Ark. Code Ann. § 23-48-327 — AR Code / Title 23 / Chapter 48 / Subchapter 3 / Section 23-48-327
Registered office and registered agent for service of process
Status: in_force

(a) (1) A state bank may designate and maintain a registered office and registered agent for service of process by filing a written designation with the Bank Commissioner. (2) The registered office: (A) May be the same as any of the bank's places of business; and (B) Shall have the same address as the office of the registered agent. (3) The registered agent may be a: (A) Resident of the State of Arkansas; (B) State bank or domestic profit or nonprofit corporation; or (C) Foreign profit or nonprofit corporation authorized to transact business in this state. (4) The written designation shall contain the: (A) Name of the state bank; (B) Street address of the bank's registered office; and (C) Name of the bank's registered agent at the bank's registered office. (5) (A) The state bank may revoke the written designation by filing a statement of revocation with the commissioner. (B) The statement of revocation is effective thirty-one (31) days after filing. (b) (1) A state bank may change its registered office or registered agent by filing a statement of change with the commissioner that sets forth: (A) Its name; (B) The name and street address of its current registered office and registered agent; (C) The name and street address of its new registered agent and registered office; and (D) The new registered agent's written consent, either on the statement or attached to it, to the appointment. (2) A registered agent may change the street address of the registered office of any state bank to the agent's current office by: (A) Notifying the bank in writing of the change; and (B) Signing, either manually or by facsimile, and filing with the commissioner a statement of change that complies with the requirements of this subsection and recites that the bank has been notified of the change. (c) (1) The registered agent of a state bank may resign and discontinue the registered office by filing with the commissioner the original and two (2) exact or conformed copies of a signed statement of resignation. (2) The statement of resignation may include a statement that the registered office is discontinued. (3) The commissioner shall mail a filed copy of the statement to the registered office if not discontinued. (4) The commissioner shall mail the other filed copy to the main office of the state bank as listed on the records of the State Bank Department. (5) The termination of the registered agent's appointment and, if applicable, discontinuance of the registered office is effective thirty-one (31) days after the statement is filed. (d) The State Banking Board shall provide by rule a filing fee of not less than ten dollars ($10.00) nor more than fifty dollars ($50.00) for the filings under this section. (e) (1) If a state bank designates and maintains a registered office and registered agent under this section, then the registered agent is the state bank's exclusive agent for service of any process, notice, or demand required or permitted to be served on the bank. (2) If a state bank does not designate and maintain a registered office and registered agent under this section, then the president or chief executive officer of the state bank is the bank's agent for service of any process, notice, or demand required or permitted to be served on the state bank. Amended by Act 2017, No. 198,§ 9, eff. 8/1/2017. Acts 2005, No. 426, § 1.

(a) (1) A state bank may designate and maintain a registered office and registered agent for service of process by filing a written designation with the Bank Commissioner. (2) The registered office: (A) May be the same as any of the bank's places of business; and (B) Shall have the same address as the office of the registered agent. (3) The registered agent may be a: (A) Resident of the State of Arkansas; (B) State bank or domestic profit or nonprofit corporation; or (C) Foreign profit or nonprofit corporation authorized to transact business in this state. (4) The written designation shall contain the: (A) Name of the state bank; (B) Street address of the bank's registered office; and (C) Name of the bank's registered agent at the bank's registered office. (5) (A) The state bank may revoke the written designation by filing a statement of revocation with the commissioner. (B) The statement of revocation is effective thirty-one (31) days after filing.

(1) A state bank may designate and maintain a registered office and registered agent for service of process by filing a written designation with the Bank Commissioner.

(2) The registered office: (A) May be the same as any of the bank's places of business; and (B) Shall have the same address as the office of the registered agent.

(A) May be the same as any of the bank's places of business; and

(B) Shall have the same address as the office of the registered agent.

(3) The registered agent may be a: (A) Resident of the State of Arkansas; (B) State bank or domestic profit or nonprofit corporation; or (C) Foreign profit or nonprofit corporation authorized to transact business in this state.

(A) Resident of the State of Arkansas;

(B) State bank or domestic profit or nonprofit corporation; or

(C) Foreign profit or nonprofit corporation authorized to transact business in this state.

(4) The written designation shall contain the: (A) Name of the state bank; (B) Street address of the bank's registered office; and (C) Name of the bank's registered agent at the bank's registered office.

(A) Name of the state bank;

(B) Street address of the bank's registered office; and

(C) Name of the bank's registered agent at the bank's registered office.

(5) (A) The state bank may revoke the written designation by filing a statement of revocation with the commissioner. (B) The statement of revocation is effective thirty-one (31) days after filing.

(A) The state bank may revoke the written designation by filing a statement of revocation with the commissioner.

(B) The statement of revocation is effective thirty-one (31) days after filing.

(b) (1) A state bank may change its registered office or registered agent by filing a statement of change with the commissioner that sets forth: (A) Its name; (B) The name and street address of its current registered office and registered agent; (C) The name and street address of its new registered agent and registered office; and (D) The new registered agent's written consent, either on the statement or attached to it, to the appointment. (2) A registered agent may change the street address of the registered office of any state bank to the agent's current office by: (A) Notifying the bank in writing of the change; and (B) Signing, either manually or by facsimile, and filing with the commissioner a statement of change that complies with the requirements of this subsection and recites that the bank has been notified of the change.

(1) A state bank may change its registered office or registered agent by filing a statement of change with the commissioner that sets forth: (A) Its name; (B) The name and street address of its current registered office and registered agent; (C) The name and street address of its new registered agent and registered office; and (D) The new registered agent's written consent, either on the statement or attached to it, to the appointment.

(A) Its name;

(B) The name and street address of its current registered office and registered agent;

(C) The name and street address of its new registered agent and registered office; and

(D) The new registered agent's written consent, either on the statement or attached to it, to the appointment.

(2) A registered agent may change the street address of the registered office of any state bank to the agent's current office by: (A) Notifying the bank in writing of the change; and (B) Signing, either manually or by facsimile, and filing with the commissioner a statement of change that complies with the requirements of this subsection and recites that the bank has been notified of the change.

(A) Notifying the bank in writing of the change; and

(B) Signing, either manually or by facsimile, and filing with the commissioner a statement of change that complies with the requirements of this subsection and recites that the bank has been notified of the change.

(c) (1) The registered agent of a state bank may resign and discontinue the registered office by filing with the commissioner the original and two (2) exact or conformed copies of a signed statement of resignation. (2) The statement of resignation may include a statement that the registered office is discontinued. (3) The commissioner shall mail a filed copy of the statement to the registered office if not discontinued. (4) The commissioner shall mail the other filed copy to the main office of the state bank as listed on the records of the State Bank Department. (5) The termination of the registered agent's appointment and, if applicable, discontinuance of the registered office is effective thirty-one (31) days after the statement is filed.

(1) The registered agent of a state bank may resign and discontinue the registered office by filing with the commissioner the original and two (2) exact or conformed copies of a signed statement of resignation.

(2) The statement of resignation may include a statement that the registered office is discontinued.

(3) The commissioner shall mail a filed copy of the statement to the registered office if not discontinued.

(4) The commissioner shall mail the other filed copy to the main office of the state bank as listed on the records of the State Bank Department.

(5) The termination of the registered agent's appointment and, if applicable, discontinuance of the registered office is effective thirty-one (31) days after the statement is filed.

(d) The State Banking Board shall provide by rule a filing fee of not less than ten dollars ($10.00) nor more than fifty dollars ($50.00) for the filings under this section.

(e) (1) If a state bank designates and maintains a registered office and registered agent under this section, then the registered agent is the state bank's exclusive agent for service of any process, notice, or demand required or permitted to be served on the bank. (2) If a state bank does not designate and maintain a registered office and registered agent under this section, then the president or chief executive officer of the state bank is the bank's agent for service of any process, notice, or demand required or permitted to be served on the state bank.

(1) If a state bank designates and maintains a registered office and registered agent under this section, then the registered agent is the state bank's exclusive agent for service of any process, notice, or demand required or permitted to be served on the bank.

(2) If a state bank does not designate and maintain a registered office and registered agent under this section, then the president or chief executive officer of the state bank is the bank's agent for service of any process, notice, or demand required or permitted to be served on the state bank.

Amended by Act 2017, No. 198,§ 9, eff. 8/1/2017.

Acts 2005, No. 426, § 1.
Ark. Code Ann. § 23-89-504 — AR Code / Title 23 / Chapter 89 / Subchapter 5 / Section 23-89-504
Safety inspection and insurance required - Enforcement - Violations
Status: in_force

(a) It is unlawful for any person or entity to operate an amusement attraction or amusement ride unless the person or entity maintains liability insurance in the minimum amount required by this subchapter at all times during the operation of the amusement attraction or amusement ride in the state and unless the person has a current safety inspection report made at the time of set-up of the amusement attraction or amusement ride, but before use by the public. (b) (1) The Director of the Division of Labor may conduct examinations and investigations into the affairs of any person or entity subject to the provisions of this subchapter for the purpose of determining compliance with the provisions of this subchapter. (2) The Director of the Division of Labor shall administer and enforce the provisions of this subchapter. (3) The Director of the Division of Labor shall promulgate rules for the proper administration and enforcement of this subchapter, including rules establishing minimum safety requirements for the operation and maintenance of amusement rides and amusement attractions. (4) The Director of the Division of Labor shall employ amusement ride inspectors certified by the National Association of Amusement Ride Safety Officials. (c) If the Director of the Division of Labor finds that an operator or owner has failed to comply with the provisions of this subchapter, he or she may order the operator or owner to immediately cease operating the amusement attraction or amusement ride and may impose upon the operator or owner an administrative penalty of not more than ten thousand dollars ($10,000). (d) (1) If the Director of the Division of Labor finds that an operator or owner failed to comply with the provisions of this subchapter, he or she shall so inform the prosecuting attorney in whose district any purported violation may have occurred. (2) (A) Upon conviction, the operator or owner shall be guilty of a Class A misdemeanor. (B) Upon conviction of a knowing violation, the operator or owner shall be guilty of a Class D felony. (3) Each day of violation shall constitute a separate offense. (e) The Director of the Division of Labor shall have authority to bring a civil action in any court of competent jurisdiction, without payment of costs or giving bond for costs, to recover any administrative penalty imposed pursuant to this subchapter or to recover any delinquent fees owed pursuant to this subchapter. (f) The Director of the Division of Labor and his or her deputies, assistants, examiners, and employees and the Director of the Division of Arkansas State Police and his or her deputies, officers, assistants, and employees and any public law enforcement officer shall not be liable for any damages occurring as a result of the implementation of this subchapter. Amended by Act 2019, No. 315,§ 2762, eff. 7/24/2019. Amended by Act 2019, No. 910,§ 5506, eff. 7/1/2019. Acts 1983, No. 837, § 8; A.S.A. 1947, § 66-5908; Acts 1987, No. 839, § 4; 1995, No. 631, § 2; 2001, No. 1365, § 2; 2005, No. 1994, § 458.

(a) It is unlawful for any person or entity to operate an amusement attraction or amusement ride unless the person or entity maintains liability insurance in the minimum amount required by this subchapter at all times during the operation of the amusement attraction or amusement ride in the state and unless the person has a current safety inspection report made at the time of set-up of the amusement attraction or amusement ride, but before use by the public.

(b) (1) The Director of the Division of Labor may conduct examinations and investigations into the affairs of any person or entity subject to the provisions of this subchapter for the purpose of determining compliance with the provisions of this subchapter. (2) The Director of the Division of Labor shall administer and enforce the provisions of this subchapter. (3) The Director of the Division of Labor shall promulgate rules for the proper administration and enforcement of this subchapter, including rules establishing minimum safety requirements for the operation and maintenance of amusement rides and amusement attractions. (4) The Director of the Division of Labor shall employ amusement ride inspectors certified by the National Association of Amusement Ride Safety Officials.

(1) The Director of the Division of Labor may conduct examinations and investigations into the affairs of any person or entity subject to the provisions of this subchapter for the purpose of determining compliance with the provisions of this subchapter.

(2) The Director of the Division of Labor shall administer and enforce the provisions of this subchapter.

(3) The Director of the Division of Labor shall promulgate rules for the proper administration and enforcement of this subchapter, including rules establishing minimum safety requirements for the operation and maintenance of amusement rides and amusement attractions.

(4) The Director of the Division of Labor shall employ amusement ride inspectors certified by the National Association of Amusement Ride Safety Officials.

(c) If the Director of the Division of Labor finds that an operator or owner has failed to comply with the provisions of this subchapter, he or she may order the operator or owner to immediately cease operating the amusement attraction or amusement ride and may impose upon the operator or owner an administrative penalty of not more than ten thousand dollars ($10,000).

(d) (1) If the Director of the Division of Labor finds that an operator or owner failed to comply with the provisions of this subchapter, he or she shall so inform the prosecuting attorney in whose district any purported violation may have occurred. (2) (A) Upon conviction, the operator or owner shall be guilty of a Class A misdemeanor. (B) Upon conviction of a knowing violation, the operator or owner shall be guilty of a Class D felony. (3) Each day of violation shall constitute a separate offense.

(1) If the Director of the Division of Labor finds that an operator or owner failed to comply with the provisions of this subchapter, he or she shall so inform the prosecuting attorney in whose district any purported violation may have occurred.

(2) (A) Upon conviction, the operator or owner shall be guilty of a Class A misdemeanor. (B) Upon conviction of a knowing violation, the operator or owner shall be guilty of a Class D felony.

(A) Upon conviction, the operator or owner shall be guilty of a Class A misdemeanor.

(B) Upon conviction of a knowing violation, the operator or owner shall be guilty of a Class D felony.

(3) Each day of violation shall constitute a separate offense.

(e) The Director of the Division of Labor shall have authority to bring a civil action in any court of competent jurisdiction, without payment of costs or giving bond for costs, to recover any administrative penalty imposed pursuant to this subchapter or to recover any delinquent fees owed pursuant to this subchapter.

(f) The Director of the Division of Labor and his or her deputies, assistants, examiners, and employees and the Director of the Division of Arkansas State Police and his or her deputies, officers, assistants, and employees and any public law enforcement officer shall not be liable for any damages occurring as a result of the implementation of this subchapter.

Amended by Act 2019, No. 315,§ 2762, eff. 7/24/2019.

Amended by Act 2019, No. 910,§ 5506, eff. 7/1/2019.

Acts 1983, No. 837, § 8; A.S.A. 1947, § 66-5908; Acts 1987, No. 839, § 4; 1995, No. 631, § 2; 2001, No. 1365, § 2; 2005, No. 1994, § 458.
Ark. Code Ann. § 23-13-721 — AR Code / Title 23 / Chapter 13 / Subchapter 7 / Section 23-13-721
Penalties
Status: in_force

(a) The Arkansas Public Service Commission may levy a fine not to exceed: (1) One thousand dollars ($1,000) for a violation of this subchapter; and (2) Five thousand dollars ($5,000) for a knowing violation of this subchapter. (b) To determine the amount of the fine, the commission shall consider relevant factors, including without limitation: (1) The appropriateness of the penalty to the size of the business of the transportation network company charged with the violation; (2) The severity of the violation; (3) The good faith of the transportation network company charged with the violation in attempting to achieve compliance with this subchapter after being notified of the violation; and (4) Any history of previous violations of this subchapter by the transportation network company charged with the violation. Added by Act 2015, No. 1050,§ 1, eff. 7/22/2015.

(a) The Arkansas Public Service Commission may levy a fine not to exceed: (1) One thousand dollars ($1,000) for a violation of this subchapter; and (2) Five thousand dollars ($5,000) for a knowing violation of this subchapter.

(1) One thousand dollars ($1,000) for a violation of this subchapter; and

(2) Five thousand dollars ($5,000) for a knowing violation of this subchapter.

(b) To determine the amount of the fine, the commission shall consider relevant factors, including without limitation: (1) The appropriateness of the penalty to the size of the business of the transportation network company charged with the violation; (2) The severity of the violation; (3) The good faith of the transportation network company charged with the violation in attempting to achieve compliance with this subchapter after being notified of the violation; and (4) Any history of previous violations of this subchapter by the transportation network company charged with the violation.

(1) The appropriateness of the penalty to the size of the business of the transportation network company charged with the violation;

(2) The severity of the violation;

(3) The good faith of the transportation network company charged with the violation in attempting to achieve compliance with this subchapter after being notified of the violation; and

(4) Any history of previous violations of this subchapter by the transportation network company charged with the violation.

Added by Act 2015, No. 1050,§ 1, eff. 7/22/2015.
Ark. Code Ann. § 23-112-704 — AR Code / Title 23 / Chapter 112 / Subchapter 7 / Section 23-112-704
Computing time
Status: in_force

In computing the lapse of three (3) working days under this subchapter, the day of the occurrence of delivery of the motor vehicle to the dealer by the manufacturer or distributor or the day of notification of the damage to the manufacturer or distributor by the dealer, as described in § 23-112-703 , is not to be included, but the last working day of the period so computed is to be included. Acts 1991, No. 952, § 4.

In computing the lapse of three (3) working days under this subchapter, the day of the occurrence of delivery of the motor vehicle to the dealer by the manufacturer or distributor or the day of notification of the damage to the manufacturer or distributor by the dealer, as described in § 23-112-703 , is not to be included, but the last working day of the period so computed is to be included.

