to the commission's rules promulgated pursuant to the Arkansas Administrative Procedure Act, § 25-15-201 et seq., except that the provisions of this section, to the extent applicable, shall control. (B) Within seven (7) days after the filing of a petition, the commission shall publish a case schedule. The case schedule shall place the matter before the commission on an agenda that will permit a commission decision no later than one hundred twenty (120) days after the date the petition is filed. (C) (i) No later than one hundred thirty-five (135) days after the date the petition is filed, the commission shall issue a financing order or an order rejecting the petition. (ii) The commission shall issue a financing order authorizing financing of reasonable and prudent storm recovery costs, the storm recovery reserve amount determined appropriate by the commission, and financing costs if the commission finds that the issuance of the storm recovery bonds and the imposition of storm recovery charges authorized by the order are reasonably expected to result in lower overall costs or to mitigate rate impacts to customers as compared with traditional utility financing or other traditional utility recovery methods. (iii) Any determination of whether storm recovery costs are reasonable and prudent shall be made with reference to the general public interest in and the scope of effort required to provide the maintenance and safe and expeditious restoration of utility service.

(A) Proceedings on a petition submitted pursuant to subdivision (a)(1) of this section shall begin with a petition by a utility and shall be disposed of according to the commission's rules promulgated pursuant to the Arkansas Administrative Procedure Act, § 25-15-201 et seq., except that the provisions of this section, to the extent applicable, shall control.

(B) Within seven (7) days after the filing of a petition, the commission shall publish a case schedule. The case schedule shall place the matter before the commission on an agenda that will permit a commission decision no later than one hundred twenty (120) days after the date the petition is filed.

(C) (i) No later than one hundred thirty-five (135) days after the date the petition is filed, the commission shall issue a financing order or an order rejecting the petition. (ii) The commission shall issue a financing order authorizing financing of reasonable and prudent storm recovery costs, the storm recovery reserve amount determined appropriate by the commission, and financing costs if the commission finds that the issuance of the storm recovery bonds and the imposition of storm recovery charges authorized by the order are reasonably expected to result in lower overall costs or to mitigate rate impacts to customers as compared with traditional utility financing or other traditional utility recovery methods. (iii) Any determination of whether storm recovery costs are reasonable and prudent shall be made with reference to the general public interest in and the scope of effort required to provide the maintenance and safe and expeditious restoration of utility service.

(i) No later than one hundred thirty-five (135) days after the date the petition is filed, the commission shall issue a financing order or an order rejecting the petition.

(ii) The commission shall issue a financing order authorizing financing of reasonable and prudent storm recovery costs, the storm recovery reserve amount determined appropriate by the commission, and financing costs if the commission finds that the issuance of the storm recovery bonds and the imposition of storm recovery charges authorized by the order are reasonably expected to result in lower overall costs or to mitigate rate impacts to customers as compared with traditional utility financing or other traditional utility recovery methods.

(iii) Any determination of whether storm recovery costs are reasonable and prudent shall be made with reference to the general public interest in and the scope of effort required to provide the maintenance and safe and expeditious restoration of utility service.

(2) In a financing order issued to a utility, the commission shall: (A) Specify the amount of storm recovery costs and the level of storm recovery reserves, taking into consideration, to the extent the commission deems appropriate, any other methods used to recover these costs, and describe and estimate the amount of financing costs which may be recovered through storm recovery charges, and specify the period over which the costs may be recovered; (B) Determine that the proposed structuring, expected pricing, and financing costs of the storm recovery bonds are reasonably expected to result in lower overall costs or would mitigate rate impacts to customers as compared with traditional utility financing or other traditional utility recovery methods; (C) Provide that, for the period specified pursuant to subdivision (b)(2)(A) of this section, the imposition and collection of storm recovery charges authorized in the financing order shall be nonbypassable and paid by all customers, subject to appropriate exclusions or adjustments to avoid the collection of natural gas costs from gas utility customers that do not purchase natural gas from the gas utility, receiving service from a utility or its successors or assignees under commission-approved rate schedules as provided in the financing order. An individual customer's monthly storm recovery charges shall be based upon the customer's then-current monthly billing determinants; (D) Determine what portion, if any, of the storm recovery reserves shall be held in a funded reserve and any limitations on how the reserve may be held, accessed, or used; (E) As necessary, include a formula-based mechanism for making expeditious periodic adjustments in the storm recovery charges that customers are required to pay under the financing order and for making any adjustments that are necessary to correct for any projected over-collection or under-collection of the charges or to otherwise ensure the timely payment as scheduled of storm recovery bonds and financing costs and other required amounts and charges payable in connection with the storm recovery bonds; (F) Specify the storm recovery property that is or shall be created in favor of a utility or its successors or assignees and that shall be used to pay or secure storm recovery bonds and financing costs; (G) Specify the degree of flexibility to be afforded to the utility in establishing the terms and conditions of the storm recovery bonds, including without limitation repayment schedules, interest rates, and other financing costs; (H) Provide the method by which storm recovery charges shall be allocated among the customer classes; (I) Provide that after the final terms of an issuance of storm recovery bonds have been established and before the issuance of storm recovery bonds, the utility shall determine the resulting initial storm recovery charge according to the financing order and the initial storm recovery charge shall be final and effective upon the issuance of the storm recovery bonds without further commission action; and (J) Include any other conditions that the commission considers appropriate and that are not otherwise inconsistent with this section.

(A) Specify the amount of storm recovery costs and the level of storm recovery reserves, taking into consideration, to the extent the commission deems appropriate, any other methods used to recover these costs, and describe and estimate the amount of financing costs which may be recovered through storm recovery charges, and specify the period over which the costs may be recovered;

(B) Determine that the proposed structuring, expected pricing, and financing costs of the storm recovery bonds are reasonably expected to result in lower overall costs or would mitigate rate impacts to customers as compared with traditional utility financing or other traditional utility recovery methods;

(C) Provide that, for the period specified pursuant to subdivision (b)(2)(A) of this section, the imposition and collection of storm recovery charges authorized in the financing order shall be nonbypassable and paid by all customers, subject to appropriate exclusions or adjustments to avoid the collection of natural gas costs from gas utility customers that do not purchase natural gas from the gas utility, receiving service from a utility or its successors or assignees under commission-approved rate schedules as provided in the financing order. An individual customer's monthly storm recovery charges shall be based upon the customer's then-current monthly billing determinants;

(D) Determine what portion, if any, of the storm recovery reserves shall be held in a funded reserve and any limitations on how the reserve may be held, accessed, or used;

(E) As necessary, include a formula-based mechanism for making expeditious periodic adjustments in the storm recovery charges that customers are required to pay under the financing order and for making any adjustments that are necessary to correct for any projected over-collection or under-collection of the charges or to otherwise ensure the timely payment as scheduled of storm recovery bonds and financing costs and other required amounts and charges payable in connection with the storm recovery bonds;

(F) Specify the storm recovery property that is or shall be created in favor of a utility or its successors or assignees and that shall be used to pay or secure storm recovery bonds and financing costs;

(G) Specify the degree of flexibility to be afforded to the utility in establishing the terms and conditions of the storm recovery bonds, including without limitation repayment schedules, interest rates, and other financing costs;

(H) Provide the method by which storm recovery charges shall be allocated among the customer classes;

(I) Provide that after the final terms of an issuance of storm recovery bonds have been established and before the issuance of storm recovery bonds, the utility shall determine the resulting initial storm recovery charge according to the financing order and the initial storm recovery charge shall be final and effective upon the issuance of the storm recovery bonds without further commission action; and

(J) Include any other conditions that the commission considers appropriate and that are not otherwise inconsistent with this section.

(c) (1) After the issuance of a financing order, the utility retains sole discretion regarding whether to cause the storm recovery bonds to be issued, including the right to defer or postpone the sale, assignment, transfer, or issuance, provided that the storm recovery bonds, other than refunding bonds, shall not be issued later than two (2) years from the date the financing order becomes final and nonappealable, or a later date as provided in the financing order, and provided further, that nothing herein shall prevent the utility, before the end of the two-year period, from abandoning the issuance of storm recovery bonds under the financing order, if this is in the best interest of ratepayers, by filing with the commission a statement of abandonment and the reasons therefore. (2) This subchapter does not limit the rights of the utility to recover its storm recovery costs under normal ratemaking should the storm recovery bonds not be issued.

(1) After the issuance of a financing order, the utility retains sole discretion regarding whether to cause the storm recovery bonds to be issued, including the right to defer or postpone the sale, assignment, transfer, or issuance, provided that the storm recovery bonds, other than refunding bonds, shall not be issued later than two (2) years from the date the financing order becomes final and nonappealable, or a later date as provided in the financing order, and provided further, that nothing herein shall prevent the utility, before the end of the two-year period, from abandoning the issuance of storm recovery bonds under the financing order, if this is in the best interest of ratepayers, by filing with the commission a statement of abandonment and the reasons therefore.

(2) This subchapter does not limit the rights of the utility to recover its storm recovery costs under normal ratemaking should the storm recovery bonds not be issued.

(d) (1) At the request of a utility, the commission may commence a proceeding and issue a subsequent financing order that provides for the refinancing, retiring, or refunding of storm recovery bonds issued pursuant to the original financing order if the commission finds that the subsequent financing order satisfies all of the criteria specified in subsection (b) of this section. (2) Effective on retirement of the refunded storm recovery bonds and the issuance of new storm recovery bonds, the commission may adjust the related storm recovery charges accordingly or establish substitute storm recovery charges. (3) Any financing order shall be issued within one hundred twenty (120) days of the application of a utility therefor.

(1) At the request of a utility, the commission may commence a proceeding and issue a subsequent financing order that provides for the refinancing, retiring, or refunding of storm recovery bonds issued pursuant to the original financing order if the commission finds that the subsequent financing order satisfies all of the criteria specified in subsection (b) of this section.

(2) Effective on retirement of the refunded storm recovery bonds and the issuance of new storm recovery bonds, the commission may adjust the related storm recovery charges accordingly or establish substitute storm recovery charges.

(3) Any financing order shall be issued within one hundred twenty (120) days of the application of a utility therefor.

(e) All financing orders by the commission shall be operative and in full force and effect from the date of issuance by the commission.

(f) (1) An aggrieved party or intervenor may within fifteen (15) days after the financing order or a supplemental order made by the commission becomes effective, or within fifteen (15) days from the date an application for rehearing is deemed to be denied as provided in § 23-2-422 , file in the Court of Appeals a petition stating the particular cause of objection to the order complained of. (2) Inasmuch as delay in the determination of the appeal of a financing order may delay the issuance of storm recovery bonds thereby diminishing savings or other benefits to customers which might be achieved if the bonds were issued as contemplated by a financing order, all the cases shall be given precedence over all other civil cases in the court and shall be heard and determined as speedily as possible.

(1) An aggrieved party or intervenor may within fifteen (15) days after the financing order or a supplemental order made by the commission becomes effective, or within fifteen (15) days from the date an application for rehearing is deemed to be denied as provided in § 23-2-422 , file in the Court of Appeals a petition stating the particular cause of objection to the order complained of.

(2) Inasmuch as delay in the determination of the appeal of a financing order may delay the issuance of storm recovery bonds thereby diminishing savings or other benefits to customers which might be achieved if the bonds were issued as contemplated by a financing order, all the cases shall be given precedence over all other civil cases in the court and shall be heard and determined as speedily as possible.

(g) A financing order issued to a utility may provide that creation of the utility's storm recovery property pursuant to subdivision (b)(2)(F) of this section is conditioned upon, and shall be simultaneous with, the sale or other transfer of the storm recovery property to an assignee and the pledge of the storm recovery property to secure storm recovery bonds.

(h) (1) If the commission issues a financing order, the utility shall file with the commission at least annually a request for administrative approval applying the formula-based true-up mechanism to make the adjustments described in subdivision (b)(2)(E) of this section. (2) The review of a request described in subdivision (h)(1) of this section shall be limited to determining whether there is any mathematical error in the application of the formula-based mechanism relating to the appropriate amount of any projected over-collection or under-collection of storm recovery charges and the amount of an adjustment. (3) The adjustments shall ensure the recovery of revenues sufficient to provide for the payment of principal, interest, acquisition, defeasance, financing costs, or redemption premium and other fees, costs, and charges in respect of storm recovery bonds approved under the financing order. (4) Within fifteen (15) days after receiving a utility's request under subdivision (h)(1) of this section, the commission shall either administratively approve the request or inform the utility of any mathematical errors in its calculation. (5) If the commission informs the utility of mathematical errors in its calculation, the utility may correct its error and refile its request. (6) The time frames previously described in this subsection shall apply to a refiled request.

(1) If the commission issues a financing order, the utility shall file with the commission at least annually a request for administrative approval applying the formula-based true-up mechanism to make the adjustments described in subdivision (b)(2)(E) of this section.

(2) The review of a request described in subdivision (h)(1) of this section shall be limited to determining whether there is any mathematical error in the application of the formula-based mechanism relating to the appropriate amount of any projected over-collection or under-collection of storm recovery charges and the amount of an adjustment.

(3) The adjustments shall ensure the recovery of revenues sufficient to provide for the payment of principal, interest, acquisition, defeasance, financing costs, or redemption premium and other fees, costs, and charges in respect of storm recovery bonds approved under the financing order.

(4) Within fifteen (15) days after receiving a utility's request under subdivision (h)(1) of this section, the commission shall either administratively approve the request or inform the utility of any mathematical errors in its calculation.

(5) If the commission informs the utility of mathematical errors in its calculation, the utility may correct its error and refile its request.

(6) The time frames previously described in this subsection shall apply to a refiled request.

(i) Subsequent to the earlier of the transfer of storm recovery property to an assignee or the issuance of storm recovery bonds authorized thereby, a financing order is irrevocable, and except as provided in subsections (d) and (h) of this section, the commission may not amend, modify, or terminate the financing order by any subsequent action or reduce, impair, postpone, terminate, or otherwise adjust storm recovery charges approved in the financing order.

Amended by Act 2021, No. 641,§ 1, eff. 4/12/2021.

Amended by Act 2019, No. 315,§ 2485, eff. 7/24/2019.

Acts 2009, No. 729, § 1.
Ark. Code Ann. § 23-69-301 — AR Code / Title 23 / Chapter 69 / Subchapter 3 / Section 23-69-301
Title
Status: in_force

This subchapter shall be known and may be cited as the "Mutual Insurance Holding Company Act". Acts 2001, No. 1726, § 1.

This subchapter shall be known and may be cited as the "Mutual Insurance Holding Company Act".

