Ark. Code Ann. § 23-63-1403 — AR Code / Title 23 / Chapter 63 / Subchapter 14 / Section 23-63-1403
Acquisitions and dispositions of assets
Status: in_force

(a) Materiality. No acquisitions or dispositions of assets need be reported pursuant to § 23-63-1402 if the acquisitions or dispositions are not material. For purposes of this subchapter, a material acquisition or the aggregate of any series of related acquisitions during any thirty-day period, or disposition, or the aggregate of any series of related dispositions during any thirty-day period, is one that is non-recurring and not in the ordinary course of business and involves more than five percent (5%) of the reporting insurer's total admitted assets as reported in its most recent statutory statement filed with the insurance department of the insurer's state of domicile. (b) Scope. (1) Asset acquisitions subject to this subchapter include every purchase, lease, exchange, merger, consolidation, succession, or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such a purpose. (2) Asset dispositions subject to this subchapter include every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment, whether for the benefit of creditors or otherwise, abandonment, destruction, or other disposition. (c) Information to be Reported. (1) The following information is required to be disclosed in any report of a material acquisition or disposition of assets: (A) Date of the transaction; (B) Manner of acquisition or disposition; (C) Description of the assets involved; (D) Nature and amount of the consideration given or received; (E) Purpose of, or reason for, the transaction; (F) Manner by which the amount of consideration was determined; (G) Gain or loss recognized or realized as a result of the transaction; and (H) Name(s) of the person(s) from whom the assets were acquired or to whom they were disposed. (2) Insurers are required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or one hundred percent (100%) reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than one million dollars ($1,000,000) total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement and the net income of the business not subject to the pooling arrangement represents less than five percent (5%) of the insurer's capital and surplus. Acts 1995, No. 625, § 1.

(a) Materiality. No acquisitions or dispositions of assets need be reported pursuant to § 23-63-1402 if the acquisitions or dispositions are not material. For purposes of this subchapter, a material acquisition or the aggregate of any series of related acquisitions during any thirty-day period, or disposition, or the aggregate of any series of related dispositions during any thirty-day period, is one that is non-recurring and not in the ordinary course of business and involves more than five percent (5%) of the reporting insurer's total admitted assets as reported in its most recent statutory statement filed with the insurance department of the insurer's state of domicile.

(b) Scope. (1) Asset acquisitions subject to this subchapter include every purchase, lease, exchange, merger, consolidation, succession, or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such a purpose. (2) Asset dispositions subject to this subchapter include every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment, whether for the benefit of creditors or otherwise, abandonment, destruction, or other disposition.

(1) Asset acquisitions subject to this subchapter include every purchase, lease, exchange, merger, consolidation, succession, or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such a purpose.

(2) Asset dispositions subject to this subchapter include every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment, whether for the benefit of creditors or otherwise, abandonment, destruction, or other disposition.

(c) Information to be Reported. (1) The following information is required to be disclosed in any report of a material acquisition or disposition of assets: (A) Date of the transaction; (B) Manner of acquisition or disposition; (C) Description of the assets involved; (D) Nature and amount of the consideration given or received; (E) Purpose of, or reason for, the transaction; (F) Manner by which the amount of consideration was determined; (G) Gain or loss recognized or realized as a result of the transaction; and (H) Name(s) of the person(s) from whom the assets were acquired or to whom they were disposed. (2) Insurers are required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or one hundred percent (100%) reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than one million dollars ($1,000,000) total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement and the net income of the business not subject to the pooling arrangement represents less than five percent (5%) of the insurer's capital and surplus.

(1) The following information is required to be disclosed in any report of a material acquisition or disposition of assets: (A) Date of the transaction; (B) Manner of acquisition or disposition; (C) Description of the assets involved; (D) Nature and amount of the consideration given or received; (E) Purpose of, or reason for, the transaction; (F) Manner by which the amount of consideration was determined; (G) Gain or loss recognized or realized as a result of the transaction; and (H) Name(s) of the person(s) from whom the assets were acquired or to whom they were disposed.

(A) Date of the transaction;

(B) Manner of acquisition or disposition;

(C) Description of the assets involved;

(D) Nature and amount of the consideration given or received;

(E) Purpose of, or reason for, the transaction;

(F) Manner by which the amount of consideration was determined;

(G) Gain or loss recognized or realized as a result of the transaction; and

(H) Name(s) of the person(s) from whom the assets were acquired or to whom they were disposed.

(2) Insurers are required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or one hundred percent (100%) reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than one million dollars ($1,000,000) total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement and the net income of the business not subject to the pooling arrangement represents less than five percent (5%) of the insurer's capital and surplus.

Acts 1995, No. 625, § 1.
Ark. Code Ann. § 23-85-127 — AR Code / Title 23 / Chapter 85 / Section 23-85-127
Order of certain provisions
Status: in_force

The provisions which are the subject of §§ 23-85-106 - 23-85-126 , or any corresponding provisions which are used in lieu thereof in accordance with the sections, shall be printed in the consecutive order of the provisions in such sections. At the option of the insurer, any such provision may appear as a unit in any part of the policy, with other provisions to which it may be logically related, provided that the resulting policy shall not be in whole or in part unintelligible, uncertain, ambiguous, abstruse, or likely to mislead a person to whom the policy is offered, delivered, or issued. Acts 1959, No. 148, § 413; A.S.A. 1947, § 66-3628.

The provisions which are the subject of §§ 23-85-106 - 23-85-126 , or any corresponding provisions which are used in lieu thereof in accordance with the sections, shall be printed in the consecutive order of the provisions in such sections. At the option of the insurer, any such provision may appear as a unit in any part of the policy, with other provisions to which it may be logically related, provided that the resulting policy shall not be in whole or in part unintelligible, uncertain, ambiguous, abstruse, or likely to mislead a person to whom the policy is offered, delivered, or issued.