Acts 1991, No. 952, § 4.
Ark. Code Ann. § 23-47-401 — AR Code / Title 23 / Chapter 47 / Subchapter 4 / Section 23-47-401
Investment powers and limitations
Status: in_force

(a) A state bank may invest its funds without limitation in the following: (1) Direct obligations of the United States Government; (2) Obligations of agencies and instrumentalities created by act of Congress and authorized thereby to issue securities or evidences of indebtedness, regardless of guarantee of repayment by the United States Government; (3) Obligations the principal and interest of which are fully guaranteed by the United States Government or an agency or an instrumentality created by an act of the United States Congress and authorized thereby to issue such a guarantee; (4) Obligations the principal and interest of which are fully secured, insured, or covered by commitments or agreements to purchase by the United States Government or an agency or instrumentality created by an act of the United States Congress and authorized thereby to issue such commitments or agreements; (5) General obligations of the states of the United States and of the political subdivisions, municipalities, commonwealths, territories, or insular possessions thereof; (6) Obligations issued by the State Board of Education under authority of the Arkansas Constitution or applicable statutes; (7) Warrants of political subdivisions of the State of Arkansas and municipalities thereof having maturities not exceeding one (1) year; (8) Prerefunded municipal bonds, the principal and interest of which are fully secured by the principal and interest of a direct obligation of the United States Government; (9) The sale of federal funds with a maturity of not more than one (1) business day; (10) Demand, savings, or time deposits or accounts of any depository institution chartered by the United States, any state of the United States, or the District of Columbia, provided funds invested in such demand, savings, or time deposits or accounts are fully insured by a federal deposit insurance agency; (11) Repurchase agreements that are fully collateralized by direct obligations of the United States Government, and general obligations of any state of the United States or any political subdivision thereof, provided that the repurchase agreement shall provide for the taking of delivery of the collateral, either directly or through an authorized custodian; and (12) Securities of, or other interest in, any open-end type investment company or investment trust registered under the Investment Company Act of 1940, and which is defined as a "money market fund" under 17 C.F.R. § 270.2a-7 , provided that the portfolio of the investment company or investment trust is limited principally to United States Government obligations and to repurchase agreements fully collateralized by United States Government obligations, and provided further that the investment company or investment trust shall take delivery of the collateral either directly or through an authorized custodian. (b) A state bank may invest no more than twenty percent (20%) of its capital base in any single investment of the following types: (1) Corporate debt obligations, including commercial paper, of any corporation that is not an affiliate or subsidiary of the bank; (2) Revenue bond issues of any state of the United States or any municipality or any political subdivision thereof; (3) Industrial development bonds for corporate obligors issued through any state of the United States or any political subdivision thereof; (4) Securities of, or other interests in, an open-end or closed-end management type investment company or investment trust registered under the Investment Company Act of 1940, provided that the portfolio of such an investment company or investment trust is limited to United States Government obligations and to repurchase agreements fully collateralized by United States Government obligations, and provided further that any such investment company or investment trust shall take the delivery of the collateral either directly or through an authorized custodian; (5) Securities or other interests issued, assumed, or guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the European Bank for Reconstruction and Development, the Asian Development Bank, or the African Development Bank Group; and (6) Uninsured demand, savings, or time deposits or accounts of any depository institution chartered by the United States, any state of the United States, or the District of Columbia. (c) Subject to such additional restrictions and limitations as may be imposed by the Bank Commissioner, a state bank may invest in any other investment securities which are not described in subsection (a) or subsection (b) of this section to the extent that such investment securities are authorized for national banks. (d) A state bank may invest in any investment not described in subsections (a) and (b) of this section as may be authorized by State Bank Department rules. Amended by Act 2019, No. 315,§ 2537, eff. 7/24/2019. Acts 1997, No. 89, § 1.

(a) A state bank may invest its funds without limitation in the following: (1) Direct obligations of the United States Government; (2) Obligations of agencies and instrumentalities created by act of Congress and authorized thereby to issue securities or evidences of indebtedness, regardless of guarantee of repayment by the United States Government; (3) Obligations the principal and interest of which are fully guaranteed by the United States Government or an agency or an instrumentality created by an act of the United States Congress and authorized thereby to issue such a guarantee; (4) Obligations the principal and interest of which are fully secured, insured, or covered by commitments or agreements to purchase by the United States Government or an agency or instrumentality created by an act of the United States Congress and authorized thereby to issue such commitments or agreements; (5) General obligations of the states of the United States and of the political subdivisions, municipalities, commonwealths, territories, or insular possessions thereof; (6) Obligations issued by the State Board of Education under authority of the Arkansas Constitution or applicable statutes; (7) Warrants of political subdivisions of the State of Arkansas and municipalities thereof having maturities not exceeding one (1) year; (8) Prerefunded municipal bonds, the principal and interest of which are fully secured by the principal and interest of a direct obligation of the United States Government; (9) The sale of federal funds with a maturity of not more than one (1) business day; (10) Demand, savings, or time deposits or accounts of any depository institution chartered by the United States, any state of the United States, or the District of Columbia, provided funds invested in such demand, savings, or time deposits or accounts are fully insured by a federal deposit insurance agency; (11) Repurchase agreements that are fully collateralized by direct obligations of the United States Government, and general obligations of any state of the United States or any political subdivision thereof, provided that the repurchase agreement shall provide for the taking of delivery of the collateral, either directly or through an authorized custodian; and (12) Securities of, or other interest in, any open-end type investment company or investment trust registered under the Investment Company Act of 1940, and which is defined as a "money market fund" under 17 C.F.R. § 270.2a-7 , provided that the portfolio of the investment company or investment trust is limited principally to United States Government obligations and to repurchase agreements fully collateralized by United States Government obligations, and provided further that the investment company or investment trust shall take delivery of the collateral either directly or through an authorized custodian.

(1) Direct obligations of the United States Government;

(2) Obligations of agencies and instrumentalities created by act of Congress and authorized thereby to issue securities or evidences of indebtedness, regardless of guarantee of repayment by the United States Government;

(3) Obligations the principal and interest of which are fully guaranteed by the United States Government or an agency or an instrumentality created by an act of the United States Congress and authorized thereby to issue such a guarantee;

(4) Obligations the principal and interest of which are fully secured, insured, or covered by commitments or agreements to purchase by the United States Government or an agency or instrumentality created by an act of the United States Congress and authorized thereby to issue such commitments or agreements;

(5) General obligations of the states of the United States and of the political subdivisions, municipalities, commonwealths, territories, or insular possessions thereof;

(6) Obligations issued by the State Board of Education under authority of the Arkansas Constitution or applicable statutes;

(7) Warrants of political subdivisions of the State of Arkansas and municipalities thereof having maturities not exceeding one (1) year;

(8) Prerefunded municipal bonds, the principal and interest of which are fully secured by the principal and interest of a direct obligation of the United States Government;

(9) The sale of federal funds with a maturity of not more than one (1) business day;

(10) Demand, savings, or time deposits or accounts of any depository institution chartered by the United States, any state of the United States, or the District of Columbia, provided funds invested in such demand, savings, or time deposits or accounts are fully insured by a federal deposit insurance agency;

(11) Repurchase agreements that are fully collateralized by direct obligations of the United States Government, and general obligations of any state of the United States or any political subdivision thereof, provided that the repurchase agreement shall provide for the taking of delivery of the collateral, either directly or through an authorized custodian; and

(12) Securities of, or other interest in, any open-end type investment company or investment trust registered under the Investment Company Act of 1940, and which is defined as a "money market fund" under 17 C.F.R. § 270.2a-7 , provided that the portfolio of the investment company or investment trust is limited principally to United States Government obligations and to repurchase agreements fully collateralized by United States Government obligations, and provided further that the investment company or investment trust shall take delivery of the collateral either directly or through an authorized custodian.

(b) A state bank may invest no more than twenty percent (20%) of its capital base in any single investment of the following types: (1) Corporate debt obligations, including commercial paper, of any corporation that is not an affiliate or subsidiary of the bank; (2) Revenue bond issues of any state of the United States or any municipality or any political subdivision thereof; (3) Industrial development bonds for corporate obligors issued through any state of the United States or any political subdivision thereof; (4) Securities of, or other interests in, an open-end or closed-end management type investment company or investment trust registered under the Investment Company Act of 1940, provided that the portfolio of such an investment company or investment trust is limited to United States Government obligations and to repurchase agreements fully collateralized by United States Government obligations, and provided further that any such investment company or investment trust shall take the delivery of the collateral either directly or through an authorized custodian; (5) Securities or other interests issued, assumed, or guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the European Bank for Reconstruction and Development, the Asian Development Bank, or the African Development Bank Group; and (6) Uninsured demand, savings, or time deposits or accounts of any depository institution chartered by the United States, any state of the United States, or the District of Columbia.

(1) Corporate debt obligations, including commercial paper, of any corporation that is not an affiliate or subsidiary of the bank;

(2) Revenue bond issues of any state of the United States or any municipality or any political subdivision thereof;

(3) Industrial development bonds for corporate obligors issued through any state of the United States or any political subdivision thereof;

(4) Securities of, or other interests in, an open-end or closed-end management type investment company or investment trust registered under the Investment Company Act of 1940, provided that the portfolio of such an investment company or investment trust is limited to United States Government obligations and to repurchase agreements fully collateralized by United States Government obligations, and provided further that any such investment company or investment trust shall take the delivery of the collateral either directly or through an authorized custodian;

(5) Securities or other interests issued, assumed, or guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the European Bank for Reconstruction and Development, the Asian Development Bank, or the African Development Bank Group; and

(6) Uninsured demand, savings, or time deposits or accounts of any depository institution chartered by the United States, any state of the United States, or the District of Columbia.

(c) Subject to such additional restrictions and limitations as may be imposed by the Bank Commissioner, a state bank may invest in any other investment securities which are not described in subsection (a) or subsection (b) of this section to the extent that such investment securities are authorized for national banks.

(d) A state bank may invest in any investment not described in subsections (a) and (b) of this section as may be authorized by State Bank Department rules.

Amended by Act 2019, No. 315,§ 2537, eff. 7/24/2019.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-112-103 — AR Code / Title 23 / Chapter 112 / Subchapter 1 / Section 23-112-103
Definitions
Status: in_force

As used in this chapter: (1) "Advertisement" means an oral, written, telecommunicated, graphic, pictorial, or other statement made in the course of soliciting business, including without limitation, a statement or representation made in a newspaper, magazine, internet, or other publication or contained in a notice, sign, poster, display, circular, pamphlet, letter, or flyer, or made via radio, television, or any other medium; (2) "All-terrain vehicle" means a motor vehicle that: (A) Is an off-highway vehicle: (i) Fifty inches (50") or less in width, having a dry weight of nine hundred pounds (900 lbs.) or less, and traveling on three (3) or more low-pressure tires, with a seat designed to be straddled by the operator, a Class 1 all-terrain vehicle; or (ii) With a width that exceeds forty-five inches (45") or having a dry weight that exceeds six hundred pounds (600 lbs.), traveling on four (4) or more low-profile, low-pressure tires, and having a bench seat or one (1) or more bucket seats, a Class 2 all-terrain vehicle; (B) Has a seat for the operator and any passenger and handlebars or other steering mechanism for control; and (C) Is used for any purpose, including, but not limited to, off-road, amphibious, or recreational travel; (3) "Auto auction" means: (A) Any person who operates or provides a place of business or facilities for the wholesale exchange of motor vehicles by and between duly licensed motor vehicle dealers; (B) Any motor vehicle dealer licensed to sell used motor vehicles, selling motor vehicles using an auction format but not on consignment; and (C) Any person who provides the facilities for or is in the business of selling motor vehicles in an auction format; (4) "Branch location" means a secondary location: (A) Identified in a license issued by the Arkansas Motor Vehicle Commission to a motor vehicle dealer; and (B) Which is an established place of business other than the licensed location; (5) "Broker" means a person who for any valuable consideration, whether received directly or indirectly, arranges or offers to arrange a transaction involving the sale, for purposes other than resale, of a new motor vehicle, and who is not: (A) A dealer or bona fide employee of a new motor vehicle dealer when acting on behalf of a new motor vehicle dealer; (B) A representative or bona fide employee of a manufacturer, factory branch, or factory representative when acting on behalf of a manufacturer, factory branch, or factory representative; (C) A representative or bona fide employee of a distributor or distributor branch when acting on behalf of a distributor or distributor branch; or (D) At any point in the transaction, the bona fide owner of the vehicle involved in the transaction; (6) (A) "Coerce" means compelling or attempting to compel by threatening, retaliating, using economic force, or by not performing or complying with: (i) Any terms or provisions of the franchise or sales and service agreement; (ii) The terms of this chapter; or (iii) The rules promulgated by the Arkansas Motor Vehicle Commission. (B) "Coerce" does not mean recommending, exposing, persuading, urging, or arguing; (7) "Commission" means the Arkansas Motor Vehicle Commission created by this chapter; (8) "Conversion" means a motor vehicle other than an exempted specialty vehicle that is substantially modified by a person, firm, or corporation other than the manufacturer or distributor of the chassis of the motor vehicle and that has not been the subject of a retail sale; (9) "Distributor" means any person, resident or nonresident, who, in whole or in part, sells or distributes new motor vehicles to motor vehicle dealers or who maintains distributor representatives; (10) "Distributor branch" means a branch or division office similarly maintained by a distributor for the same purposes a factory branch or division is maintained; (11) "Distributor representative" means a representative similarly employed by a distributor or distributor branch; (12) "Factory branch" means a branch or division office maintained by a person, firm, association, corporation, or trust who manufactures or assembles new motor vehicles for sale to distributors, to motor vehicle dealers, or for directing or supervising, in whole or in part, its representatives; (13) "Factory representative" means a representative employed by a: (A) Person, firm, association, corporation, or trust that manufactures or assembles new motor vehicles; or (B) Factory branch, for the purpose of making or promoting the sale of its new motor vehicles or for supervising or contacting its dealers or prospective dealers; (14) "Franchise" means one (1) or more contracts between a franchised dealer as franchisee and either a manufacturer or a distributor, importer, second-stage manufacturer, or converter as franchiser under which: (A) The franchisee is granted the right to sell, service, or sell and service new motor vehicles manufactured or distributed by the franchiser; (B) The franchisee as an independent business is a component of the franchiser's distribution system; (C) The franchise is substantially associated with the franchiser's trademark, trade name, or commercial symbol; (D) The franchisee's business is substantially reliant on the franchiser for a continued supply of motor vehicles, parts, or accessories for the conduct of its business; or (E) (i) Any right, duty, or obligation granted or imposed by this chapter is affected. (ii) "Franchise" includes: (a) A written communication from a franchiser to a franchisee by which a duty is imposed upon the franchisee; or (b) Any separate written agreement between the franchisee and the franchiser that materially affects the franchise, as defined in this subdivision (14), whether entered into: (1) Contemporaneously with the creation of the franchise; or (2) Subsequent to the date the franchise was created; (15) "Good faith" means the duty of each party to any franchise and all officers, employees, or agents thereof to act in a fair and equitable manner toward each other so as to guarantee the one party freedom from coercion, intimidation, or threats of coercion or intimidation from the other party; (16) "Licensed location" means the address designated as the primary business address of the motor vehicle dealer on the application submitted for approval of licensure; (17) "Line make of a motor vehicle" means a group or series of motor vehicles that have the same brand identification or brand name, based upon the manufacturer's trademark, trade name, or logo; (18) "Low speed vehicle" means a motor vehicle: (A) That is four-wheeled; (B) That has an attainable speed in one (1) mile of more than twenty miles per hour (20 m.p.h.) but not more than twenty-five miles per hour (25 m.p.h.) on a paved level surface; and (C) With a gross vehicle weight of less than three thousand pounds (3,000 lbs.); (19) "Manufacturer" means any person, firm, association, corporation, or trust, resident or nonresident, that manufactures or assembles new motor vehicles; (20) "Motor vehicle" means a self-propelled vehicle having two (2) or more wheels that has as its primary purpose the transportation of a person, including without limitation all-terrain vehicles, automobiles, trucks, motorcycles, motor-driven cycles, motor scooters, and low speed vehicles; (21) (A) (i) "Motor vehicle dealer" means a person that is: (a) Engaged in the business of selling, offering to sell, soliciting, or advertising the sale of servicing or repairing motor vehicles under a manufacturer's warranty; and (b) Located at an established and permanent place of business under a franchise, sales and service agreement, or a bona fide contract in effect with a manufacturer or distributor. (ii) "Motor vehicle dealer" includes any person engaged in the business of selling, offering to sell, soliciting, or advertising the sale, regardless of the medium used, of commercial buses, school buses, or other multipassenger motor vehicles, or possessing them for the purpose of resale. (B) "Motor vehicle dealer" does not include: (i) Receivers, trustees, administrators, executors, guardians, or other persons appointed by or acting under judgment, decree, or order of any court; (ii) Public officers while performing their duties as officers; (iii) Employees of persons, corporations, or associations enumerated in subdivision (21)(B)(i) of this section when engaged in the specific performance of their duties as employees; (iv) Specialty vehicle dealers; (v) Financial institutions engaged in the leasing of motor vehicles; or (vi) Used motor vehicle dealers licensed by the state under § 23-112-601 et seq.; (22) "Motor vehicle lessor" means any person not excluded by subdivision (21) of this section engaged in the motor vehicle leasing or rental business; (23) [Repealed.] (24) "New motor vehicle" means any motor vehicle, the legal title to which has never been transferred by a manufacturer, distributor, or franchised new motor vehicle dealer to an ultimate purchaser; (25) "Off premises" means a location other than the address designated as the licensed location; (26) "Person" means and includes, individually and collectively, individuals, firms, partnerships, copartnerships, associations, corporations, trusts, or any other form of business enterprise, or any legal entity; (27) (A) "Relevant market area" means the area within a radius surrounding an existing dealer or the area of responsibility defined in the franchise and on file in the commission office, whichever is greater. (B) (i) For all licensed new motor vehicle dealers, excluding motorcycles, motorized cycles, and motor-driven all-terrain vehicles, which include two-wheeled, three-wheeled, four-wheeled, six-wheeled, or eight-wheeled motorcycles, motorized cycles, and motor-driven all-terrain vehicles, the relevant market area shall be a radius of twenty (20) miles. (ii) However, when a manufacturer is seeking to establish an additional new motor vehicle dealer, the relevant market area shall in all instances be the area within a radius of ten (10) miles around an existing dealer. (C) For all licensed new motor vehicle dealers of motorcycles, motorized cycles, and motor-driven all-terrain vehicles, which include two-wheeled, three-wheeled, four-wheeled, six-wheeled, or eight-wheeled motorcycles, motorized cycles, and motor-driven all-terrain vehicles, the relevant market area shall in all instances be the area within a radius of thirty (30) miles around an existing dealer or the area of responsibility defined in the franchise and on file in the commission office, whichever is greater; (28) "Retail sale" or "sale at retail" means the act or attempted act of selling, bartering, exchanging, or otherwise disposing of a new motor vehicle to an ultimate purchaser for use as a consumer; (29) "Second-stage manufacturer" or "converter" means a person, firm, or corporation that, prior to retail sale of a motor vehicle: (A) Assembles, installs, or affixes a body, cab, or special equipment to a chassis; or (B) Substantially adds to, subtracts from, or modifies a previously assembled or manufactured motor vehicle; (30) (A) "Specialty vehicle" means a motor vehicle manufactured by a second-stage manufacturer by purchasing motor vehicle components, for example, frame and drive train, and completing the manufacture of finished motor vehicles for the purpose of resale, with the primary manufacturer warranty unimpaired, to a limited commercial market rather than the consuming public. (B) "Specialty vehicle" includes garbage trucks, ambulances, fire trucks, limousines, hearses, and other similar limited-purpose vehicles as the commission may by rule provide; (31) "Temporary permit" means a license issued for one (1) week or less to a motor vehicle dealer who is licensed in another state for the purpose of displaying, offering to sell, selling, and soliciting the sales of motor vehicles at the time and place designated by the commission and only at an approved motor vehicle show in this state; (32) (A) "Ultimate purchaser" means, with respect to any new motor vehicle, the first person, other than a motor vehicle dealer purchasing in his or her capacity as a dealer, who in good faith purchases the new motor vehicle for purposes other than resale. (B) "Ultimate purchaser" shall not include a person who purchases a vehicle for purposes of altering or remanufacturing the motor vehicle for future resale; (33) (A) "Used motor vehicle" means a motor vehicle: (i) For which title has been sold, bargained, exchanged, given away, or transferred from the person or corporation who first took ownership from the manufacturer, distributor, dealer, or agents thereof; or (ii) So used as to have become what is commonly known as a "second hand motor vehicle" or a "previously owned motor vehicle". (B) A new motor vehicle shall not be considered a used motor vehicle unless the motor vehicle has been: (i) Placed in actual operation; and (ii) Not held for resale by an owner that has: (a) Been granted a certificate of title; and (b) Registered the motor vehicle under the Motor Vehicle Administration, Certificate of Title, and Antitheft Act, § 27-14-101 et seq.; (34) "Used motor vehicle dealer" means any person, wholesaler, or auto auctioneer who, for a commission or with the intent to make a profit or gain of money or other thing of value: (A) Sells, exchanges, rents, or leases with the option to purchase or own, or attempts to negotiate a sale or exchange of an interest in any used motor vehicle; or (B) Is wholly or in part in the business of buying, selling, trading, or exchanging used motor vehicles, whether or not the used motor vehicles are owned by the person; (35) (A) "Wholesaler" means any person, resident or nonresident, not excluded by subdivision (21) of this section, who, in whole or in part, sells used motor vehicles to motor vehicle dealers or purchases used vehicles for the purpose of resale. (B) However, motor vehicle dealers who, incidental to their primary business, sell motor vehicles to other dealers are not considered wholesalers because of the incidental sales; (36) "Stop-sale order" or "do-not-drive order" means a notification issued by a manufacturer to the manufacturer's franchised new motor vehicle dealers stating that certain used motor vehicles in inventory shall not be sold or leased, at either retail or wholesale prices, due to a: (A) Federal safety recall for a defect or noncompliance; or (B) Federal emissions recall; and (37) "Digital platforms" means an online exchange of information, goods, and services between a dealer and a consumer that facilitates retail commercial interactions. Amended by Act 2021, No. 1077,§ 2, eff. 7/28/2021. Amended by Act 2021, No. 1077,§ 1, eff. 7/28/2021. Amended by Act 2021, No. 504,§ 3, eff. 7/28/2021. Amended by Act 2019, No. 315,§ 2825, eff. 7/24/2019. Amended by Act 2019, No. 924,§ 1, eff. 7/24/2019. Amended by Act 2015, No. 1164,§ 7, eff. 7/22/2015. Amended by Act 2015, No. 1055,§ 2, eff. 7/22/2015. Amended by Act 2015, No. 1055,§ 1, eff. 7/22/2015. Amended by Act 2013, No. 1043,§ 2, eff. 1/1/2014. Amended by Act 2013, No. 1043,§ 1, eff. 1/1/2014. Amended by Act 2013, No. 561,§ 2, eff. 8/16/2013. Amended by Act 2013, No. 561,§ 1, eff. 8/16/2013. Acts 1975, No. 388, § 3; 1985, No. 1032, § 1; 1985, No. 1058, § 1; A.S.A. 1947, § 75-2303; Acts 1987, No. 620, § 1; 1987, No. 645, §§ 1, 2; 1989, No. 65, §§ 1-3; 1989, No. 509, § 1; 1991, No. 411, § 3; 1991, No. 890, §§ 1-3; 1993, No. 383, § 5; 1997, No. 1154, §§ 3-7; 1999, No. 1042, § 1; 2001, No. 1053, § 1; 2003, No. 1098, §§ 1, 2; 2009, No. 756, §§ 1-5; 2011, No. 1005, §§ 1-3.