Acts 2001, No. 1726, § 1.
Ark. Code Ann. § 23-111-506 — AR Code / Title 23 / Chapter 111 / Subchapter 5 / Section 23-111-506
Application for license to conduct meet - Issuance
Status: in_force

(a) (1) Before any franchise holder conducts a racing meet in the county in which it holds a franchise, it shall file with the Arkansas Racing Commission an application to hold the meet and a bond in the sum of ten thousand dollars ($10,000) payable to the State of Arkansas, with a surety to be approved by the commission, conditioned that the franchise holder shall: (A) Faithfully make the payments to the commission; (B) Keep its books and records and make reports as provided in this chapter; and (C) Conduct the greyhound racing in conformity with this chapter. (2) The application shall specify the dates on which it is intended or desired to conduct or hold the meet and such further information as the commission may prescribe. (3) (A) The license fee required to be paid by the franchise holder under the provisions of this section shall be computed at the rate of three hundred dollars ($300) per day, payable each day of the meet to the commission. (B) The license fee imposed by this section shall be in lieu of all other license or occupation fees or taxes which otherwise would be due by the franchise holder to the State of Arkansas, or to any of its political subdivisions. (b) (1) Each application shall be filed with the commission at least one hundred twenty (120) days prior to the date upon which it is desired to begin the racing meet. (2) Whenever mutually agreeable to the commission and the franchise holder, the commission may allot racing dates other than those requested in the application. (c) Immediately following the allotting of any racing dates and the issuance of a license to hold a racing meet, the commission shall notify the franchise holder of the dates allotted. The notice shall be in writing and sent by registered or certified United States mail to the franchise holder. Each notice and license shall be mailed by the commission at least ninety (90) days before the date fixed for the beginning of the racing meet. (d) (1) Each license shall specify: (A) The name of the franchise holder; (B) The dates on which the racing meet shall be held or conducted; and (C) The location of the place, track, or enclosure at which the racing meet is to be conducted. (2) No license shall be transferable, nor shall it apply to any place, track, or enclosure other than the one specified in the license. (e) (1) If the commission refuses an application for a license, it shall notify the franchise holder. This notice must be in writing and sent by registered or certified United States mail to the franchise holder and shall be mailed by the commission at least twenty (20) days before the date fixed in the application for the beginning of the racing meet. In each instance the notice shall contain the reasons for refusal of the application. (2) No application shall be refused until after the franchise holder has been granted a hearing by the commission. Acts 1957, No. 191, § 14; 1971, No. 30, § 1; A.S.A. 1947, § 84-2829.

(a) (1) Before any franchise holder conducts a racing meet in the county in which it holds a franchise, it shall file with the Arkansas Racing Commission an application to hold the meet and a bond in the sum of ten thousand dollars ($10,000) payable to the State of Arkansas, with a surety to be approved by the commission, conditioned that the franchise holder shall: (A) Faithfully make the payments to the commission; (B) Keep its books and records and make reports as provided in this chapter; and (C) Conduct the greyhound racing in conformity with this chapter. (2) The application shall specify the dates on which it is intended or desired to conduct or hold the meet and such further information as the commission may prescribe. (3) (A) The license fee required to be paid by the franchise holder under the provisions of this section shall be computed at the rate of three hundred dollars ($300) per day, payable each day of the meet to the commission. (B) The license fee imposed by this section shall be in lieu of all other license or occupation fees or taxes which otherwise would be due by the franchise holder to the State of Arkansas, or to any of its political subdivisions.

(1) Before any franchise holder conducts a racing meet in the county in which it holds a franchise, it shall file with the Arkansas Racing Commission an application to hold the meet and a bond in the sum of ten thousand dollars ($10,000) payable to the State of Arkansas, with a surety to be approved by the commission, conditioned that the franchise holder shall: (A) Faithfully make the payments to the commission; (B) Keep its books and records and make reports as provided in this chapter; and (C) Conduct the greyhound racing in conformity with this chapter.

(A) Faithfully make the payments to the commission;

(B) Keep its books and records and make reports as provided in this chapter; and

(C) Conduct the greyhound racing in conformity with this chapter.

(2) The application shall specify the dates on which it is intended or desired to conduct or hold the meet and such further information as the commission may prescribe.

(3) (A) The license fee required to be paid by the franchise holder under the provisions of this section shall be computed at the rate of three hundred dollars ($300) per day, payable each day of the meet to the commission. (B) The license fee imposed by this section shall be in lieu of all other license or occupation fees or taxes which otherwise would be due by the franchise holder to the State of Arkansas, or to any of its political subdivisions.

(A) The license fee required to be paid by the franchise holder under the provisions of this section shall be computed at the rate of three hundred dollars ($300) per day, payable each day of the meet to the commission.

(B) The license fee imposed by this section shall be in lieu of all other license or occupation fees or taxes which otherwise would be due by the franchise holder to the State of Arkansas, or to any of its political subdivisions.

(b) (1) Each application shall be filed with the commission at least one hundred twenty (120) days prior to the date upon which it is desired to begin the racing meet. (2) Whenever mutually agreeable to the commission and the franchise holder, the commission may allot racing dates other than those requested in the application.

(1) Each application shall be filed with the commission at least one hundred twenty (120) days prior to the date upon which it is desired to begin the racing meet.

(2) Whenever mutually agreeable to the commission and the franchise holder, the commission may allot racing dates other than those requested in the application.

(c) Immediately following the allotting of any racing dates and the issuance of a license to hold a racing meet, the commission shall notify the franchise holder of the dates allotted. The notice shall be in writing and sent by registered or certified United States mail to the franchise holder. Each notice and license shall be mailed by the commission at least ninety (90) days before the date fixed for the beginning of the racing meet.

(d) (1) Each license shall specify: (A) The name of the franchise holder; (B) The dates on which the racing meet shall be held or conducted; and (C) The location of the place, track, or enclosure at which the racing meet is to be conducted. (2) No license shall be transferable, nor shall it apply to any place, track, or enclosure other than the one specified in the license.

(1) Each license shall specify: (A) The name of the franchise holder; (B) The dates on which the racing meet shall be held or conducted; and (C) The location of the place, track, or enclosure at which the racing meet is to be conducted.

(A) The name of the franchise holder;

(B) The dates on which the racing meet shall be held or conducted; and

(C) The location of the place, track, or enclosure at which the racing meet is to be conducted.

(2) No license shall be transferable, nor shall it apply to any place, track, or enclosure other than the one specified in the license.

(e) (1) If the commission refuses an application for a license, it shall notify the franchise holder. This notice must be in writing and sent by registered or certified United States mail to the franchise holder and shall be mailed by the commission at least twenty (20) days before the date fixed in the application for the beginning of the racing meet. In each instance the notice shall contain the reasons for refusal of the application. (2) No application shall be refused until after the franchise holder has been granted a hearing by the commission.

(1) If the commission refuses an application for a license, it shall notify the franchise holder. This notice must be in writing and sent by registered or certified United States mail to the franchise holder and shall be mailed by the commission at least twenty (20) days before the date fixed in the application for the beginning of the racing meet. In each instance the notice shall contain the reasons for refusal of the application.

(2) No application shall be refused until after the franchise holder has been granted a hearing by the commission.

Acts 1957, No. 191, § 14; 1971, No. 30, § 1; A.S.A. 1947, § 84-2829.
Ark. Code Ann. § 23-115-210 — AR Code / Title 23 / Chapter 115 / Subchapter 2 / Section 23-115-210
[Repealed]
Status: repealed

Repealed by Act 2015, No. 218,§ 25, eff. 2/26/2015. Acts 2009, No. 605, § 1; 2009, No. 606, § 1.

Repealed by Act 2015, No. 218,§ 25, eff. 2/26/2015.

Acts 2009, No. 605, § 1; 2009, No. 606, § 1.
Ark. Code Ann. § 23-63-213 — AR Code / Title 23 / Chapter 63 / Subchapter 2 / Section 23-63-213
Certificate of authority - Suspension or revocation for certain violations
Status: in_force

(a) The Insurance Commissioner shall, after a hearing thereon, suspend or revoke an insurer's certificate of authority if he or she finds that the insurer: (1) (A) Is in unsound condition, or is in such condition or is using such methods and practices in the conduct of its business, as to render its further transaction of insurance in Arkansas hazardous or injurious to its policyholders or to the public. (B) For the purposes of this section, the commissioner may consider, among other factors, the present, past, and future trends in the financial condition of the insurer that could affect the solvency of the insurer; (2) Has refused to be examined or to produce its accounts, records, and files for examination, or if any of its officers have refused to give information with respect to its affairs, when required by the commissioner; (3) Has failed to pay any final judgment rendered against it within thirty (30) days; (4) Is affiliated with and under the same general management or interlocking directorate or ownership as another insurer which transacts direct insurance in Arkansas without having a certificate of authority therefor, except as permitted as to surplus lines insurers under § 23-65-101 et seq.; or (5) Has knowingly, or with reckless disregard of same, violated or failed to comply with any applicable provision of the Arkansas Insurance Code, or with any lawful rule, regulation, or order of the commissioner. (b) In his or her discretion and without advance notice or a hearing thereon, the commissioner may immediately suspend the certificate of authority of any foreign insurer as to which proceedings for receivership, conservatorship, rehabilitation, or other delinquency proceedings have been commenced in any state by the authorized official of the domiciliary state of the insurer. (c) If the commissioner finds that one (1) or more grounds exist for the suspension or revocation of any certificate of authority, the commissioner may in his or her discretion: (1) In lieu of suspension, impose upon the holder of the certificate of authority an administrative penalty in the amount of five thousand dollars ($5,000); or (2) In lieu of revocation, impose upon the holder of the certificate of authority an administrative penalty in the amount of ten thousand dollars ($10,000). Acts 1959, No. 148, § 57; 1973, No. 66, § 3; 1977, No. 789, § 2; A.S.A. 1947, § 66-2215; Acts 1993, No. 901, § 8; 2001, No. 1604, § 24.

(a) The Insurance Commissioner shall, after a hearing thereon, suspend or revoke an insurer's certificate of authority if he or she finds that the insurer: (1) (A) Is in unsound condition, or is in such condition or is using such methods and practices in the conduct of its business, as to render its further transaction of insurance in Arkansas hazardous or injurious to its policyholders or to the public. (B) For the purposes of this section, the commissioner may consider, among other factors, the present, past, and future trends in the financial condition of the insurer that could affect the solvency of the insurer; (2) Has refused to be examined or to produce its accounts, records, and files for examination, or if any of its officers have refused to give information with respect to its affairs, when required by the commissioner; (3) Has failed to pay any final judgment rendered against it within thirty (30) days; (4) Is affiliated with and under the same general management or interlocking directorate or ownership as another insurer which transacts direct insurance in Arkansas without having a certificate of authority therefor, except as permitted as to surplus lines insurers under § 23-65-101 et seq.; or (5) Has knowingly, or with reckless disregard of same, violated or failed to comply with any applicable provision of the Arkansas Insurance Code, or with any lawful rule, regulation, or order of the commissioner.

(1) (A) Is in unsound condition, or is in such condition or is using such methods and practices in the conduct of its business, as to render its further transaction of insurance in Arkansas hazardous or injurious to its policyholders or to the public. (B) For the purposes of this section, the commissioner may consider, among other factors, the present, past, and future trends in the financial condition of the insurer that could affect the solvency of the insurer;

(A) Is in unsound condition, or is in such condition or is using such methods and practices in the conduct of its business, as to render its further transaction of insurance in Arkansas hazardous or injurious to its policyholders or to the public.

(B) For the purposes of this section, the commissioner may consider, among other factors, the present, past, and future trends in the financial condition of the insurer that could affect the solvency of the insurer;

(2) Has refused to be examined or to produce its accounts, records, and files for examination, or if any of its officers have refused to give information with respect to its affairs, when required by the commissioner;

(3) Has failed to pay any final judgment rendered against it within thirty (30) days;

(4) Is affiliated with and under the same general management or interlocking directorate or ownership as another insurer which transacts direct insurance in Arkansas without having a certificate of authority therefor, except as permitted as to surplus lines insurers under § 23-65-101 et seq.; or

(5) Has knowingly, or with reckless disregard of same, violated or failed to comply with any applicable provision of the Arkansas Insurance Code, or with any lawful rule, regulation, or order of the commissioner.

(b) In his or her discretion and without advance notice or a hearing thereon, the commissioner may immediately suspend the certificate of authority of any foreign insurer as to which proceedings for receivership, conservatorship, rehabilitation, or other delinquency proceedings have been commenced in any state by the authorized official of the domiciliary state of the insurer.

(c) If the commissioner finds that one (1) or more grounds exist for the suspension or revocation of any certificate of authority, the commissioner may in his or her discretion: (1) In lieu of suspension, impose upon the holder of the certificate of authority an administrative penalty in the amount of five thousand dollars ($5,000); or (2) In lieu of revocation, impose upon the holder of the certificate of authority an administrative penalty in the amount of ten thousand dollars ($10,000).

(1) In lieu of suspension, impose upon the holder of the certificate of authority an administrative penalty in the amount of five thousand dollars ($5,000); or

(2) In lieu of revocation, impose upon the holder of the certificate of authority an administrative penalty in the amount of ten thousand dollars ($10,000).

Acts 1959, No. 148, § 57; 1973, No. 66, § 3; 1977, No. 789, § 2; A.S.A. 1947, § 66-2215; Acts 1993, No. 901, § 8; 2001, No. 1604, § 24.
Ark. Code Ann. § 23-17-215 — AR Code / Title 23 / Chapter 17 / Subchapter 2 / Section 23-17-215
Qualifications of members
Status: in_force

Subject to the provisions of this subchapter, the articles of incorporation of a cooperative, and the bylaws of a cooperative, a cooperative's board shall have the authority to determine the qualifications for membership in the cooperative and to establish and from time to time modify procedures pursuant to which persons may become or remain members, as well as procedures for terminating a person's membership in the cooperative. Notwithstanding the foregoing provisions of this section, no person may become or remain a member of a cooperative who does not subscribe to telecommunications service supplied by the cooperative. Acts 1951, No. 51, § 13; A.S.A. 1947, § 77-1613; Acts 1989, No. 437, § 9; 1999, No. 946, § 3.

Subject to the provisions of this subchapter, the articles of incorporation of a cooperative, and the bylaws of a cooperative, a cooperative's board shall have the authority to determine the qualifications for membership in the cooperative and to establish and from time to time modify procedures pursuant to which persons may become or remain members, as well as procedures for terminating a person's membership in the cooperative. Notwithstanding the foregoing provisions of this section, no person may become or remain a member of a cooperative who does not subscribe to telecommunications service supplied by the cooperative.