Acts 1959, No. 148, § 413; A.S.A. 1947, § 66-3628.
Ark. Code Ann. § 23-79-402 — AR Code / Title 23 / Chapter 79 / Subchapter 4 / Section 23-79-402
Applicability and scope
Status: in_force

(a) Except as otherwise specifically provided in § 23-79-405 , this subchapter shall apply to: (1) All Medicare supplement policies delivered or issued for delivery in this state on or after March 20, 1992; and (2) All certificates issued under group Medicare supplement policies, which certificates have been delivered or issued for delivery in this state. (b) This subchapter shall not apply to a policy of one (1) or more employers or labor organizations, or of the trustees of a fund established by one (1) or more employers or labor organizations, or combination thereof, for employees or former employees or a combination thereof, or for members or former members, or a combination thereof, of the labor organizations. (c) The provisions of this subchapter are not intended to prohibit or apply to insurance policies or healthcare benefit plans, including group conversion policies, provided to Medicare-eligible persons, which policies are not marketed or held to be Medicare supplement policies or benefit plans. Acts 1992 (1st Ex. Sess.), No. 72, § 3.

(a) Except as otherwise specifically provided in § 23-79-405 , this subchapter shall apply to: (1) All Medicare supplement policies delivered or issued for delivery in this state on or after March 20, 1992; and (2) All certificates issued under group Medicare supplement policies, which certificates have been delivered or issued for delivery in this state.

(1) All Medicare supplement policies delivered or issued for delivery in this state on or after March 20, 1992; and

(2) All certificates issued under group Medicare supplement policies, which certificates have been delivered or issued for delivery in this state.

(b) This subchapter shall not apply to a policy of one (1) or more employers or labor organizations, or of the trustees of a fund established by one (1) or more employers or labor organizations, or combination thereof, for employees or former employees or a combination thereof, or for members or former members, or a combination thereof, of the labor organizations.

(c) The provisions of this subchapter are not intended to prohibit or apply to insurance policies or healthcare benefit plans, including group conversion policies, provided to Medicare-eligible persons, which policies are not marketed or held to be Medicare supplement policies or benefit plans.

Acts 1992 (1st Ex. Sess.), No. 72, § 3.
Ark. Code Ann. § 23-63-1313 — AR Code / Title 23 / Chapter 63 / Subchapter 13 / Section 23-63-1313
Authority of commissioner to adopt rules
Status: in_force

The Insurance Commissioner may adopt reasonable rules for the implementation and administration of this subchapter. Acts 1995, No. 622, § 1; 2011, No. 760, § 4.

The Insurance Commissioner may adopt reasonable rules for the implementation and administration of this subchapter.

Acts 1995, No. 622, § 1; 2011, No. 760, § 4.
Ark. Code Ann. § 23-3-505 — AR Code / Title 23 / Chapter 3 / Subchapter 5 / Section 23-3-505
Hearings
Status: in_force

(a) Upon the filing of a petition under § 23-3-504 by a river crossing proprietor which proposes to construct and operate a navigable water crossing, the Arkansas Public Service Commission shall fix a date for hearing the petition. (b) Unless waived by the parties, the hearing shall be held in the offices of the commission or at such other place as the commission may designate. Amended by Act 2015, No. 1000,§ 1, eff. 4/2/2015. Acts 1961, No. 188, § 5; A.S.A. 1947, § 73-2205.

(a) Upon the filing of a petition under § 23-3-504 by a river crossing proprietor which proposes to construct and operate a navigable water crossing, the Arkansas Public Service Commission shall fix a date for hearing the petition.

(b) Unless waived by the parties, the hearing shall be held in the offices of the commission or at such other place as the commission may designate.

Amended by Act 2015, No. 1000,§ 1, eff. 4/2/2015.

Acts 1961, No. 188, § 5; A.S.A. 1947, § 73-2205.
Ark. Code Ann. § 23-78-126 — AR Code / Title 23 / Chapter 78 / Section 23-78-126
Plan for excess financial resources - Approval required
Status: in_force

(a) A burial association that has excess financial resources, as determined by the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services, may request that the board approve a plan to pay death benefits in excess of the face value of certificates of benefits issued by the burial association to members of the burial association. (b) On the approval of the board, the burial association shall submit a plan to the board to pay death benefits in excess of the face value of certificates of benefits issued by the burial association to members of the burial association. (c) (1) The plan described in subsection (b) of this section shall: (A) Be based on the class of business of the burial association; and (B) Require that death benefits are paid on a fair, proportionate, and equitable basis to members of the burial association. (2) The plan shall not impugn the financial integrity of the burial association. (d) In determining whether or not a burial association has excess financial resources, the board shall not consider the assets of a burial association that are attributable to certificates written after July 20, 1987, to be commingled with assets attributable to certificates written before July 20, 1987. Amended by Act 2017, No. 788,§ 91, eff. 7/1/2018. Added by Act 2015, No. 1030,§ 2, eff. 7/22/2015.

(a) A burial association that has excess financial resources, as determined by the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services, may request that the board approve a plan to pay death benefits in excess of the face value of certificates of benefits issued by the burial association to members of the burial association.

(b) On the approval of the board, the burial association shall submit a plan to the board to pay death benefits in excess of the face value of certificates of benefits issued by the burial association to members of the burial association.

(c) (1) The plan described in subsection (b) of this section shall: (A) Be based on the class of business of the burial association; and (B) Require that death benefits are paid on a fair, proportionate, and equitable basis to members of the burial association. (2) The plan shall not impugn the financial integrity of the burial association.

(1) The plan described in subsection (b) of this section shall: (A) Be based on the class of business of the burial association; and (B) Require that death benefits are paid on a fair, proportionate, and equitable basis to members of the burial association.

(A) Be based on the class of business of the burial association; and

(B) Require that death benefits are paid on a fair, proportionate, and equitable basis to members of the burial association.

(2) The plan shall not impugn the financial integrity of the burial association.

(d) In determining whether or not a burial association has excess financial resources, the board shall not consider the assets of a burial association that are attributable to certificates written after July 20, 1987, to be commingled with assets attributable to certificates written before July 20, 1987.

Amended by Act 2017, No. 788,§ 91, eff. 7/1/2018.