As used in this chapter:

(1) "Advertisement" means an oral, written, telecommunicated, graphic, pictorial, or other statement made in the course of soliciting business, including without limitation, a statement or representation made in a newspaper, magazine, internet, or other publication or contained in a notice, sign, poster, display, circular, pamphlet, letter, or flyer, or made via radio, television, or any other medium;

(2) "All-terrain vehicle" means a motor vehicle that: (A) Is an off-highway vehicle: (i) Fifty inches (50") or less in width, having a dry weight of nine hundred pounds (900 lbs.) or less, and traveling on three (3) or more low-pressure tires, with a seat designed to be straddled by the operator, a Class 1 all-terrain vehicle; or (ii) With a width that exceeds forty-five inches (45") or having a dry weight that exceeds six hundred pounds (600 lbs.), traveling on four (4) or more low-profile, low-pressure tires, and having a bench seat or one (1) or more bucket seats, a Class 2 all-terrain vehicle; (B) Has a seat for the operator and any passenger and handlebars or other steering mechanism for control; and (C) Is used for any purpose, including, but not limited to, off-road, amphibious, or recreational travel;

(A) Is an off-highway vehicle: (i) Fifty inches (50") or less in width, having a dry weight of nine hundred pounds (900 lbs.) or less, and traveling on three (3) or more low-pressure tires, with a seat designed to be straddled by the operator, a Class 1 all-terrain vehicle; or (ii) With a width that exceeds forty-five inches (45") or having a dry weight that exceeds six hundred pounds (600 lbs.), traveling on four (4) or more low-profile, low-pressure tires, and having a bench seat or one (1) or more bucket seats, a Class 2 all-terrain vehicle;

(i) Fifty inches (50") or less in width, having a dry weight of nine hundred pounds (900 lbs.) or less, and traveling on three (3) or more low-pressure tires, with a seat designed to be straddled by the operator, a Class 1 all-terrain vehicle; or

(ii) With a width that exceeds forty-five inches (45") or having a dry weight that exceeds six hundred pounds (600 lbs.), traveling on four (4) or more low-profile, low-pressure tires, and having a bench seat or one (1) or more bucket seats, a Class 2 all-terrain vehicle;

(B) Has a seat for the operator and any passenger and handlebars or other steering mechanism for control; and

(C) Is used for any purpose, including, but not limited to, off-road, amphibious, or recreational travel;

(3) "Auto auction" means: (A) Any person who operates or provides a place of business or facilities for the wholesale exchange of motor vehicles by and between duly licensed motor vehicle dealers; (B) Any motor vehicle dealer licensed to sell used motor vehicles, selling motor vehicles using an auction format but not on consignment; and (C) Any person who provides the facilities for or is in the business of selling motor vehicles in an auction format;

(A) Any person who operates or provides a place of business or facilities for the wholesale exchange of motor vehicles by and between duly licensed motor vehicle dealers;

(B) Any motor vehicle dealer licensed to sell used motor vehicles, selling motor vehicles using an auction format but not on consignment; and

(C) Any person who provides the facilities for or is in the business of selling motor vehicles in an auction format;

(4) "Branch location" means a secondary location: (A) Identified in a license issued by the Arkansas Motor Vehicle Commission to a motor vehicle dealer; and (B) Which is an established place of business other than the licensed location;

(A) Identified in a license issued by the Arkansas Motor Vehicle Commission to a motor vehicle dealer; and

(B) Which is an established place of business other than the licensed location;

(5) "Broker" means a person who for any valuable consideration, whether received directly or indirectly, arranges or offers to arrange a transaction involving the sale, for purposes other than resale, of a new motor vehicle, and who is not: (A) A dealer or bona fide employee of a new motor vehicle dealer when acting on behalf of a new motor vehicle dealer; (B) A representative or bona fide employee of a manufacturer, factory branch, or factory representative when acting on behalf of a manufacturer, factory branch, or factory representative; (C) A representative or bona fide employee of a distributor or distributor branch when acting on behalf of a distributor or distributor branch; or (D) At any point in the transaction, the bona fide owner of the vehicle involved in the transaction;

(A) A dealer or bona fide employee of a new motor vehicle dealer when acting on behalf of a new motor vehicle dealer;

(B) A representative or bona fide employee of a manufacturer, factory branch, or factory representative when acting on behalf of a manufacturer, factory branch, or factory representative;

(C) A representative or bona fide employee of a distributor or distributor branch when acting on behalf of a distributor or distributor branch; or

(D) At any point in the transaction, the bona fide owner of the vehicle involved in the transaction;

(6) (A) "Coerce" means compelling or attempting to compel by threatening, retaliating, using economic force, or by not performing or complying with: (i) Any terms or provisions of the franchise or sales and service agreement; (ii) The terms of this chapter; or (iii) The rules promulgated by the Arkansas Motor Vehicle Commission. (B) "Coerce" does not mean recommending, exposing, persuading, urging, or arguing;

(A) "Coerce" means compelling or attempting to compel by threatening, retaliating, using economic force, or by not performing or complying with: (i) Any terms or provisions of the franchise or sales and service agreement; (ii) The terms of this chapter; or (iii) The rules promulgated by the Arkansas Motor Vehicle Commission.

(i) Any terms or provisions of the franchise or sales and service agreement;

(ii) The terms of this chapter; or

(iii) The rules promulgated by the Arkansas Motor Vehicle Commission.

(B) "Coerce" does not mean recommending, exposing, persuading, urging, or arguing;

(7) "Commission" means the Arkansas Motor Vehicle Commission created by this chapter;

(8) "Conversion" means a motor vehicle other than an exempted specialty vehicle that is substantially modified by a person, firm, or corporation other than the manufacturer or distributor of the chassis of the motor vehicle and that has not been the subject of a retail sale;

(9) "Distributor" means any person, resident or nonresident, who, in whole or in part, sells or distributes new motor vehicles to motor vehicle dealers or who maintains distributor representatives;

(10) "Distributor branch" means a branch or division office similarly maintained by a distributor for the same purposes a factory branch or division is maintained;

(11) "Distributor representative" means a representative similarly employed by a distributor or distributor branch;

(12) "Factory branch" means a branch or division office maintained by a person, firm, association, corporation, or trust who manufactures or assembles new motor vehicles for sale to distributors, to motor vehicle dealers, or for directing or supervising, in whole or in part, its representatives;

(13) "Factory representative" means a representative employed by a: (A) Person, firm, association, corporation, or trust that manufactures or assembles new motor vehicles; or (B) Factory branch, for the purpose of making or promoting the sale of its new motor vehicles or for supervising or contacting its dealers or prospective dealers;

(A) Person, firm, association, corporation, or trust that manufactures or assembles new motor vehicles; or

(B) Factory branch, for the purpose of making or promoting the sale of its new motor vehicles or for supervising or contacting its dealers or prospective dealers;

(14) "Franchise" means one (1) or more contracts between a franchised dealer as franchisee and either a manufacturer or a distributor, importer, second-stage manufacturer, or converter as franchiser under which: (A) The franchisee is granted the right to sell, service, or sell and service new motor vehicles manufactured or distributed by the franchiser; (B) The franchisee as an independent business is a component of the franchiser's distribution system; (C) The franchise is substantially associated with the franchiser's trademark, trade name, or commercial symbol; (D) The franchisee's business is substantially reliant on the franchiser for a continued supply of motor vehicles, parts, or accessories for the conduct of its business; or (E) (i) Any right, duty, or obligation granted or imposed by this chapter is affected. (ii) "Franchise" includes: (a) A written communication from a franchiser to a franchisee by which a duty is imposed upon the franchisee; or (b) Any separate written agreement between the franchisee and the franchiser that materially affects the franchise, as defined in this subdivision (14), whether entered into: (1) Contemporaneously with the creation of the franchise; or (2) Subsequent to the date the franchise was created;

(A) The franchisee is granted the right to sell, service, or sell and service new motor vehicles manufactured or distributed by the franchiser;

(B) The franchisee as an independent business is a component of the franchiser's distribution system;

(C) The franchise is substantially associated with the franchiser's trademark, trade name, or commercial symbol;

(D) The franchisee's business is substantially reliant on the franchiser for a continued supply of motor vehicles, parts, or accessories for the conduct of its business; or

(E) (i) Any right, duty, or obligation granted or imposed by this chapter is affected. (ii) "Franchise" includes: (a) A written communication from a franchiser to a franchisee by which a duty is imposed upon the franchisee; or (b) Any separate written agreement between the franchisee and the franchiser that materially affects the franchise, as defined in this subdivision (14), whether entered into: (1) Contemporaneously with the creation of the franchise; or (2) Subsequent to the date the franchise was created;

(i) Any right, duty, or obligation granted or imposed by this chapter is affected.

(ii) "Franchise" includes: (a) A written communication from a franchiser to a franchisee by which a duty is imposed upon the franchisee; or (b) Any separate written agreement between the franchisee and the franchiser that materially affects the franchise, as defined in this subdivision (14), whether entered into: (1) Contemporaneously with the creation of the franchise; or (2) Subsequent to the date the franchise was created;

(a) A written communication from a franchiser to a franchisee by which a duty is imposed upon the franchisee; or

(b) Any separate written agreement between the franchisee and the franchiser that materially affects the franchise, as defined in this subdivision (14), whether entered into: (1) Contemporaneously with the creation of the franchise; or (2) Subsequent to the date the franchise was created;

(1) Contemporaneously with the creation of the franchise; or

(2) Subsequent to the date the franchise was created;

(15) "Good faith" means the duty of each party to any franchise and all officers, employees, or agents thereof to act in a fair and equitable manner toward each other so as to guarantee the one party freedom from coercion, intimidation, or threats of coercion or intimidation from the other party;

(16) "Licensed location" means the address designated as the primary business address of the motor vehicle dealer on the application submitted for approval of licensure;

(17) "Line make of a motor vehicle" means a group or series of motor vehicles that have the same brand identification or brand name, based upon the manufacturer's trademark, trade name, or logo;

(18) "Low speed vehicle" means a motor vehicle: (A) That is four-wheeled; (B) That has an attainable speed in one (1) mile of more than twenty miles per hour (20 m.p.h.) but not more than twenty-five miles per hour (25 m.p.h.) on a paved level surface; and (C) With a gross vehicle weight of less than three thousand pounds (3,000 lbs.);

(A) That is four-wheeled;

(B) That has an attainable speed in one (1) mile of more than twenty miles per hour (20 m.p.h.) but not more than twenty-five miles per hour (25 m.p.h.) on a paved level surface; and

(C) With a gross vehicle weight of less than three thousand pounds (3,000 lbs.);

(19) "Manufacturer" means any person, firm, association, corporation, or trust, resident or nonresident, that manufactures or assembles new motor vehicles;

(20) "Motor vehicle" means a self-propelled vehicle having two (2) or more wheels that has as its primary purpose the transportation of a person, including without limitation all-terrain vehicles, automobiles, trucks, motorcycles, motor-driven cycles, motor scooters, and low speed vehicles;

(21) (A) (i) "Motor vehicle dealer" means a person that is: (a) Engaged in the business of selling, offering to sell, soliciting, or advertising the sale of servicing or repairing motor vehicles under a manufacturer's warranty; and (b) Located at an established and permanent place of business under a franchise, sales and service agreement, or a bona fide contract in effect with a manufacturer or distributor. (ii) "Motor vehicle dealer" includes any person engaged in the business of selling, offering to sell, soliciting, or advertising the sale, regardless of the medium used, of commercial buses, school buses, or other multipassenger motor vehicles, or possessing them for the purpose of resale. (B) "Motor vehicle dealer" does not include: (i) Receivers, trustees, administrators, executors, guardians, or other persons appointed by or acting under judgment, decree, or order of any court; (ii) Public officers while performing their duties as officers; (iii) Employees of persons, corporations, or associations enumerated in subdivision (21)(B)(i) of this section when engaged in the specific performance of their duties as employees; (iv) Specialty vehicle dealers; (v) Financial institutions engaged in the leasing of motor vehicles; or (vi) Used motor vehicle dealers licensed by the state under § 23-112-601 et seq.;

(A) (i) "Motor vehicle dealer" means a person that is: (a) Engaged in the business of selling, offering to sell, soliciting, or advertising the sale of servicing or repairing motor vehicles under a manufacturer's warranty; and (b) Located at an established and permanent place of business under a franchise, sales and service agreement, or a bona fide contract in effect with a manufacturer or distributor. (ii) "Motor vehicle dealer" includes any person engaged in the business of selling, offering to sell, soliciting, or advertising the sale, regardless of the medium used, of commercial buses, school buses, or other multipassenger motor vehicles, or possessing them for the purpose of resale.

(i) "Motor vehicle dealer" means a person that is: (a) Engaged in the business of selling, offering to sell, soliciting, or advertising the sale of servicing or repairing motor vehicles under a manufacturer's warranty; and (b) Located at an established and permanent place of business under a franchise, sales and service agreement, or a bona fide contract in effect with a manufacturer or distributor.

(a) Engaged in the business of selling, offering to sell, soliciting, or advertising the sale of servicing or repairing motor vehicles under a manufacturer's warranty; and

(b) Located at an established and permanent place of business under a franchise, sales and service agreement, or a bona fide contract in effect with a manufacturer or distributor.

(ii) "Motor vehicle dealer" includes any person engaged in the business of selling, offering to sell, soliciting, or advertising the sale, regardless of the medium used, of commercial buses, school buses, or other multipassenger motor vehicles, or possessing them for the purpose of resale.

(B) "Motor vehicle dealer" does not include: (i) Receivers, trustees, administrators, executors, guardians, or other persons appointed by or acting under judgment, decree, or order of any court; (ii) Public officers while performing their duties as officers; (iii) Employees of persons, corporations, or associations enumerated in subdivision (21)(B)(i) of this section when engaged in the specific performance of their duties as employees; (iv) Specialty vehicle dealers; (v) Financial institutions engaged in the leasing of motor vehicles; or (vi) Used motor vehicle dealers licensed by the state under § 23-112-601 et seq.;

(i) Receivers, trustees, administrators, executors, guardians, or other persons appointed by or acting under judgment, decree, or order of any court;

(ii) Public officers while performing their duties as officers;

(iii) Employees of persons, corporations, or associations enumerated in subdivision (21)(B)(i) of this section when engaged in the specific performance of their duties as employees;

(iv) Specialty vehicle dealers;

(v) Financial institutions engaged in the leasing of motor vehicles; or

(vi) Used motor vehicle dealers licensed by the state under § 23-112-601 et seq.;

(22) "Motor vehicle lessor" means any person not excluded by subdivision (21) of this section engaged in the motor vehicle leasing or rental business;

(23) [Repealed.]

(24) "New motor vehicle" means any motor vehicle, the legal title to which has never been transferred by a manufacturer, distributor, or franchised new motor vehicle dealer to an ultimate purchaser;

(25) "Off premises" means a location other than the address designated as the licensed location;

(26) "Person" means and includes, individually and collectively, individuals, firms, partnerships, copartnerships, associations, corporations, trusts, or any other form of business enterprise, or any legal entity;

(27) (A) "Relevant market area" means the area within a radius surrounding an existing dealer or the area of responsibility defined in the franchise and on file in the commission office, whichever is greater. (B) (i) For all licensed new motor vehicle dealers, excluding motorcycles, motorized cycles, and motor-driven all-terrain vehicles, which include two-wheeled, three-wheeled, four-wheeled, six-wheeled, or eight-wheeled motorcycles, motorized cycles, and motor-driven all-terrain vehicles, the relevant market area shall be a radius of twenty (20) miles. (ii) However, when a manufacturer is seeking to establish an additional new motor vehicle dealer, the relevant market area shall in all instances be the area within a radius of ten (10) miles around an existing dealer. (C) For all licensed new motor vehicle dealers of motorcycles, motorized cycles, and motor-driven all-terrain vehicles, which include two-wheeled, three-wheeled, four-wheeled, six-wheeled, or eight-wheeled motorcycles, motorized cycles, and motor-driven all-terrain vehicles, the relevant market area shall in all instances be the area within a radius of thirty (30) miles around an existing dealer or the area of responsibility defined in the franchise and on file in the commission office, whichever is greater;

(A) "Relevant market area" means the area within a radius surrounding an existing dealer or the area of responsibility defined in the franchise and on file in the commission office, whichever is greater.