Acts 1951, No. 51, § 13; A.S.A. 1947, § 77-1613; Acts 1989, No. 437, § 9; 1999, No. 946, § 3.
Ark. Code Ann. § 23-65-203 — AR Code / Title 23 / Chapter 65 / Subchapter 2 / Section 23-65-203
Service of process
Status: in_force

(a) Service of process upon any such insurer pursuant to § 23-65-202 shall be made by delivering to and leaving with the Insurance Commissioner or some person in apparent charge of his or her office two (2) copies thereof and the payment to him or her of such fees as may be prescribed by law. The commissioner shall forthwith mail by registered mail one (1) of the copies of such process to the defendant at its principal place of business last known to the commissioner, and shall keep a record of all process so served upon him or her. Such service of process is sufficient, provided notice of such service and a copy of the process are sent within ten (10) days thereafter by registered mail by the plaintiff's attorney to the defendant at its last known principal place of business, and the defendant's receipt or receipt issued by the post office with which the letter is registered, showing the name of the sender of the letter and the name and address of the person to whom the letter is addressed, and the affidavit of the plaintiff's attorney showing a compliance herewith are filed with the clerk of the court in which such action is pending on or before the date the defendant is required to appear, or within such further time as the court may allow. (b) Service of process in any such action, suit, or proceeding shall in addition to the manner provided in subsection (a) of this section be valid if served upon any person within this state, who in this state on behalf of the insurer is: (1) Soliciting insurance; (2) Making any contract of insurance or issuing or delivering any policies or written contracts of insurance; or (3) Collecting or receiving any premium for insurance and a copy of the process is sent within ten (10) days thereafter by registered mail by the plaintiff's attorney to the defendant at the last known principal place of business of the defendant, and the defendant's receipt, or the receipt issued by the post office with which the letter is registered, showing the name of the sender of the letter and the name and address of the person to whom the letter is addressed, and the affidavit of the plaintiff's attorney showing a compliance herewith are filed with the clerk of the court in which such action is pending on or before the date the defendant is required to appear, or within such further time as the court may allow. (c) No plaintiff or complainant shall be entitled to a judgment by default under this section until the expiration of thirty (30) days from the date of the filing of the affidavit of compliance. (d) Nothing in this section contained shall limit or abridge the right to serve any process, notice, or demand upon any insurer in any other manner now or hereafter permitted by law. Acts 1959, No. 148, § 185; A.S.A. 1947, § 66-2905.

(a) Service of process upon any such insurer pursuant to § 23-65-202 shall be made by delivering to and leaving with the Insurance Commissioner or some person in apparent charge of his or her office two (2) copies thereof and the payment to him or her of such fees as may be prescribed by law. The commissioner shall forthwith mail by registered mail one (1) of the copies of such process to the defendant at its principal place of business last known to the commissioner, and shall keep a record of all process so served upon him or her. Such service of process is sufficient, provided notice of such service and a copy of the process are sent within ten (10) days thereafter by registered mail by the plaintiff's attorney to the defendant at its last known principal place of business, and the defendant's receipt or receipt issued by the post office with which the letter is registered, showing the name of the sender of the letter and the name and address of the person to whom the letter is addressed, and the affidavit of the plaintiff's attorney showing a compliance herewith are filed with the clerk of the court in which such action is pending on or before the date the defendant is required to appear, or within such further time as the court may allow.

(b) Service of process in any such action, suit, or proceeding shall in addition to the manner provided in subsection (a) of this section be valid if served upon any person within this state, who in this state on behalf of the insurer is: (1) Soliciting insurance; (2) Making any contract of insurance or issuing or delivering any policies or written contracts of insurance; or (3) Collecting or receiving any premium for insurance and a copy of the process is sent within ten (10) days thereafter by registered mail by the plaintiff's attorney to the defendant at the last known principal place of business of the defendant, and the defendant's receipt, or the receipt issued by the post office with which the letter is registered, showing the name of the sender of the letter and the name and address of the person to whom the letter is addressed, and the affidavit of the plaintiff's attorney showing a compliance herewith are filed with the clerk of the court in which such action is pending on or before the date the defendant is required to appear, or within such further time as the court may allow.

(1) Soliciting insurance;

(2) Making any contract of insurance or issuing or delivering any policies or written contracts of insurance; or

(3) Collecting or receiving any premium for insurance and a copy of the process is sent within ten (10) days thereafter by registered mail by the plaintiff's attorney to the defendant at the last known principal place of business of the defendant, and the defendant's receipt, or the receipt issued by the post office with which the letter is registered, showing the name of the sender of the letter and the name and address of the person to whom the letter is addressed, and the affidavit of the plaintiff's attorney showing a compliance herewith are filed with the clerk of the court in which such action is pending on or before the date the defendant is required to appear, or within such further time as the court may allow.

(c) No plaintiff or complainant shall be entitled to a judgment by default under this section until the expiration of thirty (30) days from the date of the filing of the affidavit of compliance.

(d) Nothing in this section contained shall limit or abridge the right to serve any process, notice, or demand upon any insurer in any other manner now or hereafter permitted by law.

Acts 1959, No. 148, § 185; A.S.A. 1947, § 66-2905.
Ark. Code Ann. § 23-111-306 — AR Code / Title 23 / Chapter 111 / Subchapter 3 / Section 23-111-306
Subsequent referendum elections
Status: in_force

(a) After the elapse of not less than four (4) years next following the date of any election conducted pursuant to § 23-111-304 , the county board of election commissioners shall call a special election in accordance with § 7-11-201 et seq. on the proposition of continuing greyhound racing in the county. The election shall be called upon petitions filed with it containing the signatures of qualified electors of the county of not less than five percent (5%) of the total number voting in the election for county clerk of the county at the next preceding general election, together with a sum of money estimated by the board as sufficient to pay all expenses of the election. (b) (1) The date of the special election shall be fixed at the next special election date under § 7-11-205 . The deposit of the funds as provided in subsection (a) of this section and the election shall be conducted and shall be subject to contest under the general election laws of this state. (2) The proposition printed on the ballot shall be "FOR Greyhound Racing" and "AGAINST Greyhound Racing". (3) By published notice, the board shall proclaim the results of the election and shall also certify the results to the Arkansas Racing Commission. (4) All contests in relation to the results of the election shall be commenced within twenty (20) days next following the date of publication of notice as provided in subsection (a) of this section. (c) If a majority of the qualified electors of the county voting on the question shall disapprove the continuance of greyhound racing, the franchise held by the corporation shall, ipso facto, be null and void as of the final date on which a contest of the results of the election may be commenced or, in the event of contest, upon the date of final determination of the issue. Amended by Act 2021, No. 610,§ 24, eff. 1/1/2022. Acts 1957, No. 191, § 10; 1968 (2nd Ex. Sess.), No. 15, § 1; A.S.A. 1947, § 84-2825; Acts 2005, No. 2145, § 61; 2007, No. 1049, § 83; 2009, No. 1480, § 101.

(a) After the elapse of not less than four (4) years next following the date of any election conducted pursuant to § 23-111-304 , the county board of election commissioners shall call a special election in accordance with § 7-11-201 et seq. on the proposition of continuing greyhound racing in the county. The election shall be called upon petitions filed with it containing the signatures of qualified electors of the county of not less than five percent (5%) of the total number voting in the election for county clerk of the county at the next preceding general election, together with a sum of money estimated by the board as sufficient to pay all expenses of the election.

(b) (1) The date of the special election shall be fixed at the next special election date under § 7-11-205 . The deposit of the funds as provided in subsection (a) of this section and the election shall be conducted and shall be subject to contest under the general election laws of this state. (2) The proposition printed on the ballot shall be "FOR Greyhound Racing" and "AGAINST Greyhound Racing". (3) By published notice, the board shall proclaim the results of the election and shall also certify the results to the Arkansas Racing Commission. (4) All contests in relation to the results of the election shall be commenced within twenty (20) days next following the date of publication of notice as provided in subsection (a) of this section.

(1) The date of the special election shall be fixed at the next special election date under § 7-11-205 . The deposit of the funds as provided in subsection (a) of this section and the election shall be conducted and shall be subject to contest under the general election laws of this state.

(2) The proposition printed on the ballot shall be "FOR Greyhound Racing" and "AGAINST Greyhound Racing".

(3) By published notice, the board shall proclaim the results of the election and shall also certify the results to the Arkansas Racing Commission.

(4) All contests in relation to the results of the election shall be commenced within twenty (20) days next following the date of publication of notice as provided in subsection (a) of this section.

(c) If a majority of the qualified electors of the county voting on the question shall disapprove the continuance of greyhound racing, the franchise held by the corporation shall, ipso facto, be null and void as of the final date on which a contest of the results of the election may be commenced or, in the event of contest, upon the date of final determination of the issue.

Amended by Act 2021, No. 610,§ 24, eff. 1/1/2022.

Acts 1957, No. 191, § 10; 1968 (2nd Ex. Sess.), No. 15, § 1; A.S.A. 1947, § 84-2825; Acts 2005, No. 2145, § 61; 2007, No. 1049, § 83; 2009, No. 1480, § 101.
Ark. Code Ann. § 23-63-839 — AR Code / Title 23 / Chapter 63 / Subchapter 8 / Section 23-63-839
Negotiable bills of exchange or time drafts
Status: in_force

An insurer may invest in negotiable bills of exchange or time drafts issued and unconditionally guaranteed by any bank, bank and trust company, national bank association, or domestic branch or agency of a foreign bank subject to reserve requirements under section 7 of the International Banking Act of 1978, as amended, provided that: (1) The underlying transaction involves a trade financing and has a maturity no longer than six (6) months sight to run exclusive of days of grace; (2) The insurer invests not more than twenty-five percent (25%) of its assets in bankers acceptances; and (3) The insurer invests not more than ten percent (10%) of its assets in any one (1) bankers acceptance in any one (1) financial institution. Acts 1989, No. 772, § 4.

An insurer may invest in negotiable bills of exchange or time drafts issued and unconditionally guaranteed by any bank, bank and trust company, national bank association, or domestic branch or agency of a foreign bank subject to reserve requirements under section 7 of the International Banking Act of 1978, as amended, provided that:

(1) The underlying transaction involves a trade financing and has a maturity no longer than six (6) months sight to run exclusive of days of grace;

(2) The insurer invests not more than twenty-five percent (25%) of its assets in bankers acceptances; and

(3) The insurer invests not more than ten percent (10%) of its assets in any one (1) bankers acceptance in any one (1) financial institution.

Acts 1989, No. 772, § 4.
Ark. Code Ann. § 23-86-311 — AR Code / Title 23 / Chapter 86 / Subchapter 3 / Section 23-86-311
Guaranteed renewability of coverage for employers in the group market
Status: in_force

(a) In General. Except as provided in this section, if a health insurance issuer offers health insurance coverage in the small-group market or the large-group market in connection with a group health plan, the issuer must renew or continue in force that coverage at the option of the plan sponsor. (b) General Exceptions. A health insurance issuer may nonrenew or discontinue health insurance coverage offered in connection with a group health plan in the small-group market or the large-group market based only on one (1) or more of the following: (1) Nonpayment of Premiums. The plan sponsor has failed to pay premiums or contributions in accordance with the terms of the health insurance coverage or the health insurance issuer has not received timely premium payments; (2) Fraud. The plan sponsor has performed an act or practice that constitutes fraud or made an intentional misrepresentation of material fact under the terms of the coverage; (3) Violation of Participation or Contribution Rules. The plan sponsor has failed to comply with a material plan provision relating to employer contribution or group participation rules in the case of the small-group market or pursuant to applicable Arkansas law in the case of the large-group market; (4) Termination of Coverage. The issuer is ceasing to offer coverage in such a market in accordance with subsection (c) of this section and applicable state law; (5) Movement Outside Service Area. In the case of a health insurance issuer that offers health insurance coverage in the market through a network plan, there is no longer any enrollee in connection with the network plan who lives, resides, or works in the service area of the health insurance issuer, or in the area for which the health insurance issuer is authorized to do business, and, in the case of the small-group market, the health insurance issuer would deny enrollment with respect to the network plan under § 23-86-312(c)(1)(A) ; (6) Association Membership Ceases. In the case of health insurance coverage that is made available in the small-group market or the large-group market, as the case may be, only through one (1) or more bona fide associations, the membership of an employer in the bona fide association on the basis of which the coverage is provided ceases but only if the coverage is terminated under this subdivision (b)(6) uniformly without regard to any health status-related factor relating to any covered individual; (7) (A) If a health insurance issuer nonrenews or discontinues group health insurance coverage under subdivision (b)(1) of this section, the health insurance issuer shall provide written notice to the individual employees insured under the group health plan so that the employees will have no fewer than fourteen (14) days to acquire alternative health coverage without loss of creditable coverage due to a break in coverage, as provided under § 23-86-304(d)(4) . (B) The Insurance Commissioner shall determine by rule the form, content, and timing of the notice under subdivision (b)(7)(A) of this section. (c) Requirements for Uniform Termination of Coverage. (1) Particular Type of Coverage Not Offered. In any case in which a health insurance issuer decides to discontinue offering a particular type of group health insurance coverage offered in the small-group market or the large-group market, coverage of this type may be discontinued by the health insurance issuer in accordance with Arkansas law in such a market only if: (A) The health insurance issuer provides notice to each plan sponsor provided coverage of this type in such a market and participants and beneficiaries covered under that coverage of the discontinuation at least ninety (90) days prior to the date of the discontinuation of the coverage; (B) The health insurance issuer offers to each plan sponsor provided coverage of this type in such a market the option to purchase all or, in the case of the large-group market, any other health insurance coverage currently being offered by the health insurance issuer to a group health plan in such a market; and (C) In exercising the option to discontinue coverage of this type and in offering the option of coverage under subdivision (c)(1)(B) of this section, the health insurance issuer acts uniformly without regard to the claims experience of those sponsors or any health status-related factor relating to any participants or beneficiaries covered or new participants or beneficiaries who may become eligible for that coverage. (2) Discontinuance of All Coverage. (A) In General. In any case in which a health insurance issuer elects to discontinue offering all health insurance coverage in the small-group market or the large-group market, or both markets in this state, health insurance coverage may be discontinued by the health insurance issuer only in accordance with Arkansas law and if: (i) The health insurance issuer provides notice to the Insurance Commissioner and to each plan sponsor and participants and beneficiaries covered under the coverage of the discontinuation at least one hundred eighty (180) days prior to the date of the discontinuation of the coverage; and (ii) All health insurance issued or delivered for issuance in this state in the market or markets is discontinued and coverage under the health insurance coverage in the market or markets is not renewed. (B) Prohibition on Market Reentry. In the case of a discontinuation under subdivision (c)(2)(A) of this section in a market, the health insurance issuer may not provide for the issuance of any health insurance coverage in the market in this state during the five-year period beginning on the date of the discontinuation of the last health insurance coverage not so renewed. (d) Exception for Uniform Modification of Coverage. At the time of coverage renewal, a health insurance issuer may modify the health insurance coverage for a product offered to a group health plan: (1) In the large-group market; or (2) In the small-group market if, for coverage that is available in such a market other than only through one (1) or more bona fide associations, such a modification is consistent with Arkansas law and effective on a uniform basis among group health plans with that product. (e) Application to Coverage Offered Only Through Associations. In applying this subsection in the case of health insurance coverage that is made available by a health insurance issuer in the small-group market or the large-group market to employers only through one (1) or more associations, a reference to "plan sponsor" is deemed, with respect to coverage provided to an employer member of the association, to include a reference to such an employer. Amended by Act 2019, No. 315,§ 2749, eff. 7/24/2019. Acts 1997, No. 997, § 1; 2003, No. 859, § 1.