Added by Act 2015, No. 1030,§ 2, eff. 7/22/2015.
Ark. Code Ann. § 23-61-203 — AR Code / Title 23 / Chapter 61 / Subchapter 2 / Section 23-61-203
Examiners
Status: in_force

(a) Upon determining that an examination should be conducted, the Insurance Commissioner shall issue an examination certificate of authority appointing one (1) or more examiners to perform the examination and instructing them as to the scope of the examination. In conducting the examination, the examiner shall observe those guidelines and procedures set forth in the most current edition of the applicable examiners handbook adopted by the National Association of Insurance Commissioners. The commissioner may also employ such other guidelines or procedures as the commissioner may deem appropriate. (b) When making an examination under this subchapter, the commissioner may retain attorneys, appraisers, independent actuaries, independent certified public accountants, or other professionals and specialists as examiners, the cost of which shall be borne by the company which is the subject of the examination. (c) (1) The commissioner may also accept as a part of the State Insurance Department's examination of any insurer or person: (A) A report by an independent actuary deemed competent by the commissioner; or (B) A report of an audit made by an independent certified public accountant. (2) Neither those persons so designated nor any members of their immediate families shall be officers of, connected with, or financially interested in any insurer other than as policyholders, nor shall they be financially interested in any other corporation or person affected by the examination, investigation, or hearing. Acts 1959, No. 148, § 32; 1979, No. 942, § 20; A.S.A. 1947, § 66-2117; Acts 1991, No. 723, § 4; 1995, No. 1272, § 4; 2007, No. 496, § 2.

(a) Upon determining that an examination should be conducted, the Insurance Commissioner shall issue an examination certificate of authority appointing one (1) or more examiners to perform the examination and instructing them as to the scope of the examination. In conducting the examination, the examiner shall observe those guidelines and procedures set forth in the most current edition of the applicable examiners handbook adopted by the National Association of Insurance Commissioners. The commissioner may also employ such other guidelines or procedures as the commissioner may deem appropriate.

(b) When making an examination under this subchapter, the commissioner may retain attorneys, appraisers, independent actuaries, independent certified public accountants, or other professionals and specialists as examiners, the cost of which shall be borne by the company which is the subject of the examination.

(c) (1) The commissioner may also accept as a part of the State Insurance Department's examination of any insurer or person: (A) A report by an independent actuary deemed competent by the commissioner; or (B) A report of an audit made by an independent certified public accountant. (2) Neither those persons so designated nor any members of their immediate families shall be officers of, connected with, or financially interested in any insurer other than as policyholders, nor shall they be financially interested in any other corporation or person affected by the examination, investigation, or hearing.

(1) The commissioner may also accept as a part of the State Insurance Department's examination of any insurer or person: (A) A report by an independent actuary deemed competent by the commissioner; or (B) A report of an audit made by an independent certified public accountant.

(A) A report by an independent actuary deemed competent by the commissioner; or

(B) A report of an audit made by an independent certified public accountant.

(2) Neither those persons so designated nor any members of their immediate families shall be officers of, connected with, or financially interested in any insurer other than as policyholders, nor shall they be financially interested in any other corporation or person affected by the examination, investigation, or hearing.

Acts 1959, No. 148, § 32; 1979, No. 942, § 20; A.S.A. 1947, § 66-2117; Acts 1991, No. 723, § 4; 1995, No. 1272, § 4; 2007, No. 496, § 2.
Ark. Code Ann. § 23-42-102 — AR Code / Title 23 / Chapter 42 / Subchapter 1 / Section 23-42-102
Definitions
Status: in_force