(B) (i) For all licensed new motor vehicle dealers, excluding motorcycles, motorized cycles, and motor-driven all-terrain vehicles, which include two-wheeled, three-wheeled, four-wheeled, six-wheeled, or eight-wheeled motorcycles, motorized cycles, and motor-driven all-terrain vehicles, the relevant market area shall be a radius of twenty (20) miles. (ii) However, when a manufacturer is seeking to establish an additional new motor vehicle dealer, the relevant market area shall in all instances be the area within a radius of ten (10) miles around an existing dealer.

(i) For all licensed new motor vehicle dealers, excluding motorcycles, motorized cycles, and motor-driven all-terrain vehicles, which include two-wheeled, three-wheeled, four-wheeled, six-wheeled, or eight-wheeled motorcycles, motorized cycles, and motor-driven all-terrain vehicles, the relevant market area shall be a radius of twenty (20) miles.

(ii) However, when a manufacturer is seeking to establish an additional new motor vehicle dealer, the relevant market area shall in all instances be the area within a radius of ten (10) miles around an existing dealer.

(C) For all licensed new motor vehicle dealers of motorcycles, motorized cycles, and motor-driven all-terrain vehicles, which include two-wheeled, three-wheeled, four-wheeled, six-wheeled, or eight-wheeled motorcycles, motorized cycles, and motor-driven all-terrain vehicles, the relevant market area shall in all instances be the area within a radius of thirty (30) miles around an existing dealer or the area of responsibility defined in the franchise and on file in the commission office, whichever is greater;

(28) "Retail sale" or "sale at retail" means the act or attempted act of selling, bartering, exchanging, or otherwise disposing of a new motor vehicle to an ultimate purchaser for use as a consumer;

(29) "Second-stage manufacturer" or "converter" means a person, firm, or corporation that, prior to retail sale of a motor vehicle: (A) Assembles, installs, or affixes a body, cab, or special equipment to a chassis; or (B) Substantially adds to, subtracts from, or modifies a previously assembled or manufactured motor vehicle;

(A) Assembles, installs, or affixes a body, cab, or special equipment to a chassis; or

(B) Substantially adds to, subtracts from, or modifies a previously assembled or manufactured motor vehicle;

(30) (A) "Specialty vehicle" means a motor vehicle manufactured by a second-stage manufacturer by purchasing motor vehicle components, for example, frame and drive train, and completing the manufacture of finished motor vehicles for the purpose of resale, with the primary manufacturer warranty unimpaired, to a limited commercial market rather than the consuming public. (B) "Specialty vehicle" includes garbage trucks, ambulances, fire trucks, limousines, hearses, and other similar limited-purpose vehicles as the commission may by rule provide;

(A) "Specialty vehicle" means a motor vehicle manufactured by a second-stage manufacturer by purchasing motor vehicle components, for example, frame and drive train, and completing the manufacture of finished motor vehicles for the purpose of resale, with the primary manufacturer warranty unimpaired, to a limited commercial market rather than the consuming public.

(B) "Specialty vehicle" includes garbage trucks, ambulances, fire trucks, limousines, hearses, and other similar limited-purpose vehicles as the commission may by rule provide;

(31) "Temporary permit" means a license issued for one (1) week or less to a motor vehicle dealer who is licensed in another state for the purpose of displaying, offering to sell, selling, and soliciting the sales of motor vehicles at the time and place designated by the commission and only at an approved motor vehicle show in this state;

(32) (A) "Ultimate purchaser" means, with respect to any new motor vehicle, the first person, other than a motor vehicle dealer purchasing in his or her capacity as a dealer, who in good faith purchases the new motor vehicle for purposes other than resale. (B) "Ultimate purchaser" shall not include a person who purchases a vehicle for purposes of altering or remanufacturing the motor vehicle for future resale;

(A) "Ultimate purchaser" means, with respect to any new motor vehicle, the first person, other than a motor vehicle dealer purchasing in his or her capacity as a dealer, who in good faith purchases the new motor vehicle for purposes other than resale.

(B) "Ultimate purchaser" shall not include a person who purchases a vehicle for purposes of altering or remanufacturing the motor vehicle for future resale;

(33) (A) "Used motor vehicle" means a motor vehicle: (i) For which title has been sold, bargained, exchanged, given away, or transferred from the person or corporation who first took ownership from the manufacturer, distributor, dealer, or agents thereof; or (ii) So used as to have become what is commonly known as a "second hand motor vehicle" or a "previously owned motor vehicle". (B) A new motor vehicle shall not be considered a used motor vehicle unless the motor vehicle has been: (i) Placed in actual operation; and (ii) Not held for resale by an owner that has: (a) Been granted a certificate of title; and (b) Registered the motor vehicle under the Motor Vehicle Administration, Certificate of Title, and Antitheft Act, § 27-14-101 et seq.;

(A) "Used motor vehicle" means a motor vehicle: (i) For which title has been sold, bargained, exchanged, given away, or transferred from the person or corporation who first took ownership from the manufacturer, distributor, dealer, or agents thereof; or (ii) So used as to have become what is commonly known as a "second hand motor vehicle" or a "previously owned motor vehicle".

(i) For which title has been sold, bargained, exchanged, given away, or transferred from the person or corporation who first took ownership from the manufacturer, distributor, dealer, or agents thereof; or

(ii) So used as to have become what is commonly known as a "second hand motor vehicle" or a "previously owned motor vehicle".

(B) A new motor vehicle shall not be considered a used motor vehicle unless the motor vehicle has been: (i) Placed in actual operation; and (ii) Not held for resale by an owner that has: (a) Been granted a certificate of title; and (b) Registered the motor vehicle under the Motor Vehicle Administration, Certificate of Title, and Antitheft Act, § 27-14-101 et seq.;

(i) Placed in actual operation; and

(ii) Not held for resale by an owner that has: (a) Been granted a certificate of title; and (b) Registered the motor vehicle under the Motor Vehicle Administration, Certificate of Title, and Antitheft Act, § 27-14-101 et seq.;

(a) Been granted a certificate of title; and

(b) Registered the motor vehicle under the Motor Vehicle Administration, Certificate of Title, and Antitheft Act, § 27-14-101 et seq.;

(34) "Used motor vehicle dealer" means any person, wholesaler, or auto auctioneer who, for a commission or with the intent to make a profit or gain of money or other thing of value: (A) Sells, exchanges, rents, or leases with the option to purchase or own, or attempts to negotiate a sale or exchange of an interest in any used motor vehicle; or (B) Is wholly or in part in the business of buying, selling, trading, or exchanging used motor vehicles, whether or not the used motor vehicles are owned by the person;

(A) Sells, exchanges, rents, or leases with the option to purchase or own, or attempts to negotiate a sale or exchange of an interest in any used motor vehicle; or

(B) Is wholly or in part in the business of buying, selling, trading, or exchanging used motor vehicles, whether or not the used motor vehicles are owned by the person;

(35) (A) "Wholesaler" means any person, resident or nonresident, not excluded by subdivision (21) of this section, who, in whole or in part, sells used motor vehicles to motor vehicle dealers or purchases used vehicles for the purpose of resale. (B) However, motor vehicle dealers who, incidental to their primary business, sell motor vehicles to other dealers are not considered wholesalers because of the incidental sales;

(A) "Wholesaler" means any person, resident or nonresident, not excluded by subdivision (21) of this section, who, in whole or in part, sells used motor vehicles to motor vehicle dealers or purchases used vehicles for the purpose of resale.

(B) However, motor vehicle dealers who, incidental to their primary business, sell motor vehicles to other dealers are not considered wholesalers because of the incidental sales;

(36) "Stop-sale order" or "do-not-drive order" means a notification issued by a manufacturer to the manufacturer's franchised new motor vehicle dealers stating that certain used motor vehicles in inventory shall not be sold or leased, at either retail or wholesale prices, due to a: (A) Federal safety recall for a defect or noncompliance; or (B) Federal emissions recall; and

(A) Federal safety recall for a defect or noncompliance; or

(B) Federal emissions recall; and

(37) "Digital platforms" means an online exchange of information, goods, and services between a dealer and a consumer that facilitates retail commercial interactions.

Amended by Act 2021, No. 1077,§ 2, eff. 7/28/2021.

Amended by Act 2021, No. 1077,§ 1, eff. 7/28/2021.

Amended by Act 2021, No. 504,§ 3, eff. 7/28/2021.

Amended by Act 2019, No. 315,§ 2825, eff. 7/24/2019.

Amended by Act 2019, No. 924,§ 1, eff. 7/24/2019.

Amended by Act 2015, No. 1164,§ 7, eff. 7/22/2015.

Amended by Act 2015, No. 1055,§ 2, eff. 7/22/2015.

Amended by Act 2015, No. 1055,§ 1, eff. 7/22/2015.

Amended by Act 2013, No. 1043,§ 2, eff. 1/1/2014.

Amended by Act 2013, No. 1043,§ 1, eff. 1/1/2014.

Amended by Act 2013, No. 561,§ 2, eff. 8/16/2013.

Amended by Act 2013, No. 561,§ 1, eff. 8/16/2013.

Acts 1975, No. 388, § 3; 1985, No. 1032, § 1; 1985, No. 1058, § 1; A.S.A. 1947, § 75-2303; Acts 1987, No. 620, § 1; 1987, No. 645, §§ 1, 2; 1989, No. 65, §§ 1-3; 1989, No. 509, § 1; 1991, No. 411, § 3; 1991, No. 890, §§ 1-3; 1993, No. 383, § 5; 1997, No. 1154, §§ 3-7; 1999, No. 1042, § 1; 2001, No. 1053, § 1; 2003, No. 1098, §§ 1, 2; 2009, No. 756, §§ 1-5; 2011, No. 1005, §§ 1-3.
Ark. Code Ann. § 23-51-164 — AR Code / Title 23 / Chapter 51 / Section 23-51-164
Application of Arkansas Banking Code of 1997
Status: in_force

When the Bank Commissioner, or duly appointed agent, shall take possession of any state trust company under § 23-51-162 or § 23-51-163 , the commissioner or agent shall proceed with the dissolution and liquidation of the state trust company under the procedures established for the dissolution and liquidation of state banks under the Arkansas Banking Code of 1997. Acts 1997, No. 940, § 64.

When the Bank Commissioner, or duly appointed agent, shall take possession of any state trust company under § 23-51-162 or § 23-51-163 , the commissioner or agent shall proceed with the dissolution and liquidation of the state trust company under the procedures established for the dissolution and liquidation of state banks under the Arkansas Banking Code of 1997.

Acts 1997, No. 940, § 64.
Ark. Code Ann. § 23-63-830 — AR Code / Title 23 / Chapter 63 / Subchapter 8 / Section 23-63-830
Time limit for disposal of other ineligible property and securities
Status: in_force

(a) Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at the time of the acquisition shall be disposed of within three (3) years from the date of acquisition, unless within that period the security has attained the status of eligibility. (b) However, any security or personal property acquired under any agreement of bulk reinsurance, merger, or consolidation may be retained for a longer period if so provided in the plan for reinsurance, merger, or consolidation as approved by the Insurance Commissioner under the Arkansas Insurance Code. (c) Upon application by the insurer and proof that forced sale of any property or security would materially injure the interests of the insurer, the commissioner may extend the disposal period for an additional reasonable time. Acts 1959, No. 148, § 126; A.S.A. 1947, § 66-2630.

(a) Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at the time of the acquisition shall be disposed of within three (3) years from the date of acquisition, unless within that period the security has attained the status of eligibility.

(b) However, any security or personal property acquired under any agreement of bulk reinsurance, merger, or consolidation may be retained for a longer period if so provided in the plan for reinsurance, merger, or consolidation as approved by the Insurance Commissioner under the Arkansas Insurance Code.

(c) Upon application by the insurer and proof that forced sale of any property or security would materially injure the interests of the insurer, the commissioner may extend the disposal period for an additional reasonable time.

Acts 1959, No. 148, § 126; A.S.A. 1947, § 66-2630.
Ark. Code Ann. § 23-79-509 — AR Code / Title 23 / Chapter 79 / Subchapter 5 / Section 23-79-509
Plan eligibility
Status: in_force

(a) General Eligibility Requirements. The following requirements apply to a resident eligible person or a trade adjustment assistance eligible person in order for the person to be eligible for plan coverage: (1) Except as provided in subdivision (a)(2) of this section or subsection (b) of this section, any individual person who meets the definition of resident eligible person as defined by § 23-79-503 or a trade adjustment assistance eligible person as defined by § 23-79-503 and is either a citizen of the United States or an alien lawfully admitted for permanent residence who continues to be a resident of this state shall be eligible for plan coverage if evidence is provided of: (A) A notice of rejection or refusal by an insurer to issue substantially similar individual health insurance coverage by reason of the existence or history of a medical condition or upon such other evidence that the Board of Directors of the Arkansas Comprehensive Health Insurance Pool deems sufficient in order to verify that the applicant is unable to obtain the coverage from an insurer due to the existence or history of a medical condition; (B) (i) A refusal by an insurer to issue individual health insurance coverage except at a rate that the board determines is substantially in excess of the applicable plan rate. (ii) A rejection or refusal by a group health plan or insurer offering only stop-loss or excess-of-loss insurance or contracts, agreements, or other arrangements for reinsurance coverage with respect to the applicant shall not be sufficient evidence under this subsection; (C) (i) Until September 30, 2011, a refusal by an insurer to issue individual health insurance coverage to a child under nineteen (19) years of age. (ii) After September 30, 2011, the eligibility of a child under nineteen (19) years of age for individual health insurance coverage shall be determined by the board; or (D) Evidence that the applicant was covered under a qualified high-risk pool of another state, provided that the coverage terminated no more than sixty-three (63) days prior to the date the pool receives the applicant's application for coverage and the other state's qualified high-risk pool did not terminate the person's coverage for fraud; (2) A person shall not be eligible for coverage under the plan if: (A) The person has or obtains health insurance coverage substantially similar to or more comprehensive than a plan policy or would be eligible to have coverage if the person elected to obtain it except that: (i) A person may maintain other coverage for the period of time the person is satisfying any waiting period for a preexisting condition under a plan policy; and (ii) A person may maintain plan coverage for the period of time the person is satisfying a waiting period for a preexisting condition under another health insurance policy intended to replace the plan policy; (B) The person is determined to be eligible for healthcare benefits under Title XIX of the Social Security Act; (C) The person has previously terminated plan coverage unless twelve (12) months have elapsed since termination of coverage; (D) The person fails to pay the required premium under the covered person's terms of enrollment and participation, in which event the liability of the plan shall be limited to benefits incurred under the plan for the same period for which premiums had been paid and the covered person remained eligible for plan coverage; (E) The plan has paid on behalf of the covered person the maximum lifetime benefit established by the board in accordance with § 23-79-510(a)(2)(W) ; (F) The person is a resident of a public institution; (G) All or part of the person's premium is paid for or reimbursed: (i) By one (1) of the following in connection with a group health plan: (a) The person's current employer; (b) If the person is retired, by the person's former employer; or (c) If the person is a dependent of an employee or retiree, by the current or former employer of the employee or retiree; or (ii) Under any government-sponsored program or by any government agency, foundation, healthcare facility, or healthcare provider except for premiums paid on behalf of: (a) A trade adjustment assistance eligible person or a qualified trade adjustment assistance eligible person in accordance with section 35 of the Internal Revenue Code; or (b) An otherwise qualifying full-time employee or dependent of a qualifying full-time employee of a government agency, foundation, healthcare facility, or healthcare provider; or (H) The person commits a fraudulent insurance act as defined in § 23-66-501(4) against the Arkansas Comprehensive Health Insurance Pool; (3) The board or the plan administrator shall require verification of residency and may require any additional information, documentation, or statements under oath whenever necessary to determine plan eligibility or residency; (4) Coverage shall cease: (A) On the date a person is no longer a resident of the State of Arkansas; (B) On the date a person requests coverage to end; (C) On the death of the covered person; (D) On the date state law requires cancellation of the policy; or (E) At the plan's option, thirty (30) days after the plan makes any written inquiry concerning a person's eligibility or place of residence to which the person does not reply; and (5) Except under the conditions set forth in subdivision (a)(4) of this section, the coverage of any person who ceases to meet the eligibility requirements of this section terminates at the end of the month that the person ceases to meet the eligibility requirements of this section. (b) Persons Eligible for Guaranteed Issuance of Coverage. The following requirements apply to a federally eligible individual or a qualified trade adjustment assistance eligible person in order for such an individual to be eligible for plan coverage: (1) Notwithstanding the requirements of subsection (a) of this section, any federally eligible individual or a qualified trade adjustment assistance eligible person for whom a plan application and such enclosures and supporting documentation as the board may require is received by the board within sixty-three (63) days after the termination of prior creditable coverage for reasons other than nonpayment of premium or fraud that covered the applicant shall qualify to enroll in the plan under the portability provisions of this subsection; (2) Any individual seeking plan coverage under this subsection must submit with his or her application evidence, including acceptable written certification of previous creditable coverage, that will establish to the board's satisfaction that he or she meets all of the requirements to be a federally eligible individual or a qualified trade adjustment assistance eligible person and is currently and permanently residing in the State of Arkansas as of the date his or her application was received by the board; (3) A period of creditable coverage shall not be counted, with respect to qualifying an applicant for plan coverage as an individual under this subsection, if after such a period and before the application for plan coverage was received by the board, there was at least a sixty-three-day period during all of which the individual was not covered under any creditable coverage; (4) Any individual who the board determines qualifies for plan coverage under this subsection shall be offered his or her choice of enrolling in one (1) of the alternative portability plans that the board is authorized under this subsection to establish for those individuals; (5) (A) (i) The board shall offer a choice of healthcare coverages consistent with major medical coverage under the alternative plans authorized by this subsection to every individual qualifying for coverage under this subsection. (ii) The coverages to be offered under the plans, the schedule of benefits, deductibles, copayments, coinsurance, exclusions, and other limitations shall be approved by the board. (B) One (1) optional form of coverage shall be comparable to comprehensive health insurance coverage offered in the individual market in the State of Arkansas or a standard option of coverage available under the individual health insurance laws of the State of Arkansas. The standard plan that is authorized by § 23-79-510 may be used for this purpose. (C) The board also may offer a preferred provider option and such other options as the board determines may be appropriate for individuals who qualify for plan coverage pursuant to this subsection; (6) Notwithstanding the requirements of § 23-79-510(f) , any plan coverage that is issued to individuals who qualify for plan coverage pursuant to the portability provisions of this subsection shall not be subject to any preexisting conditions exclusion, waiting period, or other similar limitation on coverage; (7) Individuals who qualify and enroll in the plan pursuant to this subsection shall be required to pay such premium rates as the board shall establish and approve in accordance with the requirements of § 23-79-507(a) ; (8) The total premium, without regard to any subsidy of premium, for individuals who qualify and enroll in the plan pursuant to this subsection shall not be greater than a similarly situated individual qualifying for pool coverage under subsection (a) of this section; and (9) A federally eligible individual who qualifies and enrolls in the plan pursuant to this subsection must continue to satisfy all of the other eligibility requirements of this subchapter to the extent not inconsistent with the Health Insurance Portability and Accountability Act of 1996 in order to maintain continued eligibility for coverage under the plan. (c) Any person who was issued a policy pursuant to the provisions of Acts 1995, No. 1339, shall be deemed continuously covered consistent with the terms of this subchapter and reissued a new policy in accordance with the provisions of this subchapter. Acts 1997, No. 292, § 9; 1999, No. 1356, § 3; 2001, No. 1246, § 4; 2003, No. 1327, § 4; 2009, No. 726, §§ 42, 43; 2009, No. 1452, § 2; 2011, No. 269, § 2.