(a) In General. Except as provided in this section, if a health insurance issuer offers health insurance coverage in the small-group market or the large-group market in connection with a group health plan, the issuer must renew or continue in force that coverage at the option of the plan sponsor.

(b) General Exceptions. A health insurance issuer may nonrenew or discontinue health insurance coverage offered in connection with a group health plan in the small-group market or the large-group market based only on one (1) or more of the following: (1) Nonpayment of Premiums. The plan sponsor has failed to pay premiums or contributions in accordance with the terms of the health insurance coverage or the health insurance issuer has not received timely premium payments; (2) Fraud. The plan sponsor has performed an act or practice that constitutes fraud or made an intentional misrepresentation of material fact under the terms of the coverage; (3) Violation of Participation or Contribution Rules. The plan sponsor has failed to comply with a material plan provision relating to employer contribution or group participation rules in the case of the small-group market or pursuant to applicable Arkansas law in the case of the large-group market; (4) Termination of Coverage. The issuer is ceasing to offer coverage in such a market in accordance with subsection (c) of this section and applicable state law; (5) Movement Outside Service Area. In the case of a health insurance issuer that offers health insurance coverage in the market through a network plan, there is no longer any enrollee in connection with the network plan who lives, resides, or works in the service area of the health insurance issuer, or in the area for which the health insurance issuer is authorized to do business, and, in the case of the small-group market, the health insurance issuer would deny enrollment with respect to the network plan under § 23-86-312(c)(1)(A) ; (6) Association Membership Ceases. In the case of health insurance coverage that is made available in the small-group market or the large-group market, as the case may be, only through one (1) or more bona fide associations, the membership of an employer in the bona fide association on the basis of which the coverage is provided ceases but only if the coverage is terminated under this subdivision (b)(6) uniformly without regard to any health status-related factor relating to any covered individual; (7) (A) If a health insurance issuer nonrenews or discontinues group health insurance coverage under subdivision (b)(1) of this section, the health insurance issuer shall provide written notice to the individual employees insured under the group health plan so that the employees will have no fewer than fourteen (14) days to acquire alternative health coverage without loss of creditable coverage due to a break in coverage, as provided under § 23-86-304(d)(4) . (B) The Insurance Commissioner shall determine by rule the form, content, and timing of the notice under subdivision (b)(7)(A) of this section.

(1) Nonpayment of Premiums. The plan sponsor has failed to pay premiums or contributions in accordance with the terms of the health insurance coverage or the health insurance issuer has not received timely premium payments;

(2) Fraud. The plan sponsor has performed an act or practice that constitutes fraud or made an intentional misrepresentation of material fact under the terms of the coverage;

(3) Violation of Participation or Contribution Rules. The plan sponsor has failed to comply with a material plan provision relating to employer contribution or group participation rules in the case of the small-group market or pursuant to applicable Arkansas law in the case of the large-group market;

(4) Termination of Coverage. The issuer is ceasing to offer coverage in such a market in accordance with subsection (c) of this section and applicable state law;

(5) Movement Outside Service Area. In the case of a health insurance issuer that offers health insurance coverage in the market through a network plan, there is no longer any enrollee in connection with the network plan who lives, resides, or works in the service area of the health insurance issuer, or in the area for which the health insurance issuer is authorized to do business, and, in the case of the small-group market, the health insurance issuer would deny enrollment with respect to the network plan under § 23-86-312(c)(1)(A) ;

(6) Association Membership Ceases. In the case of health insurance coverage that is made available in the small-group market or the large-group market, as the case may be, only through one (1) or more bona fide associations, the membership of an employer in the bona fide association on the basis of which the coverage is provided ceases but only if the coverage is terminated under this subdivision (b)(6) uniformly without regard to any health status-related factor relating to any covered individual;

(7) (A) If a health insurance issuer nonrenews or discontinues group health insurance coverage under subdivision (b)(1) of this section, the health insurance issuer shall provide written notice to the individual employees insured under the group health plan so that the employees will have no fewer than fourteen (14) days to acquire alternative health coverage without loss of creditable coverage due to a break in coverage, as provided under § 23-86-304(d)(4) . (B) The Insurance Commissioner shall determine by rule the form, content, and timing of the notice under subdivision (b)(7)(A) of this section.

(A) If a health insurance issuer nonrenews or discontinues group health insurance coverage under subdivision (b)(1) of this section, the health insurance issuer shall provide written notice to the individual employees insured under the group health plan so that the employees will have no fewer than fourteen (14) days to acquire alternative health coverage without loss of creditable coverage due to a break in coverage, as provided under § 23-86-304(d)(4) .

(B) The Insurance Commissioner shall determine by rule the form, content, and timing of the notice under subdivision (b)(7)(A) of this section.

(c) Requirements for Uniform Termination of Coverage. (1) Particular Type of Coverage Not Offered. In any case in which a health insurance issuer decides to discontinue offering a particular type of group health insurance coverage offered in the small-group market or the large-group market, coverage of this type may be discontinued by the health insurance issuer in accordance with Arkansas law in such a market only if: (A) The health insurance issuer provides notice to each plan sponsor provided coverage of this type in such a market and participants and beneficiaries covered under that coverage of the discontinuation at least ninety (90) days prior to the date of the discontinuation of the coverage; (B) The health insurance issuer offers to each plan sponsor provided coverage of this type in such a market the option to purchase all or, in the case of the large-group market, any other health insurance coverage currently being offered by the health insurance issuer to a group health plan in such a market; and (C) In exercising the option to discontinue coverage of this type and in offering the option of coverage under subdivision (c)(1)(B) of this section, the health insurance issuer acts uniformly without regard to the claims experience of those sponsors or any health status-related factor relating to any participants or beneficiaries covered or new participants or beneficiaries who may become eligible for that coverage. (2) Discontinuance of All Coverage. (A) In General. In any case in which a health insurance issuer elects to discontinue offering all health insurance coverage in the small-group market or the large-group market, or both markets in this state, health insurance coverage may be discontinued by the health insurance issuer only in accordance with Arkansas law and if: (i) The health insurance issuer provides notice to the Insurance Commissioner and to each plan sponsor and participants and beneficiaries covered under the coverage of the discontinuation at least one hundred eighty (180) days prior to the date of the discontinuation of the coverage; and (ii) All health insurance issued or delivered for issuance in this state in the market or markets is discontinued and coverage under the health insurance coverage in the market or markets is not renewed. (B) Prohibition on Market Reentry. In the case of a discontinuation under subdivision (c)(2)(A) of this section in a market, the health insurance issuer may not provide for the issuance of any health insurance coverage in the market in this state during the five-year period beginning on the date of the discontinuation of the last health insurance coverage not so renewed.

(1) Particular Type of Coverage Not Offered. In any case in which a health insurance issuer decides to discontinue offering a particular type of group health insurance coverage offered in the small-group market or the large-group market, coverage of this type may be discontinued by the health insurance issuer in accordance with Arkansas law in such a market only if: (A) The health insurance issuer provides notice to each plan sponsor provided coverage of this type in such a market and participants and beneficiaries covered under that coverage of the discontinuation at least ninety (90) days prior to the date of the discontinuation of the coverage; (B) The health insurance issuer offers to each plan sponsor provided coverage of this type in such a market the option to purchase all or, in the case of the large-group market, any other health insurance coverage currently being offered by the health insurance issuer to a group health plan in such a market; and (C) In exercising the option to discontinue coverage of this type and in offering the option of coverage under subdivision (c)(1)(B) of this section, the health insurance issuer acts uniformly without regard to the claims experience of those sponsors or any health status-related factor relating to any participants or beneficiaries covered or new participants or beneficiaries who may become eligible for that coverage.

(A) The health insurance issuer provides notice to each plan sponsor provided coverage of this type in such a market and participants and beneficiaries covered under that coverage of the discontinuation at least ninety (90) days prior to the date of the discontinuation of the coverage;

(B) The health insurance issuer offers to each plan sponsor provided coverage of this type in such a market the option to purchase all or, in the case of the large-group market, any other health insurance coverage currently being offered by the health insurance issuer to a group health plan in such a market; and

(C) In exercising the option to discontinue coverage of this type and in offering the option of coverage under subdivision (c)(1)(B) of this section, the health insurance issuer acts uniformly without regard to the claims experience of those sponsors or any health status-related factor relating to any participants or beneficiaries covered or new participants or beneficiaries who may become eligible for that coverage.

(2) Discontinuance of All Coverage. (A) In General. In any case in which a health insurance issuer elects to discontinue offering all health insurance coverage in the small-group market or the large-group market, or both markets in this state, health insurance coverage may be discontinued by the health insurance issuer only in accordance with Arkansas law and if: (i) The health insurance issuer provides notice to the Insurance Commissioner and to each plan sponsor and participants and beneficiaries covered under the coverage of the discontinuation at least one hundred eighty (180) days prior to the date of the discontinuation of the coverage; and (ii) All health insurance issued or delivered for issuance in this state in the market or markets is discontinued and coverage under the health insurance coverage in the market or markets is not renewed. (B) Prohibition on Market Reentry. In the case of a discontinuation under subdivision (c)(2)(A) of this section in a market, the health insurance issuer may not provide for the issuance of any health insurance coverage in the market in this state during the five-year period beginning on the date of the discontinuation of the last health insurance coverage not so renewed.

(A) In General. In any case in which a health insurance issuer elects to discontinue offering all health insurance coverage in the small-group market or the large-group market, or both markets in this state, health insurance coverage may be discontinued by the health insurance issuer only in accordance with Arkansas law and if: (i) The health insurance issuer provides notice to the Insurance Commissioner and to each plan sponsor and participants and beneficiaries covered under the coverage of the discontinuation at least one hundred eighty (180) days prior to the date of the discontinuation of the coverage; and (ii) All health insurance issued or delivered for issuance in this state in the market or markets is discontinued and coverage under the health insurance coverage in the market or markets is not renewed.

(i) The health insurance issuer provides notice to the Insurance Commissioner and to each plan sponsor and participants and beneficiaries covered under the coverage of the discontinuation at least one hundred eighty (180) days prior to the date of the discontinuation of the coverage; and

(ii) All health insurance issued or delivered for issuance in this state in the market or markets is discontinued and coverage under the health insurance coverage in the market or markets is not renewed.

(B) Prohibition on Market Reentry. In the case of a discontinuation under subdivision (c)(2)(A) of this section in a market, the health insurance issuer may not provide for the issuance of any health insurance coverage in the market in this state during the five-year period beginning on the date of the discontinuation of the last health insurance coverage not so renewed.

(d) Exception for Uniform Modification of Coverage. At the time of coverage renewal, a health insurance issuer may modify the health insurance coverage for a product offered to a group health plan: (1) In the large-group market; or (2) In the small-group market if, for coverage that is available in such a market other than only through one (1) or more bona fide associations, such a modification is consistent with Arkansas law and effective on a uniform basis among group health plans with that product.

(1) In the large-group market; or

(2) In the small-group market if, for coverage that is available in such a market other than only through one (1) or more bona fide associations, such a modification is consistent with Arkansas law and effective on a uniform basis among group health plans with that product.

(e) Application to Coverage Offered Only Through Associations. In applying this subsection in the case of health insurance coverage that is made available by a health insurance issuer in the small-group market or the large-group market to employers only through one (1) or more associations, a reference to "plan sponsor" is deemed, with respect to coverage provided to an employer member of the association, to include a reference to such an employer.

Amended by Act 2019, No. 315,§ 2749, eff. 7/24/2019.

Acts 1997, No. 997, § 1; 2003, No. 859, § 1.
Ark. Code Ann. § 23-48-802 — AR Code / Title 23 / Chapter 48 / Subchapter 8 / Section 23-48-802
Location of customer-bank communication terminals
Status: in_force

A bank, individually or jointly with one (1) or more other banks in the state, may establish, maintain, and use one (1) or more customer-bank communication terminals anywhere in this state and in any location in any one (1) or more other states if permitted by the applicable law of the other state. Acts 1997, No. 89, § 1; 1997, No. 408, § 17.

A bank, individually or jointly with one (1) or more other banks in the state, may establish, maintain, and use one (1) or more customer-bank communication terminals anywhere in this state and in any location in any one (1) or more other states if permitted by the applicable law of the other state.

Acts 1997, No. 89, § 1; 1997, No. 408, § 17.
Ark. Code Ann. § 23-91-218 — AR Code / Title 23 / Chapter 91 / Subchapter 2 / Section 23-91-218
[Repealed]
Status: repealed

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023. Acts 1977, No. 368, § 11; A.S.A. 1947, § 66-5411.

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.

Acts 1977, No. 368, § 11; A.S.A. 1947, § 66-5411.
Ark. Code Ann. § 23-88-401 — AR Code / Title 23 / Chapter 88 / Subchapter 4 / Section 23-88-401
Title
Status: in_force

This subchapter may be referred to as the "Fire Loss Reporting Act of 2003". Acts 2003, No. 1345, § 1.

This subchapter may be referred to as the "Fire Loss Reporting Act of 2003".

Acts 2003, No. 1345, § 1.
Ark. Code Ann. § 23-48-1010 — AR Code / Title 23 / Chapter 48 / Subchapter 10 / Section 23-48-1010
Procedure for and effect of revocation
Status: in_force

(a) If the Bank Commissioner determines that one (1) or more grounds exist under § 23-48-1009 for revocation of a certificate of authority, he or she shall serve the out-of-state bank with written notice of his or her determination under § 23-48-1007 . (b) (1) If an out-of-state bank does not correct each ground for revocation or demonstrate to the reasonable satisfaction of the commissioner that each ground determined by the commissioner does not exist within thirty (30) days after service of the notice is perfected under § 23-48-1007 , the commissioner may revoke the out-of-state bank's certificate of authority by signing a certificate of revocation that recites the ground or grounds for revocation and its effective date. (2) The commissioner shall file the original of the certificate and serve a copy on the out-of-state bank under § 23-48-1007 . (c) The authority of an out-of-state bank to transact business in this state ceases on the date shown on the certificate revoking its certificate of authority. (d) (1) The commissioner's revocation of an out-of-state bank's certificate of authority appoints the commissioner the out-of-state bank's agent for service of process in any proceeding based on a cause of action which arose during the time the out-of-state bank was authorized to transact business in this state. Service of process on the commissioner under this subsection is service on the out-of-state bank. (2) Upon receipt of process, the commissioner shall mail a copy of the process to the secretary or cashier of the out-of-state bank at its principal office shown in its most recent annual franchise tax report or in any subsequent communication received from the bank stating the current mailing address of its principal office, or, if none are on file, in its application for a certificate of authority. (e) Revocation of an out-of-state bank's certificate of authority does not terminate the authority of the registered agent of the bank. Acts 1997, No. 408, § 20.