As used in this chapter, unless the context otherwise requires: (1) (A) "Agent" means an individual, other than a broker-dealer, who: (i) Represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities; or (ii) Supervises individuals who effect or attempt to effect purchases or sales of securities for a broker-dealer. (B) "Agent" does not include an individual who represents: (i) An issuer in: (a) Effecting transactions in a security exempted by § 23-42-503(a)(1) -(4) or (a)(8) and any other transactions in a security exempted by other subdivisions or subsections of § 23-42-503 which the Securities Commissioner may by rule or order prescribe; (b) Effecting transactions exempted by § 23-42-504 unless otherwise required by § 23-42-504 ; (c) Effecting transactions in covered securities exempted by: (1) Section 18(b)(3) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(3) , concerning sales to qualified purchasers; (2) Section 18(b)(4)(E) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4)(E) , concerning sales of securities exempt under section 3(a) of the Securities Act of 1933, 15 U.S.C. § 77c(a) ; or (3) Rule or order of the commissioner; (d) Effecting transactions with existing employees, partners, or directors of the issuer if no commission or other remuneration is paid or given directly or indirectly for soliciting any person in this state; or (e) Effecting transactions involving a reorganization or any other individual assisting the issuer or any other constituent party in the process of the reorganization, so long as the individual is not employed for the primary purpose of obtaining or soliciting proxies, consents, or other required means of approval from the security holders of the issuer or any other constituent party to the reorganization and receives no compensation other than his or her regular salary and reimbursement for actual expenses, if any, incurred in good faith in the course of such duties or activities; (ii) A broker-dealer in effecting a transaction for a customer in this state if: (a) Such a transaction is effected on behalf of a customer that, for thirty (30) days prior to the day of the transaction, maintained an account with the broker-dealer; (b) The individual is not ineligible to register with this state for any reason; (c) The individual is registered with a registered securities association and at least one (1) state; (d) The broker-dealer with which the individual is associated is registered with this state; (e) (1) The transaction is effected by the individual: (A) To which the customer was assigned for fourteen (14) days prior to the day of the transaction; and (B) Who is registered with a state in which the customer was a resident or was present for at least thirty (30) consecutive days during the one-year period prior to the transaction. Except that, if the customer is present in this state for thirty (30) or more consecutive days or has permanently changed his or her residence to this state, this subdivision (1)(B)(ii) shall not be applicable unless the individual files with the commissioner an application for registration within ten (10) calendar days of the later of the date of the transaction or the date of the discovery of the presence of the customer in this state for thirty (30) or more consecutive days or the change in the customer's residence. (2) For purposes of subdivision (1)(B)(ii) (e)(1)(B) of this section, each of up to three (3) individuals who are designated to effect transactions during the absence or unavailability of the assigned individual for a customer may be treated as such an assigned individual; and (f) The transaction is effected within the period beginning on the date on which the individual files with the commissioner an application for registration and ending on the earlier of: (1) Sixty (60) days after the date the application is filed; or (2) The time at which the commissioner notifies the individual that he or she has denied the application for registration or has stayed the pendency of the application for cause; or (iii) A person who is a registered broker-dealer in a state other than Arkansas who does not: (a) Have a place of business in this state; and (b) Effect securities transactions with more than three (3) persons in this state during any period of twelve (12) consecutive months as described in subdivision (3)(B)(iv) of this section. (C) A partner, officer, or director of a broker-dealer or issuer, or a person occupying a similar status or performing similar functions, is an agent only if he or she otherwise comes within this definition; (2) (A) "Branch office" means any location other than the main office of a broker-dealer or investment adviser where an agent or representative regularly conducts business on behalf of the broker-dealer or investment adviser. (B) "Branch office" includes a location that is held out as an office where an agent or representative regularly conducts business on behalf of a broker-dealer or investment advisor. (C) "Branch office" does not include: (i) A location that is established solely for customer service or back-office-type functions where no sales activities are conducted and that is not held out to the public as a branch office; (ii) A location that is the primary residence of the agent or representative if: (a) Only agents or representatives who reside at the location and are members of the same immediate family conduct business at the location; (b) The location is not held out to the public as an office and the agent or representative does not meet with customers at the location; (c) Neither customer funds nor securities are handled at the location; (d) The agent or representative is assigned to a designated branch office and the designated branch office is reflected on all business cards, stationery, advertisements, and other communications to the public by the agent or representative; (e) The correspondence of the agent or representative and communications with the public are subject to the supervision of the broker-dealer or investment adviser with which the agent or representative is associated; (f) Electronic communications, including email, are made through the electronic system of the broker-dealer or investment adviser; (g) All orders for securities are entered through the designated branch office or an electronic system established by a broker-dealer that is reviewable at the branch office; (h) Written supervisory procedures pertaining to supervision of activities conducted at the residence are maintained by the broker-dealer or investment adviser; and (i) A list of the residence locations is maintained by the broker-dealer or investment adviser; (iii) (a) A location other than a primary residence that: (1) Is used for a securities or investment advisory business for less than thirty (30) business days in any one (1) calendar year; and (2) Satisfies the requirements of subdivisions (2)(C)(ii) (b)-(h) of this section. (b) As used in this subdivision (2)(C)(iii), "business day" does not include a day in which the agent or representative spends at least four (4) hours at the designated branch office of the agent or representative during the hours that the designated branch office is normally open for business; (iv) An office of convenience that is not held out to the public as an office where associated persons occasionally and exclusively by appointment meet with customers; (v) A location that is used primarily to engage in nonsecurities activities and from which the agent or representative effects no more than twenty-five (25) securities transactions in any one (1) calendar year, if any advertisement or sales literature identifying the location also provides the address and telephone number of another location from which the agent or representative conducting business at the location is directly supervised; (vi) The floor of a registered national securities exchange where a broker-dealer conducts a direct access business with public customers; or (vii) A temporary location established in response to the implementation of a business continuity plan; (3) (A) "Broker-dealer" means a person engaged in the business of effecting transactions in securities for the account of others or for his or her own account. (B) "Broker-dealer" does not include: (i) An agent; (ii) An issuer; (iii) A bank, savings institution, savings and loan association, or trust company; (iv) A person that has no place of business in this state if: (a) The person effects transactions in this state exclusively with or through: (1) The issuers of the securities involved in the transactions; (2) Other broker-dealers; or (3) Banks, savings institutions, savings and loan associations, trust companies, insurance companies, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; or (b) The person: (1) Is registered under the securities law of the state in which it has a principal place of business; (2) Is registered or not required to be registered as a broker-dealer under the Securities Exchange Act of 1934; and (3) Does not effect transactions with more than three (3) persons in this state during any period of twelve (12) consecutive months other than transactions with: (A) The issuer of a security involved in the transaction; (B) Another broker-dealer; or (C) A bank, a savings institution, a savings and loan association, a trust company, an insurance company, an investment company as defined in the Investment Company Act of 1940, a pension or profit-sharing trust, or another financial institution or institutional buyer, whether acting for itself or as a trustee; and (v) A person that is a resident of Canada and has no office or other physical presence in this state, if the person: (a) Only effects or attempts to effect transactions in securities: (1) With or through the issuers of the securities involved in the transactions, broker-dealers, banks, savings institutions, trust companies, insurance companies, qualified purchasers as defined by the United States Securities and Exchange Commission, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; (2) With or for a person from Canada that is temporarily present in this state if the person and the person from Canada had a bona fide business-client relationship before the person from Canada entered this state; or (3) With or for a person from Canada that is present in this state and has transactions that are in a self-directed tax advantaged retirement plan in Canada of which the person is the holder or contributor; (b) Files a notice in the form of the person's current application required by the jurisdiction in which the person's main office is located and a consent to service of process; (c) Is a member of a self-regulatory organization or stock exchange in Canada; (d) Maintains the person's provincial or territorial registration and the person's membership in good standing in a self-regulatory organization or stock exchange; (e) Discloses to the person's clients in this state that the person is not subject to the full regulatory requirements of this chapter; and (f) Is not in violation of § 23-42-507 ; (4) "Commissioner" means the Securities Commissioner; (5) "Covered security" means any security described as a covered security in section 18(b) of the Securities Act of 1933; (6) [Repealed.] (7) "Fraud", "deceit", and "defraud" are not limited to common-law deceit; (8) "Guaranteed" means guaranteed as to payment of principal, interest, or dividends; (9) (A) "Investment adviser" means any person that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or that, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities. (B) "Investment adviser" includes a financial planner or other person that, as an integral component of other financially related services, provides or holds himself, herself, or itself out as providing investment advice to others for compensation and as part of a business. (C) "Investment adviser" does not include: (i) A bank, savings and loan association, credit union, or trust company; (ii) A lawyer, accountant, engineer, or teacher whose performance of these services is solely incidental to the practice of his or her profession; (iii) A broker-dealer whose performance of these services is solely incidental to the conduct of his or her business as a broker-dealer and who receives no special compensation for them; (iv) A publisher of any bona fide newspaper, news column, newsletter, news magazine, or business or financial publication or service of general, regular, and paid circulation, whether communicated in hard copy form, by electronic means, or otherwise, that does not consist of the rendering of advice on the basis of the specific investment situation of each client; (v) A person who has no place of business in this state if: (a) His or her only clients in this state are other investment advisers, broker-dealers, banks, savings institutions, trust companies, insurance companies, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; or (b) During the preceding twelve-month period he or she has had fewer than six (6) clients who are residents of this state, other than those persons specified in subdivision (9)(C)(v) (a) of this section; or (vi) Any person not within the intent of this subdivision (9) as the commissioner may by rule or order designate; (10) "Issuer" means every person who issues or proposes to issue any security, except that: (A) With respect to certificates of deposit, voting-trust certificates, or collateral-trust certificates, or with respect to certificates of interest or shares in an unincorporated investment trust not having a board of directors or persons performing similar functions or of the fixed, restricted management, or unit type, the term "issuer" means the persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which the securities are issued; (B) In the case of an unincorporated association which provides by its articles for limited liability of any or all of its members, or in the case of a trust, committee, or other legal entity, the trustees or members thereof shall not be individually liable as issuers of any security issued by the association, trust, committee, or other legal entity; (C) With respect to equipment-trust certificates or like securities, the term "issuer" means the person by whom the equipment or property is used or is to be used; (D) With respect to fractional undivided interests in oil, gas, or other mineral rights, the term "issuer" means the owner of the right or of any whole or fractional interest in the right who creates fractional interests therein for the purpose of the offering; and (E) For life settlement contracts, "issuer" means: (i) For a fractional or pooled interest in a life settlement contract, the person that creates for the purpose of sale the fractional or pooled interest; and (ii) For a life settlement contract that is not fractionalized or pooled, the person effecting the transaction with the investor in the contract, but does not include a broker-dealer or agent of a broker-dealer; (11) "Main office" means the principal place of business of a broker-dealer or an investment adviser from which the officers, partners, or managers of the broker-dealer or investment adviser direct, control, and coordinate the activities of the broker-dealer or investment adviser; (12) "Nonissuer" means not directly or indirectly for the benefit of the issuer; (13) "Person" means an individual, a corporation, a limited liability company, a partnership, an association, a joint-stock company, a trust where the interests of the beneficiaries are evidenced by a security, an unincorporated organization, a government, or a political subdivision of a government; (14) "Representative" means any partner, officer, director of an investment adviser, or a person occupying a similar status or performing similar functions, or other individual employed by or associated with an investment adviser, except clerical or ministerial personnel, who for compensation: (A) Makes any recommendation or otherwise renders advice regarding securities; (B) Manages accounts or portfolios of clients; (C) Determines which recommendation or advice regarding securities should be given; or (D) Supervises employees who perform any of the foregoing; (15) (A) (i) "Sale" or "sell" includes every contract of sale of, contract to sell, or disposition of, a security or interest in a security for value. (ii) "Offer" or "offer to sell" includes every attempt or offer to dispose of, or solicitation of an offer to buy, a security or interest in a security for value. (iii) Any security given or delivered with, or given as a bonus on account of, any purchase of securities or any other thing is considered to constitute part of the subject of the purchase and to have been offered and sold for value. (iv) A purported gift of assessable stock is considered to involve an offer and sale. (v) Every other sale or offer of a warrant or right to purchase or subscribe to another security of the same or another issuer, as well as every sale or offer of a security which gives the holder a present or future right or privilege to convert into another security of the same or another issuer, is considered to include an offer of the other security. (B) The terms defined in this subdivision (15) do not include: (i) Any bona fide pledge or loan; (ii) Any stock dividend, whether the corporation distributing the dividend is the issuer of the stock or not, if nothing of value is given by stockholders for the dividend other than the surrender of a right to a cash or property dividend when each stockholder may elect to take the dividend in cash or property or in stock; (iii) Any stock split, reverse stock split, or change in par value which involves the substitution of a security of an issuer for another security of the same issuer; or (iv) Any act incident to a judicially approved reorganization in which a security is issued in exchange for one (1) or more outstanding securities, claims, or property interests, or partly in such an exchange and partly for cash; (16) "Securities Act of 1933", "Securities Exchange Act of 1934", "Public Utility Holding Company Act of 1935", "Investment Advisers Act of 1940", and "Investment Company Act of 1940" mean the federal statutes of those names, as amended; (17) (A) "Security" means any: (i) Note; (ii) Stock; (iii) Treasury stock; (iv) Bond; (v) Debenture; (vi) Evidence of indebtedness; (vii) Certificate of interest or participation in any profit-sharing agreement; (viii) Collateral-trust certificate; (ix) Preorganization certificate or subscription; (x) Transferable share; (xi) Investment contract; (xii) Variable annuity contract; (xiii) Life settlement contract or fractionalized or pooled interest in a life settlement contract; (xiv) Voting-trust certificate; (xv) Certificate of deposit for a security; (xvi) Certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease; or (xvii) In general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. (B) Except as set forth in subdivision (17)(A)(xiii) of this section, "security" does not include any insurance or endowment policy or annuity contract or variable annuity contract issued by any insurance company; and (18) "State" means any state, territory, or possession of the United States, the District of Columbia, and the Commonwealth of Puerto Rico. Amended by Act 2019, No. 110,§ 1, eff. 7/24/2019. Amended by Act 2017, No. 668,§ 6, eff. 8/1/2017. Amended by Act 2017, No. 668,§ 5, eff. 8/1/2017. Amended by Act 2017, No. 668,§ 4, eff. 8/1/2017. Amended by Act 2013, No. 460,§ 3, eff. 8/16/2013. Amended by Act 2013, No. 460,§ 2, eff. 8/16/2013. Amended by Act 2013, No. 460,§ 1, eff. 8/16/2013. Acts 1959, No. 254, § 13; 1961, No. 248, § 6; 1963, No. 479, § 2; 1973, No. 47, §§ 10, 11; 1975, No. 697, § 2; 1975, No. 844, § 6; 1977, No. 493, §§ 4, 5; 1977, No. 806, § 24A; 1983, No. 836, §§ 13, 26; 1983, No. 885, § 1; A.S.A. 1947, § 67-1247; Acts 1987, No. 776, § 1; 1993, No. 1147, § 1802; 1995, No. 845, § 1; 1997, No. 173, § 1; 2001, No. 468, §§ 1, 2; 2009, No. 534, § 1; 2011, No. 338, § 1; 2011, No. 339, §§ 1 - 3.

As used in this chapter, unless the context otherwise requires:

(1) (A) "Agent" means an individual, other than a broker-dealer, who: (i) Represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities; or (ii) Supervises individuals who effect or attempt to effect purchases or sales of securities for a broker-dealer. (B) "Agent" does not include an individual who represents: (i) An issuer in: (a) Effecting transactions in a security exempted by § 23-42-503(a)(1) -(4) or (a)(8) and any other transactions in a security exempted by other subdivisions or subsections of § 23-42-503 which the Securities Commissioner may by rule or order prescribe; (b) Effecting transactions exempted by § 23-42-504 unless otherwise required by § 23-42-504 ; (c) Effecting transactions in covered securities exempted by: (1) Section 18(b)(3) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(3) , concerning sales to qualified purchasers; (2) Section 18(b)(4)(E) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4)(E) , concerning sales of securities exempt under section 3(a) of the Securities Act of 1933, 15 U.S.C. § 77c(a) ; or (3) Rule or order of the commissioner; (d) Effecting transactions with existing employees, partners, or directors of the issuer if no commission or other remuneration is paid or given directly or indirectly for soliciting any person in this state; or (e) Effecting transactions involving a reorganization or any other individual assisting the issuer or any other constituent party in the process of the reorganization, so long as the individual is not employed for the primary purpose of obtaining or soliciting proxies, consents, or other required means of approval from the security holders of the issuer or any other constituent party to the reorganization and receives no compensation other than his or her regular salary and reimbursement for actual expenses, if any, incurred in good faith in the course of such duties or activities; (ii) A broker-dealer in effecting a transaction for a customer in this state if: (a) Such a transaction is effected on behalf of a customer that, for thirty (30) days prior to the day of the transaction, maintained an account with the broker-dealer; (b) The individual is not ineligible to register with this state for any reason; (c) The individual is registered with a registered securities association and at least one (1) state; (d) The broker-dealer with which the individual is associated is registered with this state; (e) (1) The transaction is effected by the individual: (A) To which the customer was assigned for fourteen (14) days prior to the day of the transaction; and (B) Who is registered with a state in which the customer was a resident or was present for at least thirty (30) consecutive days during the one-year period prior to the transaction. Except that, if the customer is present in this state for thirty (30) or more consecutive days or has permanently changed his or her residence to this state, this subdivision (1)(B)(ii) shall not be applicable unless the individual files with the commissioner an application for registration within ten (10) calendar days of the later of the date of the transaction or the date of the discovery of the presence of the customer in this state for thirty (30) or more consecutive days or the change in the customer's residence. (2) For purposes of subdivision (1)(B)(ii) (e)(1)(B) of this section, each of up to three (3) individuals who are designated to effect transactions during the absence or unavailability of the assigned individual for a customer may be treated as such an assigned individual; and (f) The transaction is effected within the period beginning on the date on which the individual files with the commissioner an application for registration and ending on the earlier of: (1) Sixty (60) days after the date the application is filed; or (2) The time at which the commissioner notifies the individual that he or she has denied the application for registration or has stayed the pendency of the application for cause; or (iii) A person who is a registered broker-dealer in a state other than Arkansas who does not: (a) Have a place of business in this state; and (b) Effect securities transactions with more than three (3) persons in this state during any period of twelve (12) consecutive months as described in subdivision (3)(B)(iv) of this section. (C) A partner, officer, or director of a broker-dealer or issuer, or a person occupying a similar status or performing similar functions, is an agent only if he or she otherwise comes within this definition;

(A) "Agent" means an individual, other than a broker-dealer, who: (i) Represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities; or (ii) Supervises individuals who effect or attempt to effect purchases or sales of securities for a broker-dealer.

(i) Represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities; or

(ii) Supervises individuals who effect or attempt to effect purchases or sales of securities for a broker-dealer.

(B) "Agent" does not include an individual who represents: (i) An issuer in: (a) Effecting transactions in a security exempted by § 23-42-503(a)(1) -(4) or (a)(8) and any other transactions in a security exempted by other subdivisions or subsections of § 23-42-503 which the Securities Commissioner may by rule or order prescribe; (b) Effecting transactions exempted by § 23-42-504 unless otherwise required by § 23-42-504 ; (c) Effecting transactions in covered securities exempted by: (1) Section 18(b)(3) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(3) , concerning sales to qualified purchasers; (2) Section 18(b)(4)(E) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4)(E) , concerning sales of securities exempt under section 3(a) of the Securities Act of 1933, 15 U.S.C. § 77c(a) ; or (3) Rule or order of the commissioner; (d) Effecting transactions with existing employees, partners, or directors of the issuer if no commission or other remuneration is paid or given directly or indirectly for soliciting any person in this state; or (e) Effecting transactions involving a reorganization or any other individual assisting the issuer or any other constituent party in the process of the reorganization, so long as the individual is not employed for the primary purpose of obtaining or soliciting proxies, consents, or other required means of approval from the security holders of the issuer or any other constituent party to the reorganization and receives no compensation other than his or her regular salary and reimbursement for actual expenses, if any, incurred in good faith in the course of such duties or activities; (ii) A broker-dealer in effecting a transaction for a customer in this state if: (a) Such a transaction is effected on behalf of a customer that, for thirty (30) days prior to the day of the transaction, maintained an account with the broker-dealer; (b) The individual is not ineligible to register with this state for any reason; (c) The individual is registered with a registered securities association and at least one (1) state; (d) The broker-dealer with which the individual is associated is registered with this state; (e) (1) The transaction is effected by the individual: (A) To which the customer was assigned for fourteen (14) days prior to the day of the transaction; and (B) Who is registered with a state in which the customer was a resident or was present for at least thirty (30) consecutive days during the one-year period prior to the transaction. Except that, if the customer is present in this state for thirty (30) or more consecutive days or has permanently changed his or her residence to this state, this subdivision (1)(B)(ii) shall not be applicable unless the individual files with the commissioner an application for registration within ten (10) calendar days of the later of the date of the transaction or the date of the discovery of the presence of the customer in this state for thirty (30) or more consecutive days or the change in the customer's residence. (2) For purposes of subdivision (1)(B)(ii) (e)(1)(B) of this section, each of up to three (3) individuals who are designated to effect transactions during the absence or unavailability of the assigned individual for a customer may be treated as such an assigned individual; and (f) The transaction is effected within the period beginning on the date on which the individual files with the commissioner an application for registration and ending on the earlier of: (1) Sixty (60) days after the date the application is filed; or (2) The time at which the commissioner notifies the individual that he or she has denied the application for registration or has stayed the pendency of the application for cause; or (iii) A person who is a registered broker-dealer in a state other than Arkansas who does not: (a) Have a place of business in this state; and (b) Effect securities transactions with more than three (3) persons in this state during any period of twelve (12) consecutive months as described in subdivision (3)(B)(iv) of this section.

(i) An issuer in: (a) Effecting transactions in a security exempted by § 23-42-503(a)(1) -(4) or (a)(8) and any other transactions in a security exempted by other subdivisions or subsections of § 23-42-503 which the Securities Commissioner may by rule or order prescribe; (b) Effecting transactions exempted by § 23-42-504 unless otherwise required by § 23-42-504 ; (c) Effecting transactions in covered securities exempted by: (1) Section 18(b)(3) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(3) , concerning sales to qualified purchasers; (2) Section 18(b)(4)(E) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4)(E) , concerning sales of securities exempt under section 3(a) of the Securities Act of 1933, 15 U.S.C. § 77c(a) ; or (3) Rule or order of the commissioner; (d) Effecting transactions with existing employees, partners, or directors of the issuer if no commission or other remuneration is paid or given directly or indirectly for soliciting any person in this state; or (e) Effecting transactions involving a reorganization or any other individual assisting the issuer or any other constituent party in the process of the reorganization, so long as the individual is not employed for the primary purpose of obtaining or soliciting proxies, consents, or other required means of approval from the security holders of the issuer or any other constituent party to the reorganization and receives no compensation other than his or her regular salary and reimbursement for actual expenses, if any, incurred in good faith in the course of such duties or activities;

(a) Effecting transactions in a security exempted by § 23-42-503(a)(1) -(4) or (a)(8) and any other transactions in a security exempted by other subdivisions or subsections of § 23-42-503 which the Securities Commissioner may by rule or order prescribe;

(b) Effecting transactions exempted by § 23-42-504 unless otherwise required by § 23-42-504 ;

(c) Effecting transactions in covered securities exempted by: (1) Section 18(b)(3) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(3) , concerning sales to qualified purchasers; (2) Section 18(b)(4)(E) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4)(E) , concerning sales of securities exempt under section 3(a) of the Securities Act of 1933, 15 U.S.C. § 77c(a) ; or (3) Rule or order of the commissioner;

(1) Section 18(b)(3) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(3) , concerning sales to qualified purchasers;

(2) Section 18(b)(4)(E) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4)(E) , concerning sales of securities exempt under section 3(a) of the Securities Act of 1933, 15 U.S.C. § 77c(a) ; or

(3) Rule or order of the commissioner;

(d) Effecting transactions with existing employees, partners, or directors of the issuer if no commission or other remuneration is paid or given directly or indirectly for soliciting any person in this state; or

(e) Effecting transactions involving a reorganization or any other individual assisting the issuer or any other constituent party in the process of the reorganization, so long as the individual is not employed for the primary purpose of obtaining or soliciting proxies, consents, or other required means of approval from the security holders of the issuer or any other constituent party to the reorganization and receives no compensation other than his or her regular salary and reimbursement for actual expenses, if any, incurred in good faith in the course of such duties or activities;

(ii) A broker-dealer in effecting a transaction for a customer in this state if: (a) Such a transaction is effected on behalf of a customer that, for thirty (30) days prior to the day of the transaction, maintained an account with the broker-dealer; (b) The individual is not ineligible to register with this state for any reason; (c) The individual is registered with a registered securities association and at least one (1) state; (d) The broker-dealer with which the individual is associated is registered with this state; (e) (1) The transaction is effected by the individual: (A) To which the customer was assigned for fourteen (14) days prior to the day of the transaction; and (B) Who is registered with a state in which the customer was a resident or was present for at least thirty (30) consecutive days during the one-year period prior to the transaction. Except that, if the customer is present in this state for thirty (30) or more consecutive days or has permanently changed his or her residence to this state, this subdivision (1)(B)(ii) shall not be applicable unless the individual files with the commissioner an application for registration within ten (10) calendar days of the later of the date of the transaction or the date of the discovery of the presence of the customer in this state for thirty (30) or more consecutive days or the change in the customer's residence. (2) For purposes of subdivision (1)(B)(ii) (e)(1)(B) of this section, each of up to three (3) individuals who are designated to effect transactions during the absence or unavailability of the assigned individual for a customer may be treated as such an assigned individual; and (f) The transaction is effected within the period beginning on the date on which the individual files with the commissioner an application for registration and ending on the earlier of: (1) Sixty (60) days after the date the application is filed; or (2) The time at which the commissioner notifies the individual that he or she has denied the application for registration or has stayed the pendency of the application for cause; or

(a) Such a transaction is effected on behalf of a customer that, for thirty (30) days prior to the day of the transaction, maintained an account with the broker-dealer;

(b) The individual is not ineligible to register with this state for any reason;

(c) The individual is registered with a registered securities association and at least one (1) state;

(d) The broker-dealer with which the individual is associated is registered with this state;

(e) (1) The transaction is effected by the individual: (A) To which the customer was assigned for fourteen (14) days prior to the day of the transaction; and (B) Who is registered with a state in which the customer was a resident or was present for at least thirty (30) consecutive days during the one-year period prior to the transaction. Except that, if the customer is present in this state for thirty (30) or more consecutive days or has permanently changed his or her residence to this state, this subdivision (1)(B)(ii) shall not be applicable unless the individual files with the commissioner an application for registration within ten (10) calendar days of the later of the date of the transaction or the date of the discovery of the presence of the customer in this state for thirty (30) or more consecutive days or the change in the customer's residence. (2) For purposes of subdivision (1)(B)(ii) (e)(1)(B) of this section, each of up to three (3) individuals who are designated to effect transactions during the absence or unavailability of the assigned individual for a customer may be treated as such an assigned individual; and

(1) The transaction is effected by the individual: (A) To which the customer was assigned for fourteen (14) days prior to the day of the transaction; and (B) Who is registered with a state in which the customer was a resident or was present for at least thirty (30) consecutive days during the one-year period prior to the transaction. Except that, if the customer is present in this state for thirty (30) or more consecutive days or has permanently changed his or her residence to this state, this subdivision (1)(B)(ii) shall not be applicable unless the individual files with the commissioner an application for registration within ten (10) calendar days of the later of the date of the transaction or the date of the discovery of the presence of the customer in this state for thirty (30) or more consecutive days or the change in the customer's residence.

(A) To which the customer was assigned for fourteen (14) days prior to the day of the transaction; and

(B) Who is registered with a state in which the customer was a resident or was present for at least thirty (30) consecutive days during the one-year period prior to the transaction. Except that, if the customer is present in this state for thirty (30) or more consecutive days or has permanently changed his or her residence to this state, this subdivision (1)(B)(ii) shall not be applicable unless the individual files with the commissioner an application for registration within ten (10) calendar days of the later of the date of the transaction or the date of the discovery of the presence of the customer in this state for thirty (30) or more consecutive days or the change in the customer's residence.

(2) For purposes of subdivision (1)(B)(ii) (e)(1)(B) of this section, each of up to three (3) individuals who are designated to effect transactions during the absence or unavailability of the assigned individual for a customer may be treated as such an assigned individual; and

(f) The transaction is effected within the period beginning on the date on which the individual files with the commissioner an application for registration and ending on the earlier of: (1) Sixty (60) days after the date the application is filed; or (2) The time at which the commissioner notifies the individual that he or she has denied the application for registration or has stayed the pendency of the application for cause; or

(1) Sixty (60) days after the date the application is filed; or

(2) The time at which the commissioner notifies the individual that he or she has denied the application for registration or has stayed the pendency of the application for cause; or

(iii) A person who is a registered broker-dealer in a state other than Arkansas who does not: (a) Have a place of business in this state; and (b) Effect securities transactions with more than three (3) persons in this state during any period of twelve (12) consecutive months as described in subdivision (3)(B)(iv) of this section.

(a) Have a place of business in this state; and

(b) Effect securities transactions with more than three (3) persons in this state during any period of twelve (12) consecutive months as described in subdivision (3)(B)(iv) of this section.

(C) A partner, officer, or director of a broker-dealer or issuer, or a person occupying a similar status or performing similar functions, is an agent only if he or she otherwise comes within this definition;

(2) (A) "Branch office" means any location other than the main office of a broker-dealer or investment adviser where an agent or representative regularly conducts business on behalf of the broker-dealer or investment adviser. (B) "Branch office" includes a location that is held out as an office where an agent or representative regularly conducts business on behalf of a broker-dealer or investment advisor. (C) "Branch office" does not include: (i) A location that is established solely for customer service or back-office-type functions where no sales activities are conducted and that is not held out to the public as a branch office; (ii) A location that is the primary residence of the agent or representative if: (a) Only agents or representatives who reside at the location and are members of the same immediate family conduct business at the location; (b) The location is not held out to the public as an office and the agent or representative does not meet with customers at the location; (c) Neither customer funds nor securities are handled at the location; (d) The agent or representative is assigned to a designated branch office and the designated branch office is reflected on all business cards, stationery, advertisements, and other communications to the public by the agent or representative; (e) The correspondence of the agent or representative and communications with the public are subject to the supervision of the broker-dealer or investment adviser with which the agent or representative is associated; (f) Electronic communications, including email, are made through the electronic system of the broker-dealer or investment adviser; (g) All orders for securities are entered through the designated branch office or an electronic system established by a broker-dealer that is reviewable at the branch office; (h) Written supervisory procedures pertaining to supervision of activities conducted at the residence are maintained by the broker-dealer or investment adviser; and (i) A list of the residence locations is maintained by the broker-dealer or investment adviser; (iii) (a) A location other than a primary residence that: (1) Is used for a securities or investment advisory business for less than thirty (30) business days in any one (1) calendar year; and (2) Satisfies the requirements of subdivisions (2)(C)(ii) (b)-(h) of this section. (b) As used in this subdivision (2)(C)(iii), "business day" does not include a day in which the agent or representative spends at least four (4) hours at the designated branch office of the agent or representative during the hours that the designated branch office is normally open for business; (iv) An office of convenience that is not held out to the public as an office where associated persons occasionally and exclusively by appointment meet with customers; (v) A location that is used primarily to engage in nonsecurities activities and from which the agent or representative effects no more than twenty-five (25) securities transactions in any one (1) calendar year, if any advertisement or sales literature identifying the location also provides the address and telephone number of another location from which the agent or representative conducting business at the location is directly supervised; (vi) The floor of a registered national securities exchange where a broker-dealer conducts a direct access business with public customers; or (vii) A temporary location established in response to the implementation of a business continuity plan;

(A) "Branch office" means any location other than the main office of a broker-dealer or investment adviser where an agent or representative regularly conducts business on behalf of the broker-dealer or investment adviser.

(B) "Branch office" includes a location that is held out as an office where an agent or representative regularly conducts business on behalf of a broker-dealer or investment advisor.

(C) "Branch office" does not include: (i) A location that is established solely for customer service or back-office-type functions where no sales activities are conducted and that is not held out to the public as a branch office; (ii) A location that is the primary residence of the agent or representative if: (a) Only agents or representatives who reside at the location and are members of the same immediate family conduct business at the location; (b) The location is not held out to the public as an office and the agent or representative does not meet with customers at the location; (c) Neither customer funds nor securities are handled at the location; (d) The agent or representative is assigned to a designated branch office and the designated branch office is reflected on all business cards, stationery, advertisements, and other communications to the public by the agent or representative; (e) The correspondence of the agent or representative and communications with the public are subject to the supervision of the broker-dealer or investment adviser with which the agent or representative is associated; (f) Electronic communications, including email, are made through the electronic system of the broker-dealer or investment adviser; (g) All orders for securities are entered through the designated branch office or an electronic system established by a broker-dealer that is reviewable at the branch office; (h) Written supervisory procedures pertaining to supervision of activities conducted at the residence are maintained by the broker-dealer or investment adviser; and (i) A list of the residence locations is maintained by the broker-dealer or investment adviser; (iii) (a) A location other than a primary residence that: (1) Is used for a securities or investment advisory business for less than thirty (30) business days in any one (1) calendar year; and (2) Satisfies the requirements of subdivisions (2)(C)(ii) (b)-(h) of this section. (b) As used in this subdivision (2)(C)(iii), "business day" does not include a day in which the agent or representative spends at least four (4) hours at the designated branch office of the agent or representative during the hours that the designated branch office is normally open for business; (iv) An office of convenience that is not held out to the public as an office where associated persons occasionally and exclusively by appointment meet