(a) General Eligibility Requirements. The following requirements apply to a resident eligible person or a trade adjustment assistance eligible person in order for the person to be eligible for plan coverage: (1) Except as provided in subdivision (a)(2) of this section or subsection (b) of this section, any individual person who meets the definition of resident eligible person as defined by § 23-79-503 or a trade adjustment assistance eligible person as defined by § 23-79-503 and is either a citizen of the United States or an alien lawfully admitted for permanent residence who continues to be a resident of this state shall be eligible for plan coverage if evidence is provided of: (A) A notice of rejection or refusal by an insurer to issue substantially similar individual health insurance coverage by reason of the existence or history of a medical condition or upon such other evidence that the Board of Directors of the Arkansas Comprehensive Health Insurance Pool deems sufficient in order to verify that the applicant is unable to obtain the coverage from an insurer due to the existence or history of a medical condition; (B) (i) A refusal by an insurer to issue individual health insurance coverage except at a rate that the board determines is substantially in excess of the applicable plan rate. (ii) A rejection or refusal by a group health plan or insurer offering only stop-loss or excess-of-loss insurance or contracts, agreements, or other arrangements for reinsurance coverage with respect to the applicant shall not be sufficient evidence under this subsection; (C) (i) Until September 30, 2011, a refusal by an insurer to issue individual health insurance coverage to a child under nineteen (19) years of age. (ii) After September 30, 2011, the eligibility of a child under nineteen (19) years of age for individual health insurance coverage shall be determined by the board; or (D) Evidence that the applicant was covered under a qualified high-risk pool of another state, provided that the coverage terminated no more than sixty-three (63) days prior to the date the pool receives the applicant's application for coverage and the other state's qualified high-risk pool did not terminate the person's coverage for fraud; (2) A person shall not be eligible for coverage under the plan if: (A) The person has or obtains health insurance coverage substantially similar to or more comprehensive than a plan policy or would be eligible to have coverage if the person elected to obtain it except that: (i) A person may maintain other coverage for the period of time the person is satisfying any waiting period for a preexisting condition under a plan policy; and (ii) A person may maintain plan coverage for the period of time the person is satisfying a waiting period for a preexisting condition under another health insurance policy intended to replace the plan policy; (B) The person is determined to be eligible for healthcare benefits under Title XIX of the Social Security Act; (C) The person has previously terminated plan coverage unless twelve (12) months have elapsed since termination of coverage; (D) The person fails to pay the required premium under the covered person's terms of enrollment and participation, in which event the liability of the plan shall be limited to benefits incurred under the plan for the same period for which premiums had been paid and the covered person remained eligible for plan coverage; (E) The plan has paid on behalf of the covered person the maximum lifetime benefit established by the board in accordance with § 23-79-510(a)(2)(W) ; (F) The person is a resident of a public institution; (G) All or part of the person's premium is paid for or reimbursed: (i) By one (1) of the following in connection with a group health plan: (a) The person's current employer; (b) If the person is retired, by the person's former employer; or (c) If the person is a dependent of an employee or retiree, by the current or former employer of the employee or retiree; or (ii) Under any government-sponsored program or by any government agency, foundation, healthcare facility, or healthcare provider except for premiums paid on behalf of: (a) A trade adjustment assistance eligible person or a qualified trade adjustment assistance eligible person in accordance with section 35 of the Internal Revenue Code; or (b) An otherwise qualifying full-time employee or dependent of a qualifying full-time employee of a government agency, foundation, healthcare facility, or healthcare provider; or (H) The person commits a fraudulent insurance act as defined in § 23-66-501(4) against the Arkansas Comprehensive Health Insurance Pool; (3) The board or the plan administrator shall require verification of residency and may require any additional information, documentation, or statements under oath whenever necessary to determine plan eligibility or residency; (4) Coverage shall cease: (A) On the date a person is no longer a resident of the State of Arkansas; (B) On the date a person requests coverage to end; (C) On the death of the covered person; (D) On the date state law requires cancellation of the policy; or (E) At the plan's option, thirty (30) days after the plan makes any written inquiry concerning a person's eligibility or place of residence to which the person does not reply; and (5) Except under the conditions set forth in subdivision (a)(4) of this section, the coverage of any person who ceases to meet the eligibility requirements of this section terminates at the end of the month that the person ceases to meet the eligibility requirements of this section.

(1) Except as provided in subdivision (a)(2) of this section or subsection (b) of this section, any individual person who meets the definition of resident eligible person as defined by § 23-79-503 or a trade adjustment assistance eligible person as defined by § 23-79-503 and is either a citizen of the United States or an alien lawfully admitted for permanent residence who continues to be a resident of this state shall be eligible for plan coverage if evidence is provided of: (A) A notice of rejection or refusal by an insurer to issue substantially similar individual health insurance coverage by reason of the existence or history of a medical condition or upon such other evidence that the Board of Directors of the Arkansas Comprehensive Health Insurance Pool deems sufficient in order to verify that the applicant is unable to obtain the coverage from an insurer due to the existence or history of a medical condition; (B) (i) A refusal by an insurer to issue individual health insurance coverage except at a rate that the board determines is substantially in excess of the applicable plan rate. (ii) A rejection or refusal by a group health plan or insurer offering only stop-loss or excess-of-loss insurance or contracts, agreements, or other arrangements for reinsurance coverage with respect to the applicant shall not be sufficient evidence under this subsection; (C) (i) Until September 30, 2011, a refusal by an insurer to issue individual health insurance coverage to a child under nineteen (19) years of age. (ii) After September 30, 2011, the eligibility of a child under nineteen (19) years of age for individual health insurance coverage shall be determined by the board; or (D) Evidence that the applicant was covered under a qualified high-risk pool of another state, provided that the coverage terminated no more than sixty-three (63) days prior to the date the pool receives the applicant's application for coverage and the other state's qualified high-risk pool did not terminate the person's coverage for fraud;

(A) A notice of rejection or refusal by an insurer to issue substantially similar individual health insurance coverage by reason of the existence or history of a medical condition or upon such other evidence that the Board of Directors of the Arkansas Comprehensive Health Insurance Pool deems sufficient in order to verify that the applicant is unable to obtain the coverage from an insurer due to the existence or history of a medical condition;

(B) (i) A refusal by an insurer to issue individual health insurance coverage except at a rate that the board determines is substantially in excess of the applicable plan rate. (ii) A rejection or refusal by a group health plan or insurer offering only stop-loss or excess-of-loss insurance or contracts, agreements, or other arrangements for reinsurance coverage with respect to the applicant shall not be sufficient evidence under this subsection;

(i) A refusal by an insurer to issue individual health insurance coverage except at a rate that the board determines is substantially in excess of the applicable plan rate.

(ii) A rejection or refusal by a group health plan or insurer offering only stop-loss or excess-of-loss insurance or contracts, agreements, or other arrangements for reinsurance coverage with respect to the applicant shall not be sufficient evidence under this subsection;

(C) (i) Until September 30, 2011, a refusal by an insurer to issue individual health insurance coverage to a child under nineteen (19) years of age. (ii) After September 30, 2011, the eligibility of a child under nineteen (19) years of age for individual health insurance coverage shall be determined by the board; or

(i) Until September 30, 2011, a refusal by an insurer to issue individual health insurance coverage to a child under nineteen (19) years of age.

(ii) After September 30, 2011, the eligibility of a child under nineteen (19) years of age for individual health insurance coverage shall be determined by the board; or

(D) Evidence that the applicant was covered under a qualified high-risk pool of another state, provided that the coverage terminated no more than sixty-three (63) days prior to the date the pool receives the applicant's application for coverage and the other state's qualified high-risk pool did not terminate the person's coverage for fraud;

(2) A person shall not be eligible for coverage under the plan if: (A) The person has or obtains health insurance coverage substantially similar to or more comprehensive than a plan policy or would be eligible to have coverage if the person elected to obtain it except that: (i) A person may maintain other coverage for the period of time the person is satisfying any waiting period for a preexisting condition under a plan policy; and (ii) A person may maintain plan coverage for the period of time the person is satisfying a waiting period for a preexisting condition under another health insurance policy intended to replace the plan policy; (B) The person is determined to be eligible for healthcare benefits under Title XIX of the Social Security Act; (C) The person has previously terminated plan coverage unless twelve (12) months have elapsed since termination of coverage; (D) The person fails to pay the required premium under the covered person's terms of enrollment and participation, in which event the liability of the plan shall be limited to benefits incurred under the plan for the same period for which premiums had been paid and the covered person remained eligible for plan coverage; (E) The plan has paid on behalf of the covered person the maximum lifetime benefit established by the board in accordance with § 23-79-510(a)(2)(W) ; (F) The person is a resident of a public institution; (G) All or part of the person's premium is paid for or reimbursed: (i) By one (1) of the following in connection with a group health plan: (a) The person's current employer; (b) If the person is retired, by the person's former employer; or (c) If the person is a dependent of an employee or retiree, by the current or former employer of the employee or retiree; or (ii) Under any government-sponsored program or by any government agency, foundation, healthcare facility, or healthcare provider except for premiums paid on behalf of: (a) A trade adjustment assistance eligible person or a qualified trade adjustment assistance eligible person in accordance with section 35 of the Internal Revenue Code; or (b) An otherwise qualifying full-time employee or dependent of a qualifying full-time employee of a government agency, foundation, healthcare facility, or healthcare provider; or (H) The person commits a fraudulent insurance act as defined in § 23-66-501(4) against the Arkansas Comprehensive Health Insurance Pool;

(A) The person has or obtains health insurance coverage substantially similar to or more comprehensive than a plan policy or would be eligible to have coverage if the person elected to obtain it except that: (i) A person may maintain other coverage for the period of time the person is satisfying any waiting period for a preexisting condition under a plan policy; and (ii) A person may maintain plan coverage for the period of time the person is satisfying a waiting period for a preexisting condition under another health insurance policy intended to replace the plan policy;

(i) A person may maintain other coverage for the period of time the person is satisfying any waiting period for a preexisting condition under a plan policy; and

(ii) A person may maintain plan coverage for the period of time the person is satisfying a waiting period for a preexisting condition under another health insurance policy intended to replace the plan policy;

(B) The person is determined to be eligible for healthcare benefits under Title XIX of the Social Security Act;

(C) The person has previously terminated plan coverage unless twelve (12) months have elapsed since termination of coverage;

(D) The person fails to pay the required premium under the covered person's terms of enrollment and participation, in which event the liability of the plan shall be limited to benefits incurred under the plan for the same period for which premiums had been paid and the covered person remained eligible for plan coverage;

(E) The plan has paid on behalf of the covered person the maximum lifetime benefit established by the board in accordance with § 23-79-510(a)(2)(W) ;

(F) The person is a resident of a public institution;

(G) All or part of the person's premium is paid for or reimbursed: (i) By one (1) of the following in connection with a group health plan: (a) The person's current employer; (b) If the person is retired, by the person's former employer; or (c) If the person is a dependent of an employee or retiree, by the current or former employer of the employee or retiree; or (ii) Under any government-sponsored program or by any government agency, foundation, healthcare facility, or healthcare provider except for premiums paid on behalf of: (a) A trade adjustment assistance eligible person or a qualified trade adjustment assistance eligible person in accordance with section 35 of the Internal Revenue Code; or (b) An otherwise qualifying full-time employee or dependent of a qualifying full-time employee of a government agency, foundation, healthcare facility, or healthcare provider; or

(i) By one (1) of the following in connection with a group health plan: (a) The person's current employer; (b) If the person is retired, by the person's former employer; or (c) If the person is a dependent of an employee or retiree, by the current or former employer of the employee or retiree; or

(a) The person's current employer;

(b) If the person is retired, by the person's former employer; or

(c) If the person is a dependent of an employee or retiree, by the current or former employer of the employee or retiree; or

(ii) Under any government-sponsored program or by any government agency, foundation, healthcare facility, or healthcare provider except for premiums paid on behalf of: (a) A trade adjustment assistance eligible person or a qualified trade adjustment assistance eligible person in accordance with section 35 of the Internal Revenue Code; or (b) An otherwise qualifying full-time employee or dependent of a qualifying full-time employee of a government agency, foundation, healthcare facility, or healthcare provider; or

(a) A trade adjustment assistance eligible person or a qualified trade adjustment assistance eligible person in accordance with section 35 of the Internal Revenue Code; or

(b) An otherwise qualifying full-time employee or dependent of a qualifying full-time employee of a government agency, foundation, healthcare facility, or healthcare provider; or

(H) The person commits a fraudulent insurance act as defined in § 23-66-501(4) against the Arkansas Comprehensive Health Insurance Pool;

(3) The board or the plan administrator shall require verification of residency and may require any additional information, documentation, or statements under oath whenever necessary to determine plan eligibility or residency;

(4) Coverage shall cease: (A) On the date a person is no longer a resident of the State of Arkansas; (B) On the date a person requests coverage to end; (C) On the death of the covered person; (D) On the date state law requires cancellation of the policy; or (E) At the plan's option, thirty (30) days after the plan makes any written inquiry concerning a person's eligibility or place of residence to which the person does not reply; and

(A) On the date a person is no longer a resident of the State of Arkansas;

(B) On the date a person requests coverage to end;

(C) On the death of the covered person;

(D) On the date state law requires cancellation of the policy; or

(E) At the plan's option, thirty (30) days after the plan makes any written inquiry concerning a person's eligibility or place of residence to which the person does not reply; and

(5) Except under the conditions set forth in subdivision (a)(4) of this section, the coverage of any person who ceases to meet the eligibility requirements of this section terminates at the end of the month that the person ceases to meet the eligibility requirements of this section.

(b) Persons Eligible for Guaranteed Issuance of Coverage. The following requirements apply to a federally eligible individual or a qualified trade adjustment assistance eligible person in order for such an individual to be eligible for plan coverage: (1) Notwithstanding the requirements of subsection (a) of this section, any federally eligible individual or a qualified trade adjustment assistance eligible person for whom a plan application and such enclosures and supporting documentation as the board may require is received by the board within sixty-three (63) days after the termination of prior creditable coverage for reasons other than nonpayment of premium or fraud that covered the applicant shall qualify to enroll in the plan under the portability provisions of this subsection; (2) Any individual seeking plan coverage under this subsection must submit with his or her application evidence, including acceptable written certification of previous creditable coverage, that will establish to the board's satisfaction that he or she meets all of the requirements to be a federally eligible individual or a qualified trade adjustment assistance eligible person and is currently and permanently residing in the State of Arkansas as of the date his or her application was received by the board; (3) A period of creditable coverage shall not be counted, with respect to qualifying an applicant for plan coverage as an individual under this subsection, if after such a period and before the application for plan coverage was received by the board, there was at least a sixty-three-day period during all of which the individual was not covered under any creditable coverage; (4) Any individual who the board determines qualifies for plan coverage under this subsection shall be offered his or her choice of enrolling in one (1) of the alternative portability plans that the board is authorized under this subsection to establish for those individuals; (5) (A) (i) The board shall offer a choice of healthcare coverages consistent with major medical coverage under the alternative plans authorized by this subsection to every individual qualifying for coverage under this subsection. (ii) The coverages to be offered under the plans, the schedule of benefits, deductibles, copayments, coinsurance, exclusions, and other limitations shall be approved by the board. (B) One (1) optional form of coverage shall be comparable to comprehensive health insurance coverage offered in the individual market in the State of Arkansas or a standard option of coverage available under the individual health insurance laws of the State of Arkansas. The standard plan that is authorized by § 23-79-510 may be used for this purpose. (C) The board also may offer a preferred provider option and such other options as the board determines may be appropriate for individuals who qualify for plan coverage pursuant to this subsection; (6) Notwithstanding the requirements of § 23-79-510(f) , any plan coverage that is issued to individuals who qualify for plan coverage pursuant to the portability provisions of this subsection shall not be subject to any preexisting conditions exclusion, waiting period, or other similar limitation on coverage; (7) Individuals who qualify and enroll in the plan pursuant to this subsection shall be required to pay such premium rates as the board shall establish and approve in accordance with the requirements of § 23-79-507(a) ; (8) The total premium, without regard to any subsidy of premium, for individuals who qualify and enroll in the plan pursuant to this subsection shall not be greater than a similarly situated individual qualifying for pool coverage under subsection (a) of this section; and (9) A federally eligible individual who qualifies and enrolls in the plan pursuant to this subsection must continue to satisfy all of the other eligibility requirements of this subchapter to the extent not inconsistent with the Health Insurance Portability and Accountability Act of 1996 in order to maintain continued eligibility for coverage under the plan.

(1) Notwithstanding the requirements of subsection (a) of this section, any federally eligible individual or a qualified trade adjustment assistance eligible person for whom a plan application and such enclosures and supporting documentation as the board may require is received by the board within sixty-three (63) days after the termination of prior creditable coverage for reasons other than nonpayment of premium or fraud that covered the applicant shall qualify to enroll in the plan under the portability provisions of this subsection;

(2) Any individual seeking plan coverage under this subsection must submit with his or her application evidence, including acceptable written certification of previous creditable coverage, that will establish to the board's satisfaction that he or she meets all of the requirements to be a federally eligible individual or a qualified trade adjustment assistance eligible person and is currently and permanently residing in the State of Arkansas as of the date his or her application was received by the board;

(3) A period of creditable coverage shall not be counted, with respect to qualifying an applicant for plan coverage as an individual under this subsection, if after such a period and before the application for plan coverage was received by the board, there was at least a sixty-three-day period during all of which the individual was not covered under any creditable coverage;

(4) Any individual who the board determines qualifies for plan coverage under this subsection shall be offered his or her choice of enrolling in one (1) of the alternative portability plans that the board is authorized under this subsection to establish for those individuals;

(5) (A) (i) The board shall offer a choice of healthcare coverages consistent with major medical coverage under the alternative plans authorized by this subsection to every individual qualifying for coverage under this subsection. (ii) The coverages to be offered under the plans, the schedule of benefits, deductibles, copayments, coinsurance, exclusions, and other limitations shall be approved by the board. (B) One (1) optional form of coverage shall be comparable to comprehensive health insurance coverage offered in the individual market in the State of Arkansas or a standard option of coverage available under the individual health insurance laws of the State of Arkansas. The standard plan that is authorized by § 23-79-510 may be used for this purpose. (C) The board also may offer a preferred provider option and such other options as the board determines may be appropriate for individuals who qualify for plan coverage pursuant to this subsection;

(A) (i) The board shall offer a choice of healthcare coverages consistent with major medical coverage under the alternative plans authorized by this subsection to every individual qualifying for coverage under this subsection. (ii) The coverages to be offered under the plans, the schedule of benefits, deductibles, copayments, coinsurance, exclusions, and other limitations shall be approved by the board.

(i) The board shall offer a choice of healthcare coverages consistent with major medical coverage under the alternative plans authorized by this subsection to every individual qualifying for coverage under this subsection.

(ii) The coverages to be offered under the plans, the schedule of benefits, deductibles, copayments, coinsurance, exclusions, and other limitations shall be approved by the board.

(B) One (1) optional form of coverage shall be comparable to comprehensive health insurance coverage offered in the individual market in the State of Arkansas or a standard option of coverage available under the individual health insurance laws of the State of Arkansas. The standard plan that is authorized by § 23-79-510 may be used for this purpose.

(C) The board also may offer a preferred provider option and such other options as the board determines may be appropriate for individuals who qualify for plan coverage pursuant to this subsection;

(6) Notwithstanding the requirements of § 23-79-510(f) , any plan coverage that is issued to individuals who qualify for plan coverage pursuant to the portability provisions of this subsection shall not be subject to any preexisting conditions exclusion, waiting period, or other similar limitation on coverage;

(7) Individuals who qualify and enroll in the plan pursuant to this subsection shall be required to pay such premium rates as the board shall establish and approve in accordance with the requirements of § 23-79-507(a) ;

(8) The total premium, without regard to any subsidy of premium, for individuals who qualify and enroll in the plan pursuant to this subsection shall not be greater than a similarly situated individual qualifying for pool coverage under subsection (a) of this section; and

(9) A federally eligible individual who qualifies and enrolls in the plan pursuant to this subsection must continue to satisfy all of the other eligibility requirements of this subchapter to the extent not inconsistent with the Health Insurance Portability and Accountability Act of 1996 in order to maintain continued eligibility for coverage under the plan.

(c) Any person who was issued a policy pursuant to the provisions of Acts 1995, No. 1339, shall be deemed continuously covered consistent with the terms of this subchapter and reissued a new policy in accordance with the provisions of this subchapter.

Acts 1997, No. 292, § 9; 1999, No. 1356, § 3; 2001, No. 1246, § 4; 2003, No. 1327, § 4; 2009, No. 726, §§ 42, 43; 2009, No. 1452, § 2; 2011, No. 269, § 2.
Ark. Code Ann. § 23-46-406 — AR Code / Title 23 / Chapter 46 / Subchapter 4 / Section 23-46-406
Hearing
Status: in_force

(a) (1) No person shall appear in opposition to the application unless the person has filed a written protest to the application within fifteen (15) days after the actual filing of the application. (2) The protest must be accompanied by a filing fee of not less than two thousand dollars ($2,000) nor more than five thousand dollars ($5,000) for each protestant, such amount to be set by State Bank Department rule. (b) At the hearing all persons sponsoring the application and any person making a timely written protest against the application may appear. The attorneys for any such person may appear and be heard. (c) The Bank Commissioner will participate with the State Banking Board in the hearing. (d) The board or the commissioner may subpoena witnesses on their own motion or on the request of any party to the proceedings. (e) (1) The admission of evidence at the hearing shall be controlled by § 25-15-213 . The parties shall have the right to cross-examine witnesses. (2) Official notice may be taken of judicially cognizable facts and of generally recognized technical or scientific facts within the board's specialized knowledge. (3) The parties may bind themselves by stipulation. (f) The applicant shall be responsible for procuring and paying for a verbatim record of the proceeding. It will be the duty of the applicant to furnish at least one (1) copy of the transcript to the commissioner free of charge. Amended by Act 2019, No. 315,§ 2530, eff. 7/24/2019. Acts 1997, No. 89, § 1; 1999, No. 113, § 4.

(a) (1) No person shall appear in opposition to the application unless the person has filed a written protest to the application within fifteen (15) days after the actual filing of the application. (2) The protest must be accompanied by a filing fee of not less than two thousand dollars ($2,000) nor more than five thousand dollars ($5,000) for each protestant, such amount to be set by State Bank Department rule.

(1) No person shall appear in opposition to the application unless the person has filed a written protest to the application within fifteen (15) days after the actual filing of the application.

(2) The protest must be accompanied by a filing fee of not less than two thousand dollars ($2,000) nor more than five thousand dollars ($5,000) for each protestant, such amount to be set by State Bank Department rule.

(b) At the hearing all persons sponsoring the application and any person making a timely written protest against the application may appear. The attorneys for any such person may appear and be heard.

(c) The Bank Commissioner will participate with the State Banking Board in the hearing.

(d) The board or the commissioner may subpoena witnesses on their own motion or on the request of any party to the proceedings.

(e) (1) The admission of evidence at the hearing shall be controlled by § 25-15-213 . The parties shall have the right to cross-examine witnesses. (2) Official notice may be taken of judicially cognizable facts and of generally recognized technical or scientific facts within the board's specialized knowledge. (3) The parties may bind themselves by stipulation.

(1) The admission of evidence at the hearing shall be controlled by § 25-15-213 . The parties shall have the right to cross-examine witnesses.

(2) Official notice may be taken of judicially cognizable facts and of generally recognized technical or scientific facts within the board's specialized knowledge.

(3) The parties may bind themselves by stipulation.

(f) The applicant shall be responsible for procuring and paying for a verbatim record of the proceeding. It will be the duty of the applicant to furnish at least one (1) copy of the transcript to the commissioner free of charge.

Amended by Act 2019, No. 315,§ 2530, eff. 7/24/2019.

Acts 1997, No. 89, § 1; 1999, No. 113, § 4.
Ark. Code Ann. § 23-46-212 — AR Code / Title 23 / Chapter 46 / Subchapter 2 / Section 23-46-212
Emergency powers of Bank Commissioner - Legislative findings and intent - Definitions
Status: in_force

(a) The General Assembly: (1) Finds that in the event of an emergency, the Bank Commissioner should be authorized to take appropriate action to expedite the recovery of a community affected by the emergency and to encourage banks to meet the credit, deposit, and other financial needs of the community; and (2) Intends by the enactment of this section to authorize the commissioner when warranted by a state of emergency to assist the affected community by: (A) Declaring with the consent of the Governor a state of emergency in this state; (B) Temporarily modifying or suspending banking laws, regulations, or requirements; (C) Taking any other action appropriate to assist affected banks so that: (i) Customary banking services can continue to be provided; and (ii) Financial stability can be maintained; and (D) Declaring a state of emergency in another state if: (i) The declaration of a state of emergency is limited in scope to an affected branch office of an Arkansas state-chartered bank that is under the regulatory authority of the commissioner; and (ii) Prior notice is given to the relevant state banking regulatory authority of the state in which the emergency is to be declared. (b) As used in this section: (1) "Affected area" means the geographic location described in a proclamation by the commissioner declaring a state of emergency; (2) "Affected bank" means a bank with an office in the geographic location described in a proclamation by the commissioner declaring a state of emergency; (3) "Office" means a physical location where a bank transacts business or conducts banking operations; (4) "Officer" means: (A) A person designated by the board of directors, board of trustees, or other governing body of a bank to act for the bank under this section; or (B) The president or chief executive officer or other person in charge of an office if: (i) A designation under subdivision (b)(4)(A) of this section has not been made; or (ii) An officer designated under subdivision (b)(4)(A) of this section is not available; and (5) (A) "State of emergency" means a natural or man-made occurrence or condition that may: (i) Affect the ability of a bank to conduct normal business operations; or (ii) Pose a threat to the safety or security of a person or property. (B) "State of emergency" includes without limitation an occurrence or condition caused by: (i) A natural disaster; (ii) A tornado; (iii) A storm; (iv) A flood; (v) High water; (vi) An earthquake; (vii) A drought; (viii) A fire; (ix) An act of war, rebellion, violent demonstration, or terrorism; (x) A robbery of a bank or other financial institution; or (xi) A cyberattack on, or a cybersecurity breach of, a bank or other depository institution. (c) (1) In addition to any other law of this state or of the United States authorizing the closing of a bank or excusing the delay by a bank in the performance of its duties and obligations because of a situation or condition beyond the bank's control, the commissioner may with the Governor's consent declare by written proclamation that a state of emergency exists in all or part of the state. (2) The proclamation and any order issued under this section: (A) Shall be published on the commissioner's website; and (B) May be disseminated in any other manner deemed appropriate by the commissioner under the circumstances. (d) (1) If the commissioner declares a state of emergency under this section, the commissioner may authorize an affected bank by written order to: (A) Close an office within the affected area; and (B) Keep the office closed for a reasonable amount of time until the office can be reopened. (2) A bank that closes an office under this section shall notify the commissioner as promptly as conditions permit by any means reasonably available of the: (A) Reason for closing the office; and (B) Expected length of time the office will be closed. (3) If an office is closed under this section: (A) Each day that the office is closed shall be treated for banking purposes as a legal holiday; and (B) An affected bank or a director, officer, or employee of an affected bank shall not because the office is closed: (i) Incur any liability; or (ii) Forfeit any legal or equitable rights. (e) (1) (A) If the commissioner finds that an affected bank closed an office as a result of a state of emergency and that the opening of a temporary office by the affected bank will help meet the credit, deposit, and other financial needs of the customers of the affected area, the commissioner may authorize the affected bank by written order to open a temporary office either within the state or at a location in another state. (B) The temporary office may be a mobile branch, temporary office space, or any other facility approved by the commissioner. (2) The formal application process, requirements, and fees for opening a temporary office may be suspended when a state of emergency exists. (3) A temporary office opened under this section may remain open until the commissioner with the consent of the Governor declares that the state of emergency no longer exists unless written permission to remain open is granted by the commissioner upon application by an affected bank to establish an office at the site of the temporary office. (f) (1) An order issued by the commissioner under this section becomes effective upon issuance and continues for one hundred twenty (120) days or unless terminated sooner by the commissioner. (2) The commissioner may extend an order issued under this section for an additional period not to exceed one hundred twenty (120) days if the commissioner with the consent of the Governor finds that the existing state of emergency continues or that a new state of emergency exists. (g) The commissioner may by rule: (1) Adopt additional procedures to implement this section; and (2) Impose sanctions under § 23-46-205 for a violation of this section. Amended by Act 2023, No. 298,§ 1, eff. 8/1/2023. Amended by Act 2017, No. 198,§ 1, eff. 8/1/2017. Amended by Act 2017, No. 169,§ 1, eff. 8/1/2017. Acts 2009, No. 233, § 1.

(a) The General Assembly: (1) Finds that in the event of an emergency, the Bank Commissioner should be authorized to take appropriate action to expedite the recovery of a community affected by the emergency and to encourage banks to meet the credit, deposit, and other financial needs of the community; and (2) Intends by the enactment of this section to authorize the commissioner when warranted by a state of emergency to assist the affected community by: (A) Declaring with the consent of the Governor a state of emergency in this state; (B) Temporarily modifying or suspending banking laws, regulations, or requirements; (C) Taking any other action appropriate to assist affected banks so that: (i) Customary banking services can continue to be provided; and (ii) Financial stability can be maintained; and (D) Declaring a state of emergency in another state if: (i) The declaration of a state of emergency is limited in scope to an affected branch office of an Arkansas state-chartered bank that is under the regulatory authority of the commissioner; and (ii) Prior notice is given to the relevant state banking regulatory authority of the state in which the emergency is to be declared.

(1) Finds that in the event of an emergency, the Bank Commissioner should be authorized to take appropriate action to expedite the recovery of a community affected by the emergency and to encourage banks to meet the credit, deposit, and other financial needs of the community; and

(2) Intends by the enactment of this section to authorize the commissioner when warranted by a state of emergency to assist the affected community by: (A) Declaring with the consent of the Governor a state of emergency in this state; (B) Temporarily modifying or suspending banking laws, regulations, or requirements; (C) Taking any other action appropriate to assist affected banks so that: (i) Customary banking services can continue to be provided; and (ii) Financial stability can be maintained; and (D) Declaring a state of emergency in another state if: (i) The declaration of a state of emergency is limited in scope to an affected branch office of an Arkansas state-chartered bank that is under the regulatory authority of the commissioner; and (ii) Prior notice is given to the relevant state banking regulatory authority of the state in which the emergency is to be declared.

(A) Declaring with the consent of the Governor a state of emergency in this state;

(B) Temporarily modifying or suspending banking laws, regulations, or requirements;

(C) Taking any other action appropriate to assist affected banks so that: (i) Customary banking services can continue to be provided; and (ii) Financial stability can be maintained; and

(i) Customary banking services can continue to be provided; and

(ii) Financial stability can be maintained; and

(D) Declaring a state of emergency in another state if: (i) The declaration of a state of emergency is limited in scope to an affected branch office of an Arkansas state-chartered bank that is under the regulatory authority of the commissioner; and (ii) Prior notice is given to the relevant state banking regulatory authority of the state in which the emergency is to be declared.

(i) The declaration of a state of emergency is limited in scope to an affected branch office of an Arkansas state-chartered bank that is under the regulatory authority of the commissioner; and

(ii) Prior notice is given to the relevant state banking regulatory authority of the state in which the emergency is to be declared.

(b) As used in this section: (1) "Affected area" means the geographic location described in a proclamation by the commissioner declaring a state of emergency; (2) "Affected bank" means a bank with an office in the geographic location described in a proclamation by the commissioner declaring a state of emergency; (3) "Office" means a physical location where a bank transacts business or conducts banking operations; (4) "Officer" means: (A) A person designated by the board of directors, board of trustees, or other governing body of a bank to act for the bank under this section; or (B) The president or chief executive officer or other person in charge of an office if: (i) A designation under subdivision (b)(4)(A) of this section has not been made; or (ii) An officer designated under subdivision (b)(4)(A) of this section is not available; and (5) (A) "State of emergency" means a natural or man-made occurrence or condition that may: (i) Affect the ability of a bank to conduct normal business operations; or (ii) Pose a threat to the safety or security of a person or property. (B) "State of emergency" includes without limitation an occurrence or condition caused by: (i) A natural disaster; (ii) A tornado; (iii) A storm; (iv) A flood; (v) High water; (vi) An earthquake; (vii) A drought; (viii) A fire; (ix) An act of war, rebellion, violent demonstration, or terrorism; (x) A robbery of a bank or other financial institution; or (xi) A cyberattack on, or a cybersecurity breach of, a bank or other depository institution.

(1) "Affected area" means the geographic location described in a proclamation by the commissioner declaring a state of emergency;

(2) "Affected bank" means a bank with an office in the geographic location described in a proclamation by the commissioner declaring a state of emergency;

(3) "Office" means a physical location where a bank transacts business or conducts banking operations;

(4) "Officer" means: (A) A person designated by the board of directors, board of trustees, or other governing body of a bank to act for the bank under this section; or (B) The president or chief executive officer or other person in charge of an office if: (i) A designation under subdivision (b)(4)(A) of this section has not been made; or (ii) An officer designated under subdivision (b)(4)(A) of this section is not available; and

(A) A person designated by the board of directors, board of trustees, or other governing body of a bank to act for the bank under this section; or

(B) The president or chief executive officer or other person in charge of an office if: (i) A designation under subdivision (b)(4)(A) of this section has not been made; or (ii) An officer designated under subdivision (b)(4)(A) of this section is not available; and

(i) A designation under subdivision (b)(4)(A) of this section has not been made; or

(ii) An officer designated under subdivision (b)(4)(A) of this section is not available; and

(5) (A) "State of emergency" means a natural or man-made occurrence or condition that may: (i) Affect the ability of a bank to conduct normal business operations; or (ii) Pose a threat to the safety or security of a person or property. (B) "State of emergency" includes without limitation an occurrence or condition caused by: (i) A natural disaster; (ii) A tornado; (iii) A storm; (iv) A flood; (v) High water; (vi) An earthquake; (vii) A drought; (viii) A fire; (ix) An act of war, rebellion, violent demonstration, or terrorism; (x) A robbery of a bank or other financial institution; or (xi) A cyberattack on, or a cybersecurity breach of, a bank or other depository institution.

(A) "State of emergency" means a natural or man-made occurrence or condition that may: (i) Affect the ability of a bank to conduct normal business operations; or (ii) Pose a threat to the safety or security of a person or property.

(i) Affect the ability of a bank to conduct normal business operations; or

(ii) Pose a threat to the safety or security of a person or property.

(B) "State of emergency" includes without limitation an occurrence or condition caused by: (i) A natural disaster; (ii) A tornado; (iii) A storm; (iv) A flood; (v) High water; (vi) An earthquake; (vii) A drought; (viii) A fire; (ix) An act of war, rebellion, violent demonstration, or terrorism; (x) A robbery of a bank or other financial institution; or (xi) A cyberattack on, or a cybersecurity breach of, a bank or other depository institution.

(i) A natural disaster;

(ii) A tornado;

(iii) A storm;

(iv) A flood;

(v) High water;

(vi) An earthquake;

(vii) A drought;

(viii) A fire;

(ix) An act of war, rebellion, violent demonstration, or terrorism;

(x) A robbery of a bank or other financial institution; or

(xi) A cyberattack on, or a cybersecurity breach of, a bank or other depository institution.

(c) (1) In addition to any other law of this state or of the United States authorizing the closing of a bank or excusing the delay by a bank in the performance of its duties and obligations because of a situation or condition beyond the bank's control, the commissioner may with the Governor's consent declare by written proclamation that a state of emergency exists in all or part of the state. (2) The proclamation and any order issued under this section: (A) Shall be published on the commissioner's website; and (B) May be disseminated in any other manner deemed appropriate by the commissioner under the circumstances.

(1) In addition to any other law of this state or of the United States authorizing the closing of a bank or excusing the delay by a bank in the performance of its duties and obligations because of a situation or condition beyond the bank's control, the commissioner may with the Governor's consent declare by written proclamation that a state of emergency exists in all or part of the state.

(2) The proclamation and any order issued under this section: (A) Shall be published on the commissioner's website; and (B) May be disseminated in any other manner deemed appropriate by the commissioner under the circumstances.

(A) Shall be published on the commissioner's website; and

(B) May be disseminated in any other manner deemed appropriate by the commissioner under the circumstances.

(d) (1) If the commissioner declares a state of emergency under this section, the commissioner may authorize an affected bank by written order to: (A) Close an office within the affected area; and (B) Keep the office closed for a reasonable amount of time until the office can be reopened. (2) A bank that closes an office under this section shall notify the commissioner as promptly as conditions permit by any means reasonably available of the: (A) Reason for closing the office; and (B) Expected length of time the office will be closed. (3) If an office is closed under this section: (A) Each day that the office is closed shall be treated for banking purposes as a legal holiday; and (B) An affected bank or a director, officer, or employee of an affected bank shall not because the office is closed: (i) Incur any liability; or (ii) Forfeit any legal or equitable rights.

(1) If the commissioner declares a state of emergency under this section, the commissioner may authorize an affected bank by written order to: (A) Close an office within the affected area; and (B) Keep the office closed for a reasonable amount of time until the office can be reopened.

(A) Close an office within the affected area; and

(B) Keep the office closed for a reasonable amount of time until the office can be reopened.

(2) A bank that closes an office under this section shall notify the commissioner as promptly as conditions permit by any means reasonably available of the: (A) Reason for closing the office; and (B) Expected length of time the office will be closed.

(A) Reason for closing the office; and

(B) Expected length of time the office will be closed.

(3) If an office is closed under this section: (A) Each day that the office is closed shall be treated for banking purposes as a legal holiday; and (B) An affected bank or a director, officer, or employee of an affected bank shall not because the office is closed: (i) Incur any liability; or (ii) Forfeit any legal or equitable rights.

(A) Each day that the office is closed shall be treated for banking purposes as a legal holiday; and

(B) An affected bank or a director, officer, or employee of an affected bank shall not because the office is closed: (i) Incur any liability; or (ii) Forfeit any legal or equitable rights.

(i) Incur any liability; or

(ii) Forfeit any legal or equitable rights.

(e) (1) (A) If the commissioner finds that an affected bank closed an office as a result of a state of emergency and that the opening of a temporary office by the affected bank will help meet the credit, deposit, and other financial needs of the customers of the affected area, the commissioner may authorize the affected bank by written order to open a temporary office either within the state or at a location in another state. (B) The temporary office may be a mobile branch, temporary office space, or any other facility approved by the commissioner. (2) The formal application process, requirements, and fees for opening a temporary office may be suspended when a state of emergency exists. (3) A temporary office opened under this section may remain open until the commissioner with the consent of the Governor declares that the state of emergency no longer exists unless written permission to remain open is granted by the commissioner upon application by an affected bank to establish an office at the site of the temporary office.

(1) (A) If the commissioner finds that an affected bank closed an office as a result of a state of emergency and that the opening of a temporary office by the affected bank will help meet the credit, deposit, and other financial needs of the customers of the affected area, the commissioner may authorize the affected bank by written order to open a temporary office either within the state or at a location in another state. (B) The temporary office may be a mobile branch, temporary office space, or any other facility approved by the commissioner.

(A) If the commissioner finds that an affected bank closed an office as a result of a state of emergency and that the opening of a temporary office by the affected bank will help meet the credit, deposit, and other financial needs of the customers of the affected area, the commissioner may authorize the affected bank by written order to open a temporary office either within the state or at a location in another state.

(B) The temporary office may be a mobile branch, temporary office space, or any other facility approved by the commissioner.

(2) The formal application process, requirements, and fees for opening a temporary office may be suspended when a state of emergency exists.

(3) A temporary office opened under this section may remain open until the commissioner with the consent of the Governor declares that the state of emergency no longer exists unless written permission to remain open is granted by the commissioner upon application by an affected bank to establish an office at the site of the temporary office.

(f) (1) An order issued by the commissioner under this section becomes effective upon issuance and continues for one hundred twenty (120) days or unless terminated sooner by the commissioner. (2) The commissioner may extend an order issued under this section for an additional period not to exceed one hundred twenty (120) days if the commissioner with the consent of the Governor finds that the existing state of emergency continues or that a new state of emergency exists.

(1) An order issued by the commissioner under this section becomes effective upon issuance and continues for one hundred twenty (120) days or unless terminated sooner by the commissioner.

(2) The commissioner may extend an order issued under this section for an additional period not to exceed one hundred twenty (120) days if the commissioner with the consent of the Governor finds that the existing state of emergency continues or that a new state of emergency exists.

(g) The commissioner may by rule: (1) Adopt additional procedures to implement this section; and (2) Impose sanctions under § 23-46-205 for a violation of this section.

(1) Adopt additional procedures to implement this section; and

(2) Impose sanctions under § 23-46-205 for a violation of this section.

Amended by Act 2023, No. 298,§ 1, eff. 8/1/2023.

Amended by Act 2017, No. 198,§ 1, eff. 8/1/2017.

Amended by Act 2017, No. 169,§ 1, eff. 8/1/2017.

Acts 2009, No. 233, § 1.
Ark. Code Ann. § 23-42-307 — AR Code / Title 23 / Chapter 42 / Subchapter 3 / Section 23-42-307
Unlawful acts by investment advisers
Status: in_force

(a) It is unlawful for any investment adviser or representative: (1) To employ any device, scheme, or artifice to defraud the other person; (2) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the other person; or (3) To make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statement made, in light of the circumstances under which it is made, not misleading. (b) It is unlawful for any investment adviser to enter into, extend, or renew any investment advisory contract unless it provides in writing that: (1) Except as may be permitted by rule or order of the Securities Commissioner, the investment adviser shall not be compensated on the basis of a share of capital gains upon, or capital appreciation of, the funds or any portion of the funds of the client. This subdivision (b)(1) does not prohibit an investment advisory contract which provides for compensation based upon the total value of a fund averaged over a definite period, or as of definite dates, or taken as of a definite date; (2) (A) No assignment of the contract may be made by the investment adviser without the consent of the other party to the contract. (B) "Assignment", as used in this subdivision (b)(2), includes any direct or indirect transfer or hypothecation of an investment advisory contract by the assignor, or of a controlling block of the assignor's outstanding voting securities, by a security holder of the assignor. (C) However, if the investment adviser is a partnership, no assignment of an investment advisory contract is considered to result from the death or withdrawal of a minority of the members of the investment adviser having only a minority interest in the business of the investment adviser, or from the admission to the investment adviser of one (1) or more members who, after admission, will be only a minority of the members and will have only a minority interest in the business; and (3) The investment adviser, if a partnership, shall notify the other party to the contract of any change in the membership of the partnership within a reasonable time after the change. (c) It is unlawful for any investment adviser to take or have custody of any securities or funds of any client if: (1) The commissioner by rule prohibits custody; or (2) In the absence of rule, the investment adviser fails to notify the commissioner that he or she has or may have custody. Acts 1959, No. 254, § 2; A.S.A. 1947, § 67-1236; Acts 1993, No. 566, § 1; 1995, No. 845, § 18; 2009, No. 462, § 10.

(a) It is unlawful for any investment adviser or representative: (1) To employ any device, scheme, or artifice to defraud the other person; (2) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the other person; or (3) To make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statement made, in light of the circumstances under which it is made, not misleading.

(1) To employ any device, scheme, or artifice to defraud the other person;

(2) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the other person; or

(3) To make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statement made, in light of the circumstances under which it is made, not misleading.

(b) It is unlawful for any investment adviser to enter into, extend, or renew any investment advisory contract unless it provides in writing that: (1) Except as may be permitted by rule or order of the Securities Commissioner, the investment adviser shall not be compensated on the basis of a share of capital gains upon, or capital appreciation of, the funds or any portion of the funds of the client. This subdivision (b)(1) does not prohibit an investment advisory contract which provides for compensation based upon the total value of a fund averaged over a definite period, or as of definite dates, or taken as of a definite date; (2) (A) No assignment of the contract may be made by the investment adviser without the consent of the other party to the contract. (B) "Assignment", as used in this subdivision (b)(2), includes any direct or indirect transfer or hypothecation of an investment advisory contract by the assignor, or of a controlling block of the assignor's outstanding voting securities, by a security holder of the assignor. (C) However, if the investment adviser is a partnership, no assignment of an investment advisory contract is considered to result from the death or withdrawal of a minority of the members of the investment adviser having only a minority interest in the business of the investment adviser, or from the admission to the investment adviser of one (1) or more members who, after admission, will be only a minority of the members and will have only a minority interest in the business; and (3) The investment adviser, if a partnership, shall notify the other party to the contract of any change in the membership of the partnership within a reasonable time after the change.

(1) Except as may be permitted by rule or order of the Securities Commissioner, the investment adviser shall not be compensated on the basis of a share of capital gains upon, or capital appreciation of, the funds or any portion of the funds of the client. This subdivision (b)(1) does not prohibit an investment advisory contract which provides for compensation based upon the total value of a fund averaged over a definite period, or as of definite dates, or taken as of a definite date;

(2) (A) No assignment of the contract may be made by the investment adviser without the consent of the other party to the contract. (B) "Assignment", as used in this subdivision (b)(2), includes any direct or indirect transfer or hypothecation of an investment advisory contract by the assignor, or of a controlling block of the assignor's outstanding voting securities, by a security holder of the assignor. (C) However, if the investment adviser is a partnership, no assignment of an investment advisory contract is considered to result from the death or withdrawal of a minority of the members of the investment adviser having only a minority interest in the business of the investment adviser, or from the admission to the investment adviser of one (1) or more members who, after admission, will be only a minority of the members and will have only a minority interest in the business; and

(A) No assignment of the contract may be made by the investment adviser without the consent of the other party to the contract.

(B) "Assignment", as used in this subdivision (b)(2), includes any direct or indirect transfer or hypothecation of an investment advisory contract by the assignor, or of a controlling block of the assignor's outstanding voting securities, by a security holder of the assignor.

(C) However, if the investment adviser is a partnership, no assignment of an investment advisory contract is considered to result from the death or withdrawal of a minority of the members of the investment adviser having only a minority interest in the business of the investment adviser, or from the admission to the investment adviser of one (1) or more members who, after admission, will be only a minority of the members and will have only a minority interest in the business; and

(3) The investment adviser, if a partnership, shall notify the other party to the contract of any change in the membership of the partnership within a reasonable time after the change.

(c) It is unlawful for any investment adviser to take or have custody of any securities or funds of any client if: (1) The commissioner by rule prohibits custody; or (2) In the absence of rule, the investment adviser fails to notify the commissioner that he or she has or may have custody.

(1) The commissioner by rule prohibits custody; or

(2) In the absence of rule, the investment adviser fails to notify the commissioner that he or she has or may have custody.

Acts 1959, No. 254, § 2; A.S.A. 1947, § 67-1236; Acts 1993, No. 566, § 1; 1995, No. 845, § 18; 2009, No. 462, § 10.
Ark. Code Ann. § 23-46-402 — AR Code / Title 23 / Chapter 46 / Subchapter 4 / Section 23-46-402
Meetings of board - Notice
Status: in_force

(a) (1) The Chair of the State Banking Board or the Bank Commissioner may call a special meeting of the board upon notice through a personal communication with each member of the board by telephone or through a written notice transmitted by ordinary, certified, or registered mail, personal delivery, overnight delivery, or telefacsimile directed to each member of the board at his or her business or residence address as shown on the records of the board. (2) The records of the State Bank Department shall affirmatively reflect the time and manner in which the meeting was called and notice thereof given. (b) The board members may waive any notice of a special meeting by signing a written consent to the holding of the meeting or by appearing at the meeting and participating therein. (c) In the instances in which notice of a special meeting is not waived by the board members, the notice shall be given to the board members at least fourteen (14) days before the meeting. (d) (1) If at any time it is impossible for the commissioner or the chair to give notice of a meeting to board members because of the death, disability, or absence from the state of the members, a meeting of the board may be called by notice given to the members who are available. (2) In this event, the unanimous action of three (3) of the members who were so served with notice shall be the action of the board. (3) This rule shall also be applicable in situations in which, under subsection (g) of this section, the board is permitted to act informally without a fixed meeting. (e) The board may also hold regular meetings on dates fixed in its procedures, policies, and rules. (f) (1) The board may permit any or all of its members to participate in a regular or special meeting by, or conduct the meeting through the use of, any means of communication by which all members participating may simultaneously hear each other during the meeting. (2) A member participating in a meeting by this means is deemed to be present in person at the meeting. (g) (1) Matters other than applications described in § 23-46-403 requiring the board's consideration and which are not contested may, in the commissioner's discretion, be considered by the board through mailing or delivering of all necessary documents and correspondence to all board members, no formal meeting being necessary. (2) Applications submitted to the board according to this procedure must be filed with the commissioner for at least three (3) days prior to submission to the board with no protest's having been filed. (3) Where the application is thus submitted, the written approval or disapproval endorsed upon the application, or a copy thereof, and transmitted to the commissioner by at least four (4) members of the board shall represent the action of the board. Amended by Act 2019, No. 315,§ 2527, eff. 7/24/2019. Acts 1997, No. 89, § 1.

(a) (1) The Chair of the State Banking Board or the Bank Commissioner may call a special meeting of the board upon notice through a personal communication with each member of the board by telephone or through a written notice transmitted by ordinary, certified, or registered mail, personal delivery, overnight delivery, or telefacsimile directed to each member of the board at his or her business or residence address as shown on the records of the board. (2) The records of the State Bank Department shall affirmatively reflect the time and manner in which the meeting was called and notice thereof given.

(1) The Chair of the State Banking Board or the Bank Commissioner may call a special meeting of the board upon notice through a personal communication with each member of the board by telephone or through a written notice transmitted by ordinary, certified, or registered mail, personal delivery, overnight delivery, or telefacsimile directed to each member of the board at his or her business or residence address as shown on the records of the board.

(2) The records of the State Bank Department shall affirmatively reflect the time and manner in which the meeting was called and notice thereof given.

(b) The board members may waive any notice of a special meeting by signing a written consent to the holding of the meeting or by appearing at the meeting and participating therein.

(c) In the instances in which notice of a special meeting is not waived by the board members, the notice shall be given to the board members at least fourteen (14) days before the meeting.

(d) (1) If at any time it is impossible for the commissioner or the chair to give notice of a meeting to board members because of the death, disability, or absence from the state of the members, a meeting of the board may be called by notice given to the members who are available. (2) In this event, the unanimous action of three (3) of the members who were so served with notice shall be the action of the board. (3) This rule shall also be applicable in situations in which, under subsection (g) of this section, the board is permitted to act informally without a fixed meeting.

(1) If at any time it is impossible for the commissioner or the chair to give notice of a meeting to board members because of the death, disability, or absence from the state of the members, a meeting of the board may be called by notice given to the members who are available.

(2) In this event, the unanimous action of three (3) of the members who were so served with notice shall be the action of the board.

(3) This rule shall also be applicable in situations in which, under subsection (g) of this section, the board is permitted to act informally without a fixed meeting.

(e) The board may also hold regular meetings on dates fixed in its procedures, policies, and rules.

(f) (1) The board may permit any or all of its members to participate in a regular or special meeting by, or conduct the meeting through the use of, any means of communication by which all members participating may simultaneously hear each other during the meeting. (2) A member participating in a meeting by this means is deemed to be present in person at the meeting.

(1) The board may permit any or all of its members to participate in a regular or special meeting by, or conduct the meeting through the use of, any means of communication by which all members participating may simultaneously hear each other during the meeting.

(2) A member participating in a meeting by this means is deemed to be present in person at the meeting.

(g) (1) Matters other than applications described in § 23-46-403 requiring the board's consideration and which are not contested may, in the commissioner's discretion, be considered by the board through mailing or delivering of all necessary documents and correspondence to all board members, no formal meeting being necessary. (2) Applications submitted to the board according to this procedure must be filed with the commissioner for at least three (3) days prior to submission to the board with no protest's having been filed. (3) Where the application is thus submitted, the written approval or disapproval endorsed upon the application, or a copy thereof, and transmitted to the commissioner by at least four (4) members of the board shall represent the action of the board.

(1) Matters other than applications described in § 23-46-403 requiring the board's consideration and which are not contested may, in the commissioner's discretion, be considered by the board through mailing or delivering of all necessary documents and correspondence to all board members, no formal meeting being necessary.

(2) Applications submitted to the board according to this procedure must be filed with the commissioner for at least three (3) days prior to submission to the board with no protest's having been filed.

(3) Where the application is thus submitted, the written approval or disapproval endorsed upon the application, or a copy thereof, and transmitted to the commissioner by at least four (4) members of the board shall represent the action of the board.

Amended by Act 2019, No. 315,§ 2527, eff. 7/24/2019.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-81-815 — AR Code / Title 23 / Chapter 81 / Subchapter 8 / Section 23-81-815
Injunctions - Civil remedies - Cease and desist
Status: in_force

(a) In addition to the penalties and other enforcement provisions of this subchapter, if any person violates this subchapter or any rule implementing this subchapter, the Insurance Commissioner may seek an injunction in a court of competent jurisdiction in the county where the person resides or has a principal place of business and may apply for temporary and permanent orders that the commissioner determines necessary to restrain the person from further committing the violation. (b) Any person damaged by the acts of another person in violation of this subchapter or any rule implementing this subchapter may bring a civil action for damages in a court of competent jurisdiction against the person committing the violation. (c) The commissioner may issue a cease and desist order upon a person who violates any provision of this section, any rule or order adopted by the commissioner, or any written agreement entered into with the commissioner, in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq. (d) (1) When the commissioner finds that such an action presents an immediate danger to the public and requires an immediate final order, he or she may issue an emergency cease and desist order reciting with particularity the facts underlying such findings. (2) The emergency cease and desist order is effective immediately upon service of a copy of the order on the respondent and remains effective for ninety (90) days. If the State Insurance Department begins nonemergency cease and desist proceedings under subsection (a) of this section, the emergency cease and desist order remains effective, absent an order by an appellate court of competent jurisdiction pursuant to the Arkansas Administrative Procedure Act, § 25-15-201 et seq. (3) In the event of a willful violation of this subchapter, the trial court may award statutory damages in addition to actual damages in an additional amount up to three (3) times the actual damage award. (4) The provisions of this subchapter shall not be waived by agreement. (5) A choice of law provision shall not be utilized to prevent the application of this subchapter to any settlement in which a party to the settlement is a resident of this state. Acts 2009, No. 796, § 1.

(a) In addition to the penalties and other enforcement provisions of this subchapter, if any person violates this subchapter or any rule implementing this subchapter, the Insurance Commissioner may seek an injunction in a court of competent jurisdiction in the county where the person resides or has a principal place of business and may apply for temporary and permanent orders that the commissioner determines necessary to restrain the person from further committing the violation.

(b) Any person damaged by the acts of another person in violation of this subchapter or any rule implementing this subchapter may bring a civil action for damages in a court of competent jurisdiction against the person committing the violation.

(c) The commissioner may issue a cease and desist order upon a person who violates any provision of this section, any rule or order adopted by the commissioner, or any written agreement entered into with the commissioner, in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.

(d) (1) When the commissioner finds that such an action presents an immediate danger to the public and requires an immediate final order, he or she may issue an emergency cease and desist order reciting with particularity the facts underlying such findings. (2) The emergency cease and desist order is effective immediately upon service of a copy of the order on the respondent and remains effective for ninety (90) days. If the State Insurance Department begins nonemergency cease and desist proceedings under subsection (a) of this section, the emergency cease and desist order remains effective, absent an order by an appellate court of competent jurisdiction pursuant to the Arkansas Administrative Procedure Act, § 25-15-201 et seq. (3) In the event of a willful violation of this subchapter, the trial court may award statutory damages in addition to actual damages in an additional amount up to three (3) times the actual damage award. (4) The provisions of this subchapter shall not be waived by agreement. (5) A choice of law provision shall not be utilized to prevent the application of this subchapter to any settlement in which a party to the settlement is a resident of this state.

(1) When the commissioner finds that such an action presents an immediate danger to the public and requires an immediate final order, he or she may issue an emergency cease and desist order reciting with particularity the facts underlying such findings.

(2) The emergency cease and desist order is effective immediately upon service of a copy of the order on the respondent and remains effective for ninety (90) days. If the State Insurance Department begins nonemergency cease and desist proceedings under subsection (a) of this section, the emergency cease and desist order remains effective, absent an order by an appellate court of competent jurisdiction pursuant to the Arkansas Administrative Procedure Act, § 25-15-201 et seq.

(3) In the event of a willful violation of this subchapter, the trial court may award statutory damages in addition to actual damages in an additional amount up to three (3) times the actual damage award.

(4) The provisions of this subchapter shall not be waived by agreement.

(5) A choice of law provision shall not be utilized to prevent the application of this subchapter to any settlement in which a party to the settlement is a resident of this state.

Acts 2009, No. 796, § 1.
Ark. Code Ann. § 23-54-101 — AR Code / Title 23 / Chapter 54 / Section 23-54-101
Title
Status: in_force

This chapter shall be known and may be cited as the "Reverse Mortgage Protection Act". Acts 2005, No. 2166, § 1.

This chapter shall be known and may be cited as the "Reverse Mortgage Protection Act".

Acts 2005, No. 2166, § 1.
Ark. Code Ann. § 23-91-215 — AR Code / Title 23 / Chapter 91 / Subchapter 2 / Section 23-91-215
[Repealed]
Status: repealed

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023. Acts 1977, No. 368, § 8; A.S.A. 1947, § 66-5408; Acts 1987, No. 456, § 27.

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

Acts 1977, No. 368, § 8; A.S.A. 1947, § 66-5408; Acts 1987, No. 456, § 27.
Ark. Code Ann. § 23-79-202 — AR Code / Title 23 / Chapter 79 / Subchapter 2 / Section 23-79-202
Limitation of actions
Status: in_force

(a) An action may be maintained in the courts of this state by an insured or any other person on his or her behalf to recover on any claim or loss arising under a policy of insurance on property or life against the insurer issuing the policy or against the sureties on any bond filed by the insurer as a condition precedent to its right to do business in this state, at any time within the period prescribed by law for bringing actions on promises in writing. (b) Any stipulation or provision in the policy or contract requiring the action to be brought within any shorter time or be barred is void. Acts 1959, No. 148, § 299; A.S.A. 1947, § 66-3232.

(a) An action may be maintained in the courts of this state by an insured or any other person on his or her behalf to recover on any claim or loss arising under a policy of insurance on property or life against the insurer issuing the policy or against the sureties on any bond filed by the insurer as a condition precedent to its right to do business in this state, at any time within the period prescribed by law for bringing actions on promises in writing.

(b) Any stipulation or provision in the policy or contract requiring the action to be brought within any shorter time or be barred is void.

Acts 1959, No. 148, § 299; A.S.A. 1947, § 66-3232.
Ark. Code Ann. § 23-13-220 — AR Code / Title 23 / Chapter 13 / Subchapter 2 / Section 23-13-220
Certificate of public convenience and necessity - Issuance - Notice and hearing
Status: in_force

(a) (1) Subject to the provisions of this subchapter, a certificate of public convenience and necessity shall be issued to any qualified applicant therefor, authorizing the whole or any part of the operations covered by the application if it is found that the applicant is fit, willing, and able properly to perform the service proposed and to conform to the provisions of this subchapter and the requirements and rules of the Arkansas Department of Transportation thereunder, and that the proposed service, to the extent to be authorized by the certificate, is or will be required by the present or future public convenience and necessity; otherwise the application shall be denied. The burden of proof shall be upon the applicant. (2) However, no such certificate shall be issued to any common carrier of passengers by motor vehicle for operations over other than regular routes, and between fixed termini, except as the carrier may be authorized to engage in special or charter operations. (b) No certificate shall be issued by the department except upon a hearing held at least twenty (20) days after the service of notice to interested parties of its time and place. (c) In granting applications for certificates, the department shall take into consideration: (1) The reliability and financial condition of the applicant and his or her sense of responsibility toward the public; (2) The transportation service being maintained by any railroad, street railway, or motor carrier; (3) The likelihood of the proposed service being permanent and continuous throughout twelve (12) months of the year; (4) The effect which such proposed transportation service may have upon other forms of transportation service; and (5) Any other matters tending to show the necessity or want of necessity for granting the application. Amended by Act 2019, No. 315,§ 2423, eff. 7/24/2019. Amended by Act 2017, No. 707,§ 196, eff. 8/1/2017. Acts 1955, No. 397, § 9; A.S.A. 1947, § 73-1762.

(a) (1) Subject to the provisions of this subchapter, a certificate of public convenience and necessity shall be issued to any qualified applicant therefor, authorizing the whole or any part of the operations covered by the application if it is found that the applicant is fit, willing, and able properly to perform the service proposed and to conform to the provisions of this subchapter and the requirements and rules of the Arkansas Department of Transportation thereunder, and that the proposed service, to the extent to be authorized by the certificate, is or will be required by the present or future public convenience and necessity; otherwise the application shall be denied. The burden of proof shall be upon the applicant. (2) However, no such certificate shall be issued to any common carrier of passengers by motor vehicle for operations over other than regular routes, and between fixed termini, except as the carrier may be authorized to engage in special or charter operations.

(1) Subject to the provisions of this subchapter, a certificate of public convenience and necessity shall be issued to any qualified applicant therefor, authorizing the whole or any part of the operations covered by the application if it is found that the applicant is fit, willing, and able properly to perform the service proposed and to conform to the provisions of this subchapter and the requirements and rules of the Arkansas Department of Transportation thereunder, and that the proposed service, to the extent to be authorized by the certificate, is or will be required by the present or future public convenience and necessity; otherwise the application shall be denied. The burden of proof shall be upon the applicant.

(2) However, no such certificate shall be issued to any common carrier of passengers by motor vehicle for operations over other than regular routes, and between fixed termini, except as the carrier may be authorized to engage in special or charter operations.

(b) No certificate shall be issued by the department except upon a hearing held at least twenty (20) days after the service of notice to interested parties of its time and place.

(c) In granting applications for certificates, the department shall take into consideration: (1) The reliability and financial condition of the applicant and his or her sense of responsibility toward the public; (2) The transportation service being maintained by any railroad, street railway, or motor carrier; (3) The likelihood of the proposed service being permanent and continuous throughout twelve (12) months of the year; (4) The effect which such proposed transportation service may have upon other forms of transportation service; and (5) Any other matters tending to show the necessity or want of necessity for granting the application.

(1) The reliability and financial condition of the applicant and his or her sense of responsibility toward the public;

(2) The transportation service being maintained by any railroad, street railway, or motor carrier;

(3) The likelihood of the proposed service being permanent and continuous throughout twelve (12) months of the year;

(4) The effect which such proposed transportation service may have upon other forms of transportation service; and

(5) Any other matters tending to show the necessity or want of necessity for granting the application.

Amended by Act 2019, No. 315,§ 2423, eff. 7/24/2019.

Amended by Act 2017, No. 707,§ 196, eff. 8/1/2017.

Acts 1955, No. 397, § 9; A.S.A. 1947, § 73-1762.
Ark. Code Ann. § 23-79-2502 — AR Code / Title 23 / Chapter 79 / Subchapter 25 / Section 23-79-2502
Definitions
Status: in_force

As used in this subchapter: (1) "Defined cost sharing" means a deductible payment or coinsurance amount imposed on an enrollee for a covered prescription drug under the enrollee's health benefit plan; (2) "Enrollee" means an individual entitled to coverage of healthcare services from a healthcare insurer; (3) (A) "Health benefit plan" means any individual, blanket, or group plan, policy, or contract for healthcare services issued or delivered by a healthcare insurer in this state. (B) "Health benefit plan" does not include: (i) Accident-only plans; (ii) Specified disease plans; (iii) Disability income plans; (iv) Plans that provide only for indemnity for hospital confinement; (v) Long-term-care-only plans that do not include pharmacy benefits; (vi) Other limited-benefit health insurance policies or plans; (vii) Health benefit plans provided under Arkansas Constitution, Article 5, § 32, the Workers' Compensation Law, § 11-9-101 et seq., or the Public Employee Workers' Compensation Act, § 21-5-601 et seq.; or (viii) Any state or local governmental employee plan; (4) (A) "Healthcare insurer" means a: (i) Health insurance issuer that: (a) Is subject to state law regulating insurance; and (b) Offers health insurance coverage under 42 U.S.C. § 300gg-91 , as it existed on January 1, 2023; (ii) Health maintenance organization; or (iii) Hospital and medical service corporation. (B) "Healthcare insurer" does not include an entity that provides only dental benefits or eye and vision care benefits; (5) "Price protection rebate" means a negotiated price concession that accrues directly or indirectly to a healthcare insurer, or other party on behalf of the healthcare insurer, if there is an increase in the wholesale acquisition cost of a prescription drug above a specified threshold; and (6) "Rebate" means: (A) A negotiated price concession, including without limitation base price concessions, whether described as a rebate or not, reasonable estimates of any price protection rebates, and performance-based price concessions that may accrue, directly or indirectly, to the healthcare insurer during the coverage year from a manufacturer or other party in connection with the dispensing or administration of a prescription drug; and (B) Any reasonable estimate of a negotiated price concession, fee, and other administrative cost that is passed through, or is reasonably anticipated to be passed through, to the healthcare insurer and serves to reduce the healthcare insurer's liabilities for a prescription drug. Added by Act 2023, No. 333,§ 1, eff. 8/1/2023.

As used in this subchapter:

(1) "Defined cost sharing" means a deductible payment or coinsurance amount imposed on an enrollee for a covered prescription drug under the enrollee's health benefit plan;

(2) "Enrollee" means an individual entitled to coverage of healthcare services from a healthcare insurer;

(3) (A) "Health benefit plan" means any individual, blanket, or group plan, policy, or contract for healthcare services issued or delivered by a healthcare insurer in this state. (B) "Health benefit plan" does not include: (i) Accident-only plans; (ii) Specified disease plans; (iii) Disability income plans; (iv) Plans that provide only for indemnity for hospital confinement; (v) Long-term-care-only plans that do not include pharmacy benefits; (vi) Other limited-benefit health insurance policies or plans; (vii) Health benefit plans provided under Arkansas Constitution, Article 5, § 32, the Workers' Compensation Law, § 11-9-101 et seq., or the Public Employee Workers' Compensation Act, § 21-5-601 et seq.; or (viii) Any state or local governmental employee plan;

(A) "Health benefit plan" means any individual, blanket, or group plan, policy, or contract for healthcare services issued or delivered by a healthcare insurer in this state.

(B) "Health benefit plan" does not include: (i) Accident-only plans; (ii) Specified disease plans; (iii) Disability income plans; (iv) Plans that provide only for indemnity for hospital confinement; (v) Long-term-care-only plans that do not include pharmacy benefits; (vi) Other limited-benefit health insurance policies or plans; (vii) Health benefit plans provided under Arkansas Constitution, Article 5, § 32, the Workers' Compensation Law, § 11-9-101 et seq., or the Public Employee Workers' Compensation Act, § 21-5-601 et seq.; or (viii) Any state or local governmental employee plan;

(i) Accident-only plans;

(ii) Specified disease plans;

(iii) Disability income plans;

(iv) Plans that provide only for indemnity for hospital confinement;

(v) Long-term-care-only plans that do not include pharmacy benefits;

(vi) Other limited-benefit health insurance policies or plans;

(vii) Health benefit plans provided under Arkansas Constitution, Article 5, § 32, the Workers' Compensation Law, § 11-9-101 et seq., or the Public Employee Workers' Compensation Act, § 21-5-601 et seq.; or

(viii) Any state or local governmental employee plan;

(4) (A) "Healthcare insurer" means a: (i) Health insurance issuer that: (a) Is subject to state law regulating insurance; and (b) Offers health insurance coverage under 42 U.S.C. § 300gg-91 , as it existed on January 1, 2023; (ii) Health maintenance organization; or (iii) Hospital and medical service corporation. (B) "Healthcare insurer" does not include an entity that provides only dental benefits or eye and vision care benefits;

(A) "Healthcare insurer" means a: (i) Health insurance issuer that: (a) Is subject to state law regulating insurance; and (b) Offers health insurance coverage under 42 U.S.C. § 300gg-91 , as it existed on January 1, 2023; (ii) Health maintenance organization; or (iii) Hospital and medical service corporation.

(i) Health insurance issuer that: (a) Is subject to state law regulating insurance; and (b) Offers health insurance coverage under 42 U.S.C. § 300gg-91 , as it existed on January 1, 2023;

(a) Is subject to state law regulating insurance; and

(b) Offers health insurance coverage under 42 U.S.C. § 300gg-91 , as it existed on January 1, 2023;

(ii) Health maintenance organization; or

(iii) Hospital and medical service corporation.

(B) "Healthcare insurer" does not include an entity that provides only dental benefits or eye and vision care benefits;

(5) "Price protection rebate" means a negotiated price concession that accrues directly or indirectly to a healthcare insurer, or other party on behalf of the healthcare insurer, if there is an increase in the wholesale acquisition cost of a prescription drug above a specified threshold; and

(6) "Rebate" means: (A) A negotiated price concession, including without limitation base price concessions, whether described as a rebate or not, reasonable estimates of any price protection rebates, and performance-based price concessions that may accrue, directly or indirectly, to the healthcare insurer during the coverage year from a manufacturer or other party in connection with the dispensing or administration of a prescription drug; and (B) Any reasonable estimate of a negotiated price concession, fee, and other administrative cost that is passed through, or is reasonably anticipated to be passed through, to the healthcare insurer and serves to reduce the healthcare insurer's liabilities for a prescription drug.

(A) A negotiated price concession, including without limitation base price concessions, whether described as a rebate or not, reasonable estimates of any price protection rebates, and performance-based price concessions that may accrue, directly or indirectly, to the healthcare insurer during the coverage year from a manufacturer or other party in connection with the dispensing or administration of a prescription drug; and

(B) Any reasonable estimate of a negotiated price concession, fee, and other administrative cost that is passed through, or is reasonably anticipated to be passed through, to the healthcare insurer and serves to reduce the healthcare insurer's liabilities for a prescription drug.

Added by Act 2023, No. 333,§ 1, eff. 8/1/2023.
Ark. Code Ann. § 23-112-805 — AR Code / Title 23 / Chapter 112 / Subchapter 8 / Section 23-112-805
Authority to waive relevant market area and rules
Status: in_force

(a) The Arkansas Motor Vehicle Commission shall waive the following for a special event that has a significant positive economic impact or is determined by the commission to otherwise qualify for an exemption under § 23-112-804(b) if no franchised motor vehicle dealer of a licensed manufacturer is participating in the host county of the special event or the counties contiguous to the host county: (1) This chapter regarding relevant market area; and (2) The rules regarding motor vehicle dealers in contiguous counties. (b) (1) The commission may promulgate rules for the issuance of a temporary permit to in-state and out-of-state new motor vehicle dealers and new motor vehicle manufacturers or distributors to participate in a special event under this subchapter. (2) The commission shall not promulgate a rule that puts a greater burden on out-of-state new motor vehicle dealers and new motor vehicle manufacturers or distributors to obtain a temporary permit than the requirements necessary for a new motor vehicle dealer or new motor vehicle manufacturer or distributor to obtain a license from the commission. (3) If the commission establishes fees for a temporary permit under this subsection, the fees shall not exceed: (A) For an out-of-state new motor vehicle dealer, one hundred dollars ($100); (B) For a new motor vehicle manufacturer or distributor, two hundred fifty dollars ($250); (C) For an out-of-state salesperson, fifteen dollars ($15.00); and (D) For a factory representative or distributor representative, fifty dollars ($50.00). Amended by Act 2023, No. 696,§ 1, eff. 8/1/2023. Acts 2007, No. 235, § 1.

(a) The Arkansas Motor Vehicle Commission shall waive the following for a special event that has a significant positive economic impact or is determined by the commission to otherwise qualify for an exemption under § 23-112-804(b) if no franchised motor vehicle dealer of a licensed manufacturer is participating in the host county of the special event or the counties contiguous to the host county: (1) This chapter regarding relevant market area; and (2) The rules regarding motor vehicle dealers in contiguous counties.

(1) This chapter regarding relevant market area; and

(2) The rules regarding motor vehicle dealers in contiguous counties.

(b) (1) The commission may promulgate rules for the issuance of a temporary permit to in-state and out-of-state new motor vehicle dealers and new motor vehicle manufacturers or distributors to participate in a special event under this subchapter. (2) The commission shall not promulgate a rule that puts a greater burden on out-of-state new motor vehicle dealers and new motor vehicle manufacturers or distributors to obtain a temporary permit than the requirements necessary for a new motor vehicle dealer or new motor vehicle manufacturer or distributor to obtain a license from the commission. (3) If the commission establishes fees for a temporary permit under this subsection, the fees shall not exceed: (A) For an out-of-state new motor vehicle dealer, one hundred dollars ($100); (B) For a new motor vehicle manufacturer or distributor, two hundred fifty dollars ($250); (C) For an out-of-state salesperson, fifteen dollars ($15.00); and (D) For a factory representative or distributor representative, fifty dollars ($50.00).

(1) The commission may promulgate rules for the issuance of a temporary permit to in-state and out-of-state new motor vehicle dealers and new motor vehicle manufacturers or distributors to participate in a special event under this subchapter.

(2) The commission shall not promulgate a rule that puts a greater burden on out-of-state new motor vehicle dealers and new motor vehicle manufacturers or distributors to obtain a temporary permit than the requirements necessary for a new motor vehicle dealer or new motor vehicle manufacturer or distributor to obtain a license from the commission.

(3) If the commission establishes fees for a temporary permit under this subsection, the fees shall not exceed: (A) For an out-of-state new motor vehicle dealer, one hundred dollars ($100); (B) For a new motor vehicle manufacturer or distributor, two hundred fifty dollars ($250); (C) For an out-of-state salesperson, fifteen dollars ($15.00); and (D) For a factory representative or distributor representative, fifty dollars ($50.00).

(A) For an out-of-state new motor vehicle dealer, one hundred dollars ($100);

(B) For a new motor vehicle manufacturer or distributor, two hundred fifty dollars ($250);

(C) For an out-of-state salesperson, fifteen dollars ($15.00); and

(D) For a factory representative or distributor representative, fifty dollars ($50.00).

Amended by Act 2023, No. 696,§ 1, eff. 8/1/2023.

Acts 2007, No. 235, § 1.