(a) If the Bank Commissioner determines that one (1) or more grounds exist under § 23-48-1009 for revocation of a certificate of authority, he or she shall serve the out-of-state bank with written notice of his or her determination under § 23-48-1007 .

(b) (1) If an out-of-state bank does not correct each ground for revocation or demonstrate to the reasonable satisfaction of the commissioner that each ground determined by the commissioner does not exist within thirty (30) days after service of the notice is perfected under § 23-48-1007 , the commissioner may revoke the out-of-state bank's certificate of authority by signing a certificate of revocation that recites the ground or grounds for revocation and its effective date. (2) The commissioner shall file the original of the certificate and serve a copy on the out-of-state bank under § 23-48-1007 .

(1) If an out-of-state bank does not correct each ground for revocation or demonstrate to the reasonable satisfaction of the commissioner that each ground determined by the commissioner does not exist within thirty (30) days after service of the notice is perfected under § 23-48-1007 , the commissioner may revoke the out-of-state bank's certificate of authority by signing a certificate of revocation that recites the ground or grounds for revocation and its effective date.

(2) The commissioner shall file the original of the certificate and serve a copy on the out-of-state bank under § 23-48-1007 .

(c) The authority of an out-of-state bank to transact business in this state ceases on the date shown on the certificate revoking its certificate of authority.

(d) (1) The commissioner's revocation of an out-of-state bank's certificate of authority appoints the commissioner the out-of-state bank's agent for service of process in any proceeding based on a cause of action which arose during the time the out-of-state bank was authorized to transact business in this state. Service of process on the commissioner under this subsection is service on the out-of-state bank. (2) Upon receipt of process, the commissioner shall mail a copy of the process to the secretary or cashier of the out-of-state bank at its principal office shown in its most recent annual franchise tax report or in any subsequent communication received from the bank stating the current mailing address of its principal office, or, if none are on file, in its application for a certificate of authority.

(1) The commissioner's revocation of an out-of-state bank's certificate of authority appoints the commissioner the out-of-state bank's agent for service of process in any proceeding based on a cause of action which arose during the time the out-of-state bank was authorized to transact business in this state. Service of process on the commissioner under this subsection is service on the out-of-state bank.

(2) Upon receipt of process, the commissioner shall mail a copy of the process to the secretary or cashier of the out-of-state bank at its principal office shown in its most recent annual franchise tax report or in any subsequent communication received from the bank stating the current mailing address of its principal office, or, if none are on file, in its application for a certificate of authority.

(e) Revocation of an out-of-state bank's certificate of authority does not terminate the authority of the registered agent of the bank.

Acts 1997, No. 408, § 20.
Ark. Code Ann. § 23-12-201 — AR Code / Title 23 / Chapter 12 / Subchapter 2 / Section 23-12-201
Maintenance of right-of-way free from obstructions - Penalty
Status: in_force

(a) (1) All railroad corporations operating in this state shall maintain their right-of-way at or around any railroad crossing of a public road or highway free from grass, trees, bushes, shrubs, or other growing vegetation which may obstruct the view of pedestrians and vehicle operators using the public highways. (2) The maintenance of the right-of-way shall be for a distance of fifty feet (50') on each side of the centerline between the rails for the maintenance width and for a distance of one hundred yards (100 yds.) on each side of the centerline from the public road or highway for the maintenance length. (b) Any railroad corporation failing or refusing to comply with the provisions of this section shall be subject to a fine of not less than one hundred dollars ($100) nor more than five hundred dollars ($500) for each violation. Acts 1969, No. 464, §§ 1, 2; A.S.A. 1947, §§ 73-631, 73-632; Acts 1993, No. 399, § 1.

(a) (1) All railroad corporations operating in this state shall maintain their right-of-way at or around any railroad crossing of a public road or highway free from grass, trees, bushes, shrubs, or other growing vegetation which may obstruct the view of pedestrians and vehicle operators using the public highways. (2) The maintenance of the right-of-way shall be for a distance of fifty feet (50') on each side of the centerline between the rails for the maintenance width and for a distance of one hundred yards (100 yds.) on each side of the centerline from the public road or highway for the maintenance length.

(1) All railroad corporations operating in this state shall maintain their right-of-way at or around any railroad crossing of a public road or highway free from grass, trees, bushes, shrubs, or other growing vegetation which may obstruct the view of pedestrians and vehicle operators using the public highways.

(2) The maintenance of the right-of-way shall be for a distance of fifty feet (50') on each side of the centerline between the rails for the maintenance width and for a distance of one hundred yards (100 yds.) on each side of the centerline from the public road or highway for the maintenance length.

(b) Any railroad corporation failing or refusing to comply with the provisions of this section shall be subject to a fine of not less than one hundred dollars ($100) nor more than five hundred dollars ($500) for each violation.

Acts 1969, No. 464, §§ 1, 2; A.S.A. 1947, §§ 73-631, 73-632; Acts 1993, No. 399, § 1.
Ark. Code Ann. § 23-69-135 — AR Code / Title 23 / Chapter 69 / Subchapter 1 / Section 23-69-135
Evidence of disbursement required
Status: in_force

(a) No insurer shall make any disbursement of one thousand dollars ($1,000) or more unless evidenced by a voucher, bill, or other document correctly describing the consideration for the payment or evidenced by a check, draft, or receipt endorsed or signed by or on behalf of the person receiving the money. (b) If the disbursement is for services and reimbursement, the voucher shall describe the services and the expenditures. Acts 1959, No. 148, § 490; A.S.A. 1947, § 66-4238; Acts 2001, No. 1604, § 57.

(a) No insurer shall make any disbursement of one thousand dollars ($1,000) or more unless evidenced by a voucher, bill, or other document correctly describing the consideration for the payment or evidenced by a check, draft, or receipt endorsed or signed by or on behalf of the person receiving the money.

(b) If the disbursement is for services and reimbursement, the voucher shall describe the services and the expenditures.

Acts 1959, No. 148, § 490; A.S.A. 1947, § 66-4238; Acts 2001, No. 1604, § 57.
Ark. Code Ann. § 23-46-205 — AR Code / Title 23 / Chapter 46 / Subchapter 2 / Section 23-46-205
Bank Commissioner - Powers and duties
Status: in_force

(a) The Bank Commissioner shall be charged with the general supervision of financial institutions, the execution of all laws passed by the State of Arkansas relating to the organization, operations, inspection, supervision, control, liquidation, and dissolution of banks, bank holding companies, subsidiary trust companies, and the general commercial banking business of Arkansas, and such other duties as prescribed by law. (b) (1) The commissioner shall have the power to issue such rules as may be necessary or appropriate to carry out the intent and purposes of all those laws and to issue cease and desist orders against any financial institution, or an officer, director, or employee of any financial institution, found to be violating federal banking laws or regulations, violating the banking laws of this state or State Bank Department rules, violating any regulatory agreement, or jeopardizing the safety and soundness of any financial institution. (2) (A) The commissioner may issue rules only with the approval and consent of the State Banking Board, but he or she shall have the power to issue cease and desist orders upon his or her own motion. (B) Nothing in this section shall be construed to curtail the commissioner's power to issue emergency rules with the approval and consent of the board. (3) (A) Any person subject to a cease and desist order issued by the commissioner who refuses or fails to comply with the terms of the order may be assessed a monetary penalty for the failure to comply with the provisions of the cease and desist order after a ten-day notice given by the commissioner to the institution or person subject to the order. (B) The amount of the monetary penalty shall not exceed one thousand dollars ($1,000) per day of violation against each institution and each officer, director, or employee contributing to the institution's or the individual's failure to comply with the provisions of the cease and desist order. (C) Subject to such a limitation, the amount of the monetary penalty shall be determined by the commissioner. (4) The commissioner has grounds for and may issue a cease and desist order for the permanent or temporary removal of an officer, director, employee, agent, or any other person participating in the affairs of or otherwise connected with a financial institution, or any affiliate thereof, subject to the supervision of the commissioner from service to any institution or affiliate subject to the supervision of the commissioner if he or she is found by the commissioner to be or to have been: (A) Violating state or federal law, rules and regulations of a federal financial institution's regulatory agency, or State Bank Department rules; (B) Acting incompetently, recklessly, or dishonestly; (C) Indicted of a crime involving moral turpitude; or (D) Otherwise impairing the safety and soundness of the financial institution. (5) (A) Any person aggrieved and directly affected by an order of the commissioner issued pursuant to this section is entitled to judicial review. (B) A person so aggrieved may seek judicial review by petition to a circuit court having jurisdiction in the matter. (C) The petition must be filed within thirty (30) days from the date of issuance of the order. (D) If no petition for review is filed within thirty (30) days from the date of issuance of the order, the order may not be appealed and is permanently binding upon the person until terminated by the commissioner. (c) Department rules shall be distributed, in form and method selected by the commissioner, to all state banks chartered in the State of Arkansas. (d) In addition to other powers, the commissioner shall have the power and authority to: (1) Inspect and copy all books, records, and other information relating to the financial institutions he or she regulates; (2) Restrict withdrawal of deposits from state banks under extraordinary circumstances; (3) Subpoena witnesses, compel their attendance, require production of evidence, and administer oaths; (4) Approve or disapprove applications for new state bank charters or branch facilities in connection with failed institutions as provided in § 23-48-511 ; (5) Approve or disapprove applications for voluntary liquidations as provided in § 23-49-119 ; (6) Define any term or phrase used in the Arkansas Banking Code of 1997 which is not defined by the Arkansas Banking Code of 1997; (7) Issue orders or declaratory statements, disseminate information, and otherwise exercise discretion to effectuate the purposes of the Arkansas Banking Code of 1997 and all laws described in subsection (a) of this section, and to interpret and implement the provisions of those laws consistently with such purposes; (8) Authorize state banks to engage in any banking activity in which national banks are authorized or may hereafter be authorized by federal legislation or regulations to engage; (9) Cooperate with federal financial institutions' regulatory agencies; (10) (A) Perform preemployment state criminal background checks through the Division of Arkansas State Police and preemployment federal criminal background checks through the Federal Bureau of Investigation on all applicants selected for employment as examiners with the department. (B) The federal background check shall include taking fingerprints of the applicant. (C) The applicant shall sign a release authorizing the Division of Arkansas State Police and the Federal Bureau of Investigation to disclose criminal history information about the applicant to the department. (D) The commissioner shall treat the information as confidential and shall disclose the information only to the applicant; and (11) Approve and execute on behalf of the department: (A) An agreement issuing bonds under § 23-46-202 [repealed]; and (B) Any documents necessary for issuing bonds under § 23-46-202 [repealed]. (e) (1) As soon as practicable after acceptance of any application referred to either in the Arkansas Banking Code of 1997 or in department rules for filing, regardless of whether the application is of a type referred to in § 23-46-403 , and receipt of the filing fee therefor, the commissioner shall cause the merits of the application to be investigated. (2) The investigation shall enable the commissioner to determine the fitness of the applicants and shall address all questions which bear directly or indirectly upon the appropriateness of granting the application and the need from the public standpoint for granting the application. (3) To the extent that the commissioner deems it appropriate, the scope of the commissioner's investigation of any application may include: (A) The investigation of those matters described in § 23-48-304 pertaining to applications for new state bank charters; and (B) (i) The performance of state criminal background checks through the Division of Arkansas State Police and federal criminal background checks through the Federal Bureau of Investigation. (ii) The federal background check shall include the taking of fingerprints. (iii) The applicant shall sign a release authorizing the Division of Arkansas State Police and the Federal Bureau of Investigation to disclose criminal history information about the applicant to the department. (iv) The commissioner shall treat the information as confidential and shall disclose the information only to the applicant. (v) The background checks shall be used to determine the applicant's fitness to participate in the affairs of a state bank. (f) A criminal background check obtained under this section shall be retained by the commissioner for at least three (3) years from the commissioner's receipt of the background check. Amended by Act 2023, No. 297,§ 1, eff. 8/1/2023. Amended by Act 2019, No. 315,§ 2524, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2523, eff. 7/24/2019. Amended by Act 2019, No. 910,§ 581, eff. 7/1/2019. Acts 1997, No. 89, § 1; 2005, No. 1528, § 1; 2007, No. 426, § 2.

(a) The Bank Commissioner shall be charged with the general supervision of financial institutions, the execution of all laws passed by the State of Arkansas relating to the organization, operations, inspection, supervision, control, liquidation, and dissolution of banks, bank holding companies, subsidiary trust companies, and the general commercial banking business of Arkansas, and such other duties as prescribed by law.

(b) (1) The commissioner shall have the power to issue such rules as may be necessary or appropriate to carry out the intent and purposes of all those laws and to issue cease and desist orders against any financial institution, or an officer, director, or employee of any financial institution, found to be violating federal banking laws or regulations, violating the banking laws of this state or State Bank Department rules, violating any regulatory agreement, or jeopardizing the safety and soundness of any financial institution. (2) (A) The commissioner may issue rules only with the approval and consent of the State Banking Board, but he or she shall have the power to issue cease and desist orders upon his or her own motion. (B) Nothing in this section shall be construed to curtail the commissioner's power to issue emergency rules with the approval and consent of the board. (3) (A) Any person subject to a cease and desist order issued by the commissioner who refuses or fails to comply with the terms of the order may be assessed a monetary penalty for the failure to comply with the provisions of the cease and desist order after a ten-day notice given by the commissioner to the institution or person subject to the order. (B) The amount of the monetary penalty shall not exceed one thousand dollars ($1,000) per day of violation against each institution and each officer, director, or employee contributing to the institution's or the individual's failure to comply with the provisions of the cease and desist order. (C) Subject to such a limitation, the amount of the monetary penalty shall be determined by the commissioner. (4) The commissioner has grounds for and may issue a cease and desist order for the permanent or temporary removal of an officer, director, employee, agent, or any other person participating in the affairs of or otherwise connected with a financial institution, or any affiliate thereof, subject to the supervision of the commissioner from service to any institution or affiliate subject to the supervision of the commissioner if he or she is found by the commissioner to be or to have been: (A) Violating state or federal law, rules and regulations of a federal financial institution's regulatory agency, or State Bank Department rules; (B) Acting incompetently, recklessly, or dishonestly; (C) Indicted of a crime involving moral turpitude; or (D) Otherwise impairing the safety and soundness of the financial institution. (5) (A) Any person aggrieved and directly affected by an order of the commissioner issued pursuant to this section is entitled to judicial review. (B) A person so aggrieved may seek judicial review by petition to a circuit court having jurisdiction in the matter. (C) The petition must be filed within thirty (30) days from the date of issuance of the order. (D) If no petition for review is filed within thirty (30) days from the date of issuance of the order, the order may not be appealed and is permanently binding upon the person until terminated by the commissioner.

(1) The commissioner shall have the power to issue such rules as may be necessary or appropriate to carry out the intent and purposes of all those laws and to issue cease and desist orders against any financial institution, or an officer, director, or employee of any financial institution, found to be violating federal banking laws or regulations, violating the banking laws of this state or State Bank Department rules, violating any regulatory agreement, or jeopardizing the safety and soundness of any financial institution.

(2) (A) The commissioner may issue rules only with the approval and consent of the State Banking Board, but he or she shall have the power to issue cease and desist orders upon his or her own motion. (B) Nothing in this section shall be construed to curtail the commissioner's power to issue emergency rules with the approval and consent of the board.

(A) The commissioner may issue rules only with the approval and consent of the State Banking Board, but he or she shall have the power to issue cease and desist orders upon his or her own motion.

(B) Nothing in this section shall be construed to curtail the commissioner's power to issue emergency rules with the approval and consent of the board.

(3) (A) Any person subject to a cease and desist order issued by the commissioner who refuses or fails to comply with the terms of the order may be assessed a monetary penalty for the failure to comply with the provisions of the cease and desist order after a ten-day notice given by the commissioner to the institution or person subject to the order. (B) The amount of the monetary penalty shall not exceed one thousand dollars ($1,000) per day of violation against each institution and each officer, director, or employee contributing to the institution's or the individual's failure to comply with the provisions of the cease and desist order. (C) Subject to such a limitation, the amount of the monetary penalty shall be determined by the commissioner.

(A) Any person subject to a cease and desist order issued by the commissioner who refuses or fails to comply with the terms of the order may be assessed a monetary penalty for the failure to comply with the provisions of the cease and desist order after a ten-day notice given by the commissioner to the institution or person subject to the order.

(B) The amount of the monetary penalty shall not exceed one thousand dollars ($1,000) per day of violation against each institution and each officer, director, or employee contributing to the institution's or the individual's failure to comply with the provisions of the cease and desist order.

(C) Subject to such a limitation, the amount of the monetary penalty shall be determined by the commissioner.

(4) The commissioner has grounds for and may issue a cease and desist order for the permanent or temporary removal of an officer, director, employee, agent, or any other person participating in the affairs of or otherwise connected with a financial institution, or any affiliate thereof, subject to the supervision of the commissioner from service to any institution or affiliate subject to the supervision of the commissioner if he or she is found by the commissioner to be or to have been: (A) Violating state or federal law, rules and regulations of a federal financial institution's regulatory agency, or State Bank Department rules; (B) Acting incompetently, recklessly, or dishonestly; (C) Indicted of a crime involving moral turpitude; or (D) Otherwise impairing the safety and soundness of the financial institution.

(A) Violating state or federal law, rules and regulations of a federal financial institution's regulatory agency, or State Bank Department rules;

(B) Acting incompetently, recklessly, or dishonestly;

(C) Indicted of a crime involving moral turpitude; or

(D) Otherwise impairing the safety and soundness of the financial institution.

(5) (A) Any person aggrieved and directly affected by an order of the commissioner issued pursuant to this section is entitled to judicial review. (B) A person so aggrieved may seek judicial review by petition to a circuit court having jurisdiction in the matter. (C) The petition must be filed within thirty (30) days from the date of issuance of the order. (D) If no petition for review is filed within thirty (30) days from the date of issuance of the order, the order may not be appealed and is permanently binding upon the person until terminated by the commissioner.

(A) Any person aggrieved and directly affected by an order of the commissioner issued pursuant to this section is entitled to judicial review.

(B) A person so aggrieved may seek judicial review by petition to a circuit court having jurisdiction in the matter.

(C) The petition must be filed within thirty (30) days from the date of issuance of the order.

(D) If no petition for review is filed within thirty (30) days from the date of issuance of the order, the order may not be appealed and is permanently binding upon the person until terminated by the commissioner.

(c) Department rules shall be distributed, in form and method selected by the commissioner, to all state banks chartered in the State of Arkansas.

(d) In addition to other powers, the commissioner shall have the power and authority to: (1) Inspect and copy all books, records, and other information relating to the financial institutions he or she regulates; (2) Restrict withdrawal of deposits from state banks under extraordinary circumstances; (3) Subpoena witnesses, compel their attendance, require production of evidence, and administer oaths; (4) Approve or disapprove applications for new state bank charters or branch facilities in connection with failed institutions as provided in § 23-48-511 ; (5) Approve or disapprove applications for voluntary liquidations as provided in § 23-49-119 ; (6) Define any term or phrase used in the Arkansas Banking Code of 1997 which is not defined by the Arkansas Banking Code of 1997; (7) Issue orders or declaratory statements, disseminate information, and otherwise exercise discretion to effectuate the purposes of the Arkansas Banking Code of 1997 and all laws described in subsection (a) of this section, and to interpret and implement the provisions of those laws consistently with such purposes; (8) Authorize state banks to engage in any banking activity in which national banks are authorized or may hereafter be authorized by federal legislation or regulations to engage; (9) Cooperate with federal financial institutions' regulatory agencies; (10) (A) Perform preemployment state criminal background checks through the Division of Arkansas State Police and preemployment federal criminal background checks through the Federal Bureau of Investigation on all applicants selected for employment as examiners with the department. (B) The federal background check shall include taking fingerprints of the applicant. (C) The applicant shall sign a release authorizing the Division of Arkansas State Police and the Federal Bureau of Investigation to disclose criminal history information about the applicant to the department. (D) The commissioner shall treat the information as confidential and shall disclose the information only to the applicant; and (11) Approve and execute on behalf of the department: (A) An agreement issuing bonds under § 23-46-202 [repealed]; and (B) Any documents necessary for issuing bonds under § 23-46-202 [repealed].

(1) Inspect and copy all books, records, and other information relating to the financial institutions he or she regulates;

(2) Restrict withdrawal of deposits from state banks under extraordinary circumstances;

(3) Subpoena witnesses, compel their attendance, require production of evidence, and administer oaths;

(4) Approve or disapprove applications for new state bank charters or branch facilities in connection with failed institutions as provided in § 23-48-511 ;

(5) Approve or disapprove applications for voluntary liquidations as provided in § 23-49-119 ;

(6) Define any term or phrase used in the Arkansas Banking Code of 1997 which is not defined by the Arkansas Banking Code of 1997;

(7) Issue orders or declaratory statements, disseminate information, and otherwise exercise discretion to effectuate the purposes of the Arkansas Banking Code of 1997 and all laws described in subsection (a) of this section, and to interpret and implement the provisions of those laws consistently with such purposes;

(8) Authorize state banks to engage in any banking activity in which national banks are authorized or may hereafter be authorized by federal legislation or regulations to engage;

(9) Cooperate with federal financial institutions' regulatory agencies;

(10) (A) Perform preemployment state criminal background checks through the Division of Arkansas State Police and preemployment federal criminal background checks through the Federal Bureau of Investigation on all applicants selected for employment as examiners with the department. (B) The federal background check shall include taking fingerprints of the applicant. (C) The applicant shall sign a release authorizing the Division of Arkansas State Police and the Federal Bureau of Investigation to disclose criminal history information about the applicant to the department. (D) The commissioner shall treat the information as confidential and shall disclose the information only to the applicant; and

(A) Perform preemployment state criminal background checks through the Division of Arkansas State Police and preemployment federal criminal background checks through the Federal Bureau of Investigation on all applicants selected for employment as examiners with the department.

(B) The federal background check shall include taking fingerprints of the applicant.

(C) The applicant shall sign a release authorizing the Division of Arkansas State Police and the Federal Bureau of Investigation to disclose criminal history information about the applicant to the department.

(D) The commissioner shall treat the information as confidential and shall disclose the information only to the applicant; and

(11) Approve and execute on behalf of the department: (A) An agreement issuing bonds under § 23-46-202 [repealed]; and (B) Any documents necessary for issuing bonds under § 23-46-202 [repealed].

(A) An agreement issuing bonds under § 23-46-202 [repealed]; and

(B) Any documents necessary for issuing bonds under § 23-46-202 [repealed].

(e) (1) As soon as practicable after acceptance of any application referred to either in the Arkansas Banking Code of 1997 or in department rules for filing, regardless of whether the application is of a type referred to in § 23-46-403 , and receipt of the filing fee therefor, the commissioner shall cause the merits of the application to be investigated. (2) The investigation shall enable the commissioner to determine the fitness of the applicants and shall address all questions which bear directly or indirectly upon the appropriateness of granting the application and the need from the public standpoint for granting the application. (3) To the extent that the commissioner deems it appropriate, the scope of the commissioner's investigation of any application may include: (A) The investigation of those matters described in § 23-48-304 pertaining to applications for new state bank charters; and (B) (i) The performance of state criminal background checks through the Division of Arkansas State Police and federal criminal background checks through the Federal Bureau of Investigation. (ii) The federal background check shall include the taking of fingerprints. (iii) The applicant shall sign a release authorizing the Division of Arkansas State Police and the Federal Bureau of Investigation to disclose criminal history information about the applicant to the department. (iv) The commissioner shall treat the information as confidential and shall disclose the information only to the applicant. (v) The background checks shall be used to determine the applicant's fitness to participate in the affairs of a state bank.

(1) As soon as practicable after acceptance of any application referred to either in the Arkansas Banking Code of 1997 or in department rules for filing, regardless of whether the application is of a type referred to in § 23-46-403 , and receipt of the filing fee therefor, the commissioner shall cause the merits of the application to be investigated.

(2) The investigation shall enable the commissioner to determine the fitness of the applicants and shall address all questions which bear directly or indirectly upon the appropriateness of granting the application and the need from the public standpoint for granting the application.

(3) To the extent that the commissioner deems it appropriate, the scope of the commissioner's investigation of any application may include: (A) The investigation of those matters described in § 23-48-304 pertaining to applications for new state bank charters; and (B) (i) The performance of state criminal background checks through the Division of Arkansas State Police and federal criminal background checks through the Federal Bureau of Investigation. (ii) The federal background check shall include the taking of fingerprints. (iii) The applicant shall sign a release authorizing the Division of Arkansas State Police and the Federal Bureau of Investigation to disclose criminal history information about the applicant to the department. (iv) The commissioner shall treat the information as confidential and shall disclose the information only to the applicant. (v) The background checks shall be used to determine the applicant's fitness to participate in the affairs of a state bank.

(A) The investigation of those matters described in § 23-48-304 pertaining to applications for new state bank charters; and

(B) (i) The performance of state criminal background checks through the Division of Arkansas State Police and federal criminal background checks through the Federal Bureau of Investigation. (ii) The federal background check shall include the taking of fingerprints. (iii) The applicant shall sign a release authorizing the Division of Arkansas State Police and the Federal Bureau of Investigation to disclose criminal history information about the applicant to the department. (iv) The commissioner shall treat the information as confidential and shall disclose the information only to the applicant. (v) The background checks shall be used to determine the applicant's fitness to participate in the affairs of a state bank.

(i) The performance of state criminal background checks through the Division of Arkansas State Police and federal criminal background checks through the Federal Bureau of Investigation.

(ii) The federal background check shall include the taking of fingerprints.

(iii) The applicant shall sign a release authorizing the Division of Arkansas State Police and the Federal Bureau of Investigation to disclose criminal history information about the applicant to the department.

(iv) The commissioner shall treat the information as confidential and shall disclose the information only to the applicant.

(v) The background checks shall be used to determine the applicant's fitness to participate in the affairs of a state bank.

(f) A criminal background check obtained under this section shall be retained by the commissioner for at least three (3) years from the commissioner's receipt of the background check.

Amended by Act 2023, No. 297,§ 1, eff. 8/1/2023.

Amended by Act 2019, No. 315,§ 2524, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2523, eff. 7/24/2019.

Amended by Act 2019, No. 910,§ 581, eff. 7/1/2019.

Acts 1997, No. 89, § 1; 2005, No. 1528, § 1; 2007, No. 426, § 2.
Ark. Code Ann. § 23-47-703 — AR Code / Title 23 / Chapter 47 / Subchapter 7 / Section 23-47-703
Grant and exercise of powers deemed not in contravention of Arkansas law
Status: in_force

The granting and exercise of such powers as are authorized by this subchapter shall not be deemed to be in contravention of any other provision of Arkansas law. Acts 1997, No. 89, § 1.

The granting and exercise of such powers as are authorized by this subchapter shall not be deemed to be in contravention of any other provision of Arkansas law.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-63-1703 — AR Code / Title 23 / Chapter 63 / Subchapter 17 / Section 23-63-1703
Definitions
Status: in_force

For the purposes of this subchapter: (1) "Domestic insurer" means an insurer domiciled in the State of Arkansas; (2) (A) "Fair value" of an asset or liability means the amount at which that asset or liability could be bought, incurred, sold, or settled in a current transaction between willing parties that is not a forced or liquidation sale. (B) (i) Quoted market prices in active markets are the best evidence of fair value and shall be used as the basis for the measurement, if available. (ii) If a quoted market price is available, the fair value is the product of the number of trading units multiplied by the market price. (iii) If quoted market prices are not available, the estimate of fair value shall be based on the best information available. (iv) (a) The estimate of fair value shall consider prices for similar assets and liabilities and the results of valuation techniques to the extent available in the circumstances. (b) Examples of valuation techniques include the present value of estimated expected future cash flows using a discount rate commensurate with the risks involved, option-pricing models, matrix pricing, option-adjusted spread models, and fundamental analysis. (c) Valuation techniques for measuring financial assets and liabilities and for servicing assets and liabilities shall be consistent with the objective of measuring fair value. Those techniques shall incorporate assumptions that market participants would use in their estimates of values, future revenues, and future expenses, including assumptions about interest rates, default, prepayment, and volatility. (d) In measuring financial liabilities and servicing liabilities at fair value by discounting estimated future cash flows, an objective is to use discount rates at which those liabilities could be settled in an arm's-length transaction. (e) (1) Estimates of expected future cash flows, if used to estimate fair value, shall be the best estimate based on reasonable and supportable assumptions and projections. (2) All available evidence shall be considered in developing estimates of expected future cash flows. (3) The weight given to the evidence shall be commensurate with the extent to which the evidence can be verified objectively. (4) If a range is estimated for either the amount or timing of possible cash flows, the likelihood of possible outcomes shall be considered in determining the best estimate of future cash flows; (3) "Fully funded" means that, with respect to any exposure attributed to a protected cell, the fair value of the protected cell assets on the date on which the insurance securitization is effected equals or exceeds the maximum possible exposure attributable to the protected cell with respect to such exposures; (4) "General account" means the assets and liabilities of a protected cell company other than protected cell assets and protected cell liabilities; (5) "Indemnity trigger" means a transaction term by which relief of the issuer's obligation to repay investors is triggered by incurring a specified level of losses under its insurance or reinsurance contracts; (6) "Nonindemnity trigger" means a transaction term by which relief of the issuer's obligation to repay investors is triggered solely by some event or condition other than the individual protected cell company's incurring a specified level of losses under its insurance or reinsurance contracts; (7) "Protected cell" means an identified pool of assets and liabilities of a protected cell company segregated and insulated by means of this subchapter from the remainder of the protected cell company's assets and liabilities; (8) "Protected cell account" means a specifically identified bank or custodial account established by a protected cell company for the purpose of segregating the protected cell assets of one protected cell from the protected cell assets of other protected cells and from the assets of the protected cell company's general account; (9) "Protected cell assets" means all assets, contract rights, and general intangibles identified with and attributable to a specific protected cell of a protected cell company; (10) "Protected cell company" means a domestic insurer that has one (1) or more protected cells; (11) "Protected cell company insurance securitization" means: (A) The issuance of debt instruments by a protected cell company from which the proceeds support the exposures attributed to the protected cell; and (B) The repayment of principal or interest, or both, to investors under the transaction terms is contingent upon the occurrence or nonoccurrence of an event which exposes the protected cell company to loss under insurance or reinsurance contracts it has issued; and (12) "Protected cell liabilities" means all liabilities and other obligations identified with and attributable to a specific protected cell of a protected cell company. Acts 2001, No. 1428, § 3.

For the purposes of this subchapter:

(1) "Domestic insurer" means an insurer domiciled in the State of Arkansas;

(2) (A) "Fair value" of an asset or liability means the amount at which that asset or liability could be bought, incurred, sold, or settled in a current transaction between willing parties that is not a forced or liquidation sale. (B) (i) Quoted market prices in active markets are the best evidence of fair value and shall be used as the basis for the measurement, if available. (ii) If a quoted market price is available, the fair value is the product of the number of trading units multiplied by the market price. (iii) If quoted market prices are not available, the estimate of fair value shall be based on the best information available. (iv) (a) The estimate of fair value shall consider prices for similar assets and liabilities and the results of valuation techniques to the extent available in the circumstances. (b) Examples of valuation techniques include the present value of estimated expected future cash flows using a discount rate commensurate with the risks involved, option-pricing models, matrix pricing, option-adjusted spread models, and fundamental analysis. (c) Valuation techniques for measuring financial assets and liabilities and for servicing assets and liabilities shall be consistent with the objective of measuring fair value. Those techniques shall incorporate assumptions that market participants would use in their estimates of values, future revenues, and future expenses, including assumptions about interest rates, default, prepayment, and volatility. (d) In measuring financial liabilities and servicing liabilities at fair value by discounting estimated future cash flows, an objective is to use discount rates at which those liabilities could be settled in an arm's-length transaction. (e) (1) Estimates of expected future cash flows, if used to estimate fair value, shall be the best estimate based on reasonable and supportable assumptions and projections. (2) All available evidence shall be considered in developing estimates of expected future cash flows. (3) The weight given to the evidence shall be commensurate with the extent to which the evidence can be verified objectively. (4) If a range is estimated for either the amount or timing of possible cash flows, the likelihood of possible outcomes shall be considered in determining the best estimate of future cash flows;

(A) "Fair value" of an asset or liability means the amount at which that asset or liability could be bought, incurred, sold, or settled in a current transaction between willing parties that is not a forced or liquidation sale.

(B) (i) Quoted market prices in active markets are the best evidence of fair value and shall be used as the basis for the measurement, if available. (ii) If a quoted market price is available, the fair value is the product of the number of trading units multiplied by the market price. (iii) If quoted market prices are not available, the estimate of fair value shall be based on the best information available. (iv) (a) The estimate of fair value shall consider prices for similar assets and liabilities and the results of valuation techniques to the extent available in the circumstances. (b) Examples of valuation techniques include the present value of estimated expected future cash flows using a discount rate commensurate with the risks involved, option-pricing models, matrix pricing, option-adjusted spread models, and fundamental analysis. (c) Valuation techniques for measuring financial assets and liabilities and for servicing assets and liabilities shall be consistent with the objective of measuring fair value. Those techniques shall incorporate assumptions that market participants would use in their estimates of values, future revenues, and future expenses, including assumptions about interest rates, default, prepayment, and volatility. (d) In measuring financial liabilities and servicing liabilities at fair value by discounting estimated future cash flows, an objective is to use discount rates at which those liabilities could be settled in an arm's-length transaction. (e) (1) Estimates of expected future cash flows, if used to estimate fair value, shall be the best estimate based on reasonable and supportable assumptions and projections. (2) All available evidence shall be considered in developing estimates of expected future cash flows. (3) The weight given to the evidence shall be commensurate with the extent to which the evidence can be verified objectively. (4) If a range is estimated for either the amount or timing of possible cash flows, the likelihood of possible outcomes shall be considered in determining the best estimate of future cash flows;

(i) Quoted market prices in active markets are the best evidence of fair value and shall be used as the basis for the measurement, if available.

(ii) If a quoted market price is available, the fair value is the product of the number of trading units multiplied by the market price.

(iii) If quoted market prices are not available, the estimate of fair value shall be based on the best information available.

(iv) (a) The estimate of fair value shall consider prices for similar assets and liabilities and the results of valuation techniques to the extent available in the circumstances. (b) Examples of valuation techniques include the present value of estimated expected future cash flows using a discount rate commensurate with the risks involved, option-pricing models, matrix pricing, option-adjusted spread models, and fundamental analysis. (c) Valuation techniques for measuring financial assets and liabilities and for servicing assets and liabilities shall be consistent with the objective of measuring fair value. Those techniques shall incorporate assumptions that market participants would use in their estimates of values, future revenues, and future expenses, including assumptions about interest rates, default, prepayment, and volatility. (d) In measuring financial liabilities and servicing liabilities at fair value by discounting estimated future cash flows, an objective is to use discount rates at which those liabilities could be settled in an arm's-length transaction. (e) (1) Estimates of expected future cash flows, if used to estimate fair value, shall be the best estimate based on reasonable and supportable assumptions and projections. (2) All available evidence shall be considered in developing estimates of expected future cash flows. (3) The weight given to the evidence shall be commensurate with the extent to which the evidence can be verified objectively. (4) If a range is estimated for either the amount or timing of possible cash flows, the likelihood of possible outcomes shall be considered in determining the best estimate of future cash flows;

(a) The estimate of fair value shall consider prices for similar assets and liabilities and the results of valuation techniques to the extent available in the circumstances.

(b) Examples of valuation techniques include the present value of estimated expected future cash flows using a discount rate commensurate with the risks involved, option-pricing models, matrix pricing, option-adjusted spread models, and fundamental analysis.

(c) Valuation techniques for measuring financial assets and liabilities and for servicing assets and liabilities shall be consistent with the objective of measuring fair value. Those techniques shall incorporate assumptions that market participants would use in their estimates of values, future revenues, and future expenses, including assumptions about interest rates, default, prepayment, and volatility.

(d) In measuring financial liabilities and servicing liabilities at fair value by discounting estimated future cash flows, an objective is to use discount rates at which those liabilities could be settled in an arm's-length transaction.

(e) (1) Estimates of expected future cash flows, if used to estimate fair value, shall be the best estimate based on reasonable and supportable assumptions and projections. (2) All available evidence shall be considered in developing estimates of expected future cash flows. (3) The weight given to the evidence shall be commensurate with the extent to which the evidence can be verified objectively. (4) If a range is estimated for either the amount or timing of possible cash flows, the likelihood of possible outcomes shall be considered in determining the best estimate of future cash flows;

(1) Estimates of expected future cash flows, if used to estimate fair value, shall be the best estimate based on reasonable and supportable assumptions and projections.

(2) All available evidence shall be considered in developing estimates of expected future cash flows.

(3) The weight given to the evidence shall be commensurate with the extent to which the evidence can be verified objectively.

(4) If a range is estimated for either the amount or timing of possible cash flows, the likelihood of possible outcomes shall be considered in determining the best estimate of future cash flows;

(3) "Fully funded" means that, with respect to any exposure attributed to a protected cell, the fair value of the protected cell assets on the date on which the insurance securitization is effected equals or exceeds the maximum possible exposure attributable to the protected cell with respect to such exposures;

(4) "General account" means the assets and liabilities of a protected cell company other than protected cell assets and protected cell liabilities;

(5) "Indemnity trigger" means a transaction term by which relief of the issuer's obligation to repay investors is triggered by incurring a specified level of losses under its insurance or reinsurance contracts;

(6) "Nonindemnity trigger" means a transaction term by which relief of the issuer's obligation to repay investors is triggered solely by some event or condition other than the individual protected cell company's incurring a specified level of losses under its insurance or reinsurance contracts;

(7) "Protected cell" means an identified pool of assets and liabilities of a protected cell company segregated and insulated by means of this subchapter from the remainder of the protected cell company's assets and liabilities;

(8) "Protected cell account" means a specifically identified bank or custodial account established by a protected cell company for the purpose of segregating the protected cell assets of one protected cell from the protected cell assets of other protected cells and from the assets of the protected cell company's general account;

(9) "Protected cell assets" means all assets, contract rights, and general intangibles identified with and attributable to a specific protected cell of a protected cell company;

(10) "Protected cell company" means a domestic insurer that has one (1) or more protected cells;

(11) "Protected cell company insurance securitization" means: (A) The issuance of debt instruments by a protected cell company from which the proceeds support the exposures attributed to the protected cell; and (B) The repayment of principal or interest, or both, to investors under the transaction terms is contingent upon the occurrence or nonoccurrence of an event which exposes the protected cell company to loss under insurance or reinsurance contracts it has issued; and

(A) The issuance of debt instruments by a protected cell company from which the proceeds support the exposures attributed to the protected cell; and

(B) The repayment of principal or interest, or both, to investors under the transaction terms is contingent upon the occurrence or nonoccurrence of an event which exposes the protected cell company to loss under insurance or reinsurance contracts it has issued; and

(12) "Protected cell liabilities" means all liabilities and other obligations identified with and attributable to a specific protected cell of a protected cell company.

Acts 2001, No. 1428, § 3.
Ark. Code Ann. § 23-39-506 — AR Code / Title 23 / Chapter 39 / Subchapter 5 / Section 23-39-506
License renewal - Termination
Status: in_force

(a) A licensed mortgage broker, mortgage banker, and mortgage servicer wishing to renew a license shall: (1) File a renewal application with the Securities Commissioner in the form prescribed by the commissioner between November 1 and December 31 of the calendar year; (2) Present proof to the commissioner that the surety bond required in § 23-39-505(f)(1) is still in effect; and (3) Pay the commissioner an annual renewal fee of three hundred fifty dollars ($350) for the licensee's principal place of business and one hundred dollars ($100) for each of the licensee's branch offices. (b) The failure of a mortgage broker, mortgage banker, or mortgage servicer to timely file a renewal application shall subject the licensee to a late fee of one hundred dollars ($100). (c) (1) Each licensed loan officer wishing to renew a license shall: (A) File an application with the commissioner in the form prescribed by the commissioner between November 1 and December 31 of the calendar year; (B) Comply with the continuing education requirements as required by rules promulgated by the commissioner; and (C) Pay an annual renewal fee of fifty dollars ($50.00). (2) If an initial loan officer license is issued between November 1 through December 31 of the calendar year, the loan officer is not required to file a renewal application until the subsequent renewal period. (3) A license of a loan officer may change from approved-inactive to approved if, before the license of the loan officer terminates, a licensed mortgage broker or mortgage banker: (A) Files an application for sponsorship of the license of the loan officer; (B) Pays a fee of fifty dollars ($50.00); and (C) Provides notice to the commissioner that the licensed mortgage broker or mortgage banker is sponsoring the loan officer. (d) The failure of a loan officer to timely file a renewal application shall subject the loan officer to a late fee of fifty dollars ($50.00). (e) (1) (A) A late fee assessed under subsection (b) or subsection (d) of this section shall be in addition to the renewal application fee under subsection (a) or subsection (c) of this section. (B) All or part of the late fee may be waived by the commissioner for good cause. (2) (A) The commissioner may consider an application and a license to be abandoned and surrendered and may require the licensee to comply with the requirements for the initial issuance of a license under this subchapter in order to continue in business if the licensee: (i) Fails to file a renewal application within fifteen (15) days after the date the renewal application is due; (ii) Unreasonably fails to remedy any deficiency in an application within thirty (30) days following the sending of written notice to the licensee; or (iii) Unreasonably fails to deliver additional information or documents to the commissioner within thirty (30) days following the sending of written notice to the licensee. (B) For purposes of this subdivision (e)(2), notice shall be complete upon: (i) Deposit in the United States mail, postage prepaid, to the address of the licensee listed in the application; or (ii) Delivery through an automated licensing system approved by the commissioner. (3) The commissioner shall not reissue a license for which a late fee has accrued as a result of a person's failure to timely file a renewal application unless the late fee has been paid or waived by the commissioner for good cause. (f) (1) A mortgage banker or a mortgage servicer shall submit audited financial statements to the commissioner within ninety (90) days after the end of the mortgage banker's or mortgage servicer's fiscal year. (2) The audited financial statements submitted to the commissioner under subdivision (f)(1) of this section shall: (A) Reflect that the mortgage banker or mortgage servicer has a net worth of at least twenty-five thousand dollars ($25,000); and (B) Comply with the requirements of § 23-39-505(g)(1) -(3). (3) (A) Failure to timely submit audited financial statements to the commissioner shall result in a late fee of two hundred fifty dollars ($250). (B) All or part of the late fee may be waived by the commissioner for good cause. Amended by Act 2023, No. 325,§ 4, eff. 8/1/2023. Amended by Act 2021, No. 531,§ 8, eff. 7/28/2021. Amended by Act 2019, No. 200,§ 18, eff. 7/24/2019. Acts 2003, No. 554, § 1; 2005, No. 1679, § 1; 2007, No. 748, § 5; 2009, No. 731, § 18; 2011, No. 894, §§ 9 - 10.

(a) A licensed mortgage broker, mortgage banker, and mortgage servicer wishing to renew a license shall: (1) File a renewal application with the Securities Commissioner in the form prescribed by the commissioner between November 1 and December 31 of the calendar year; (2) Present proof to the commissioner that the surety bond required in § 23-39-505(f)(1) is still in effect; and (3) Pay the commissioner an annual renewal fee of three hundred fifty dollars ($350) for the licensee's principal place of business and one hundred dollars ($100) for each of the licensee's branch offices.

(1) File a renewal application with the Securities Commissioner in the form prescribed by the commissioner between November 1 and December 31 of the calendar year;

(2) Present proof to the commissioner that the surety bond required in § 23-39-505(f)(1) is still in effect; and

(3) Pay the commissioner an annual renewal fee of three hundred fifty dollars ($350) for the licensee's principal place of business and one hundred dollars ($100) for each of the licensee's branch offices.

(b) The failure of a mortgage broker, mortgage banker, or mortgage servicer to timely file a renewal application shall subject the licensee to a late fee of one hundred dollars ($100).

(c) (1) Each licensed loan officer wishing to renew a license shall: (A) File an application with the commissioner in the form prescribed by the commissioner between November 1 and December 31 of the calendar year; (B) Comply with the continuing education requirements as required by rules promulgated by the commissioner; and (C) Pay an annual renewal fee of fifty dollars ($50.00). (2) If an initial loan officer license is issued between November 1 through December 31 of the calendar year, the loan officer is not required to file a renewal application until the subsequent renewal period. (3) A license of a loan officer may change from approved-inactive to approved if, before the license of the loan officer terminates, a licensed mortgage broker or mortgage banker: (A) Files an application for sponsorship of the license of the loan officer; (B) Pays a fee of fifty dollars ($50.00); and (C) Provides notice to the commissioner that the licensed mortgage broker or mortgage banker is sponsoring the loan officer.

(1) Each licensed loan officer wishing to renew a license shall: (A) File an application with the commissioner in the form prescribed by the commissioner between November 1 and December 31 of the calendar year; (B) Comply with the continuing education requirements as required by rules promulgated by the commissioner; and (C) Pay an annual renewal fee of fifty dollars ($50.00).

(A) File an application with the commissioner in the form prescribed by the commissioner between November 1 and December 31 of the calendar year;

(B) Comply with the continuing education requirements as required by rules promulgated by the commissioner; and

(C) Pay an annual renewal fee of fifty dollars ($50.00).

(2) If an initial loan officer license is issued between November 1 through December 31 of the calendar year, the loan officer is not required to file a renewal application until the subsequent renewal period.

(3) A license of a loan officer may change from approved-inactive to approved if, before the license of the loan officer terminates, a licensed mortgage broker or mortgage banker: (A) Files an application for sponsorship of the license of the loan officer; (B) Pays a fee of fifty dollars ($50.00); and (C) Provides notice to the commissioner that the licensed mortgage broker or mortgage banker is sponsoring the loan officer.

(A) Files an application for sponsorship of the license of the loan officer;

(B) Pays a fee of fifty dollars ($50.00); and

(C) Provides notice to the commissioner that the licensed mortgage broker or mortgage banker is sponsoring the loan officer.

(d) The failure of a loan officer to timely file a renewal application shall subject the loan officer to a late fee of fifty dollars ($50.00).

(e) (1) (A) A late fee assessed under subsection (b) or subsection (d) of this section shall be in addition to the renewal application fee under subsection (a) or subsection (c) of this section. (B) All or part of the late fee may be waived by the commissioner for good cause. (2) (A) The commissioner may consider an application and a license to be abandoned and surrendered and may require the licensee to comply with the requirements for the initial issuance of a license under this subchapter in order to continue in business if the licensee: (i) Fails to file a renewal application within fifteen (15) days after the date the renewal application is due; (ii) Unreasonably fails to remedy any deficiency in an application within thirty (30) days following the sending of written notice to the licensee; or (iii) Unreasonably fails to deliver additional information or documents to the commissioner within thirty (30) days following the sending of written notice to the licensee. (B) For purposes of this subdivision (e)(2), notice shall be complete upon: (i) Deposit in the United States mail, postage prepaid, to the address of the licensee listed in the application; or (ii) Delivery through an automated licensing system approved by the commissioner. (3) The commissioner shall not reissue a license for which a late fee has accrued as a result of a person's failure to timely file a renewal application unless the late fee has been paid or waived by the commissioner for good cause.

(1) (A) A late fee assessed under subsection (b) or subsection (d) of this section shall be in addition to the renewal application fee under subsection (a) or subsection (c) of this section. (B) All or part of the late fee may be waived by the commissioner for good cause.

(A) A late fee assessed under subsection (b) or subsection (d) of this section shall be in addition to the renewal application fee under subsection (a) or subsection (c) of this section.

(B) All or part of the late fee may be waived by the commissioner for good cause.

(2) (A) The commissioner may consider an application and a license to be abandoned and surrendered and may require the licensee to comply with the requirements for the initial issuance of a license under this subchapter in order to continue in business if the licensee: (i) Fails to file a renewal application within fifteen (15) days after the date the renewal application is due; (ii) Unreasonably fails to remedy any deficiency in an application within thirty (30) days following the sending of written notice to the licensee; or (iii) Unreasonably fails to deliver additional information or documents to the commissioner within thirty (30) days following the sending of written notice to the licensee. (B) For purposes of this subdivision (e)(2), notice shall be complete upon: (i) Deposit in the United States mail, postage prepaid, to the address of the licensee listed in the application; or (ii) Delivery through an automated licensing system approved by the commissioner.

(A) The commissioner may consider an application and a license to be abandoned and surrendered and may require the licensee to comply with the requirements for the initial issuance of a license under this subchapter in order to continue in business if the licensee: (i) Fails to file a renewal application within fifteen (15) days after the date the renewal application is due; (ii) Unreasonably fails to remedy any deficiency in an application within thirty (30) days following the sending of written notice to the licensee; or (iii) Unreasonably fails to deliver additional information or documents to the commissioner within thirty (30) days following the sending of written notice to the licensee.

(i) Fails to file a renewal application within fifteen (15) days after the date the renewal application is due;

(ii) Unreasonably fails to remedy any deficiency in an application within thirty (30) days following the sending of written notice to the licensee; or

(iii) Unreasonably fails to deliver additional information or documents to the commissioner within thirty (30) days following the sending of written notice to the licensee.

(B) For purposes of this subdivision (e)(2), notice shall be complete upon: (i) Deposit in the United States mail, postage prepaid, to the address of the licensee listed in the application; or (ii) Delivery through an automated licensing system approved by the commissioner.

(i) Deposit in the United States mail, postage prepaid, to the address of the licensee listed in the application; or

(ii) Delivery through an automated licensing system approved by the commissioner.

(3) The commissioner shall not reissue a license for which a late fee has accrued as a result of a person's failure to timely file a renewal application unless the late fee has been paid or waived by the commissioner for good cause.

(f) (1) A mortgage banker or a mortgage servicer shall submit audited financial statements to the commissioner within ninety (90) days after the end of the mortgage banker's or mortgage servicer's fiscal year. (2) The audited financial statements submitted to the commissioner under subdivision (f)(1) of this section shall: (A) Reflect that the mortgage banker or mortgage servicer has a net worth of at least twenty-five thousand dollars ($25,000); and (B) Comply with the requirements of § 23-39-505(g)(1) -(3). (3) (A) Failure to timely submit audited financial statements to the commissioner shall result in a late fee of two hundred fifty dollars ($250). (B) All or part of the late fee may be waived by the commissioner for good cause.

(1) A mortgage banker or a mortgage servicer shall submit audited financial statements to the commissioner within ninety (90) days after the end of the mortgage banker's or mortgage servicer's fiscal year.

(2) The audited financial statements submitted to the commissioner under subdivision (f)(1) of this section shall: (A) Reflect that the mortgage banker or mortgage servicer has a net worth of at least twenty-five thousand dollars ($25,000); and (B) Comply with the requirements of § 23-39-505(g)(1) -(3).

(A) Reflect that the mortgage banker or mortgage servicer has a net worth of at least twenty-five thousand dollars ($25,000); and

(B) Comply with the requirements of § 23-39-505(g)(1) -(3).

(3) (A) Failure to timely submit audited financial statements to the commissioner shall result in a late fee of two hundred fifty dollars ($250). (B) All or part of the late fee may be waived by the commissioner for good cause.

(A) Failure to timely submit audited financial statements to the commissioner shall result in a late fee of two hundred fifty dollars ($250).

(B) All or part of the late fee may be waived by the commissioner for good cause.

Amended by Act 2023, No. 325,§ 4, eff. 8/1/2023.

Amended by Act 2021, No. 531,§ 8, eff. 7/28/2021.

Amended by Act 2019, No. 200,§ 18, eff. 7/24/2019.

Acts 2003, No. 554, § 1; 2005, No. 1679, § 1; 2007, No. 748, § 5; 2009, No. 731, § 18; 2011, No. 894, §§ 9 - 10.
Ark. Code Ann. § 23-81-202 — AR Code / Title 23 / Chapter 81 / Subchapter 2 / Section 23-81-202
Applicability
Status: in_force

(a) This subchapter shall not apply to any of the following: (1) Reinsurance; (2) Group insurance; (3) Pure endowment; (4) Annuity or reversionary annuity contract; (5) A term policy of uniform amount which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of twenty (20) years or less expiring before seventy-one (71) years of age, for which uniform premiums are payable during the entire term of the policy; (6) A term policy of decreasing amount which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in §§ 23-81-206 - 23-81-209 is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of twenty (20) years or less expiring before seventy-one (71) years of age, for which uniform premiums are payable during the entire term of the policy; (7) A policy, which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in §§ 23-81-204 - 23-81-209 exceeds two and one-half percent (2.5%) of the amount of insurance at the beginning of the same policy year; or (8) A policy which shall be delivered outside this state through an agent or other representative of the insurer issuing the policy. (b) For purposes of determining the applicability of this subchapter, the age at expiry for a joint term life insurance policy shall be the age at expiry of the oldest life. Acts 1959, No. 148, § 336; 1981, No. 535, § 2; A.S.A. 1947, § 66-3327.

(a) This subchapter shall not apply to any of the following: (1) Reinsurance; (2) Group insurance; (3) Pure endowment; (4) Annuity or reversionary annuity contract; (5) A term policy of uniform amount which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of twenty (20) years or less expiring before seventy-one (71) years of age, for which uniform premiums are payable during the entire term of the policy; (6) A term policy of decreasing amount which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in §§ 23-81-206 - 23-81-209 is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of twenty (20) years or less expiring before seventy-one (71) years of age, for which uniform premiums are payable during the entire term of the policy; (7) A policy, which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in §§ 23-81-204 - 23-81-209 exceeds two and one-half percent (2.5%) of the amount of insurance at the beginning of the same policy year; or (8) A policy which shall be delivered outside this state through an agent or other representative of the insurer issuing the policy.

(1) Reinsurance;

(2) Group insurance;

(3) Pure endowment;

(4) Annuity or reversionary annuity contract;

(5) A term policy of uniform amount which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of twenty (20) years or less expiring before seventy-one (71) years of age, for which uniform premiums are payable during the entire term of the policy;

(6) A term policy of decreasing amount which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in §§ 23-81-206 - 23-81-209 is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of twenty (20) years or less expiring before seventy-one (71) years of age, for which uniform premiums are payable during the entire term of the policy;

(7) A policy, which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in §§ 23-81-204 - 23-81-209 exceeds two and one-half percent (2.5%) of the amount of insurance at the beginning of the same policy year; or

(8) A policy which shall be delivered outside this state through an agent or other representative of the insurer issuing the policy.

(b) For purposes of determining the applicability of this subchapter, the age at expiry for a joint term life insurance policy shall be the age at expiry of the oldest life.

Acts 1959, No. 148, § 336; 1981, No. 535, § 2; A.S.A. 1947, § 66-3327.
Ark. Code Ann. § 23-13-202 — AR Code / Title 23 / Chapter 13 / Subchapter 2 / Section 23-13-202
Purpose
Status: in_force

It is declared that it is necessary in the public interest to regulate transportation by motor carriers in such manner as to: (1) Recognize and preserve the inherent advantages of and foster sound economic conditions in such transportation and among such carriers; (2) Promote adequate, economical, and efficient service by motor carriers and reasonable charges therefor, without unjust discriminations, undue preferences or advantages, and unfair or destructive competitive practices; (3) Develop and preserve a highway transportation system properly adapted to the needs of the commerce of the State of Arkansas and the national defense; and (4) Cooperate with the United States Government, other departments of the State of Arkansas, regulatory bodies of other states and the duly authorized officials thereof, and with any organization of motor carriers in the administration and enforcement of this subchapter. Acts 1955, No. 397, § 2; A.S.A. 1947, § 73-1755.

It is declared that it is necessary in the public interest to regulate transportation by motor carriers in such manner as to:

(1) Recognize and preserve the inherent advantages of and foster sound economic conditions in such transportation and among such carriers;

(2) Promote adequate, economical, and efficient service by motor carriers and reasonable charges therefor, without unjust discriminations, undue preferences or advantages, and unfair or destructive competitive practices;

(3) Develop and preserve a highway transportation system properly adapted to the needs of the commerce of the State of Arkansas and the national defense; and

(4) Cooperate with the United States Government, other departments of the State of Arkansas, regulatory bodies of other states and the duly authorized officials thereof, and with any organization of motor carriers in the administration and enforcement of this subchapter.

Acts 1955, No. 397, § 2; A.S.A. 1947, § 73-1755.
Ark. Code Ann. § 23-69-149 — AR Code / Title 23 / Chapter 69 / Subchapter 1 / Section 23-69-149
Assumption reinsurance - Stock insurers
Status: in_force

(a) (1) A domestic stock insurer may reinsure all or substantially all of its insurance in force or a major class thereof with another insurer by an agreement of assumption reinsurance. (2) However, an agreement shall not become effective unless filed with the Insurance Commissioner and approved by him or her in writing. (3) With regard to proposed transactions between a domestic stock insurer which is a subsidiary or affiliate of a depository institution, and another insurer, the determination of the commissioner shall be issued within the period required by federal law. (b) The commissioner shall approve the agreement within a reasonable time after the filing unless he or she finds that it is inequitable to the stockholders of the domestic insurer or would substantially reduce the protection or service to its policyholders. If the commissioner does not approve the agreement, he or she shall so notify the insurer in writing specifying his or her reasons therefor. Amended by Act 2019, No. 521,§ 20, eff. 7/24/2019. Acts 1959, No. 148, § 502; A.S.A. 1947, § 66-4250; Acts 2001, No. 1604, § 66.

(a) (1) A domestic stock insurer may reinsure all or substantially all of its insurance in force or a major class thereof with another insurer by an agreement of assumption reinsurance. (2) However, an agreement shall not become effective unless filed with the Insurance Commissioner and approved by him or her in writing. (3) With regard to proposed transactions between a domestic stock insurer which is a subsidiary or affiliate of a depository institution, and another insurer, the determination of the commissioner shall be issued within the period required by federal law.

(1) A domestic stock insurer may reinsure all or substantially all of its insurance in force or a major class thereof with another insurer by an agreement of assumption reinsurance.

(2) However, an agreement shall not become effective unless filed with the Insurance Commissioner and approved by him or her in writing.

(3) With regard to proposed transactions between a domestic stock insurer which is a subsidiary or affiliate of a depository institution, and another insurer, the determination of the commissioner shall be issued within the period required by federal law.

(b) The commissioner shall approve the agreement within a reasonable time after the filing unless he or she finds that it is inequitable to the stockholders of the domestic insurer or would substantially reduce the protection or service to its policyholders. If the commissioner does not approve the agreement, he or she shall so notify the insurer in writing specifying his or her reasons therefor.

Amended by Act 2019, No. 521,§ 20, eff. 7/24/2019.

Acts 1959, No. 148, § 502; A.S.A. 1947, § 66-4250; Acts 2001, No. 1604, § 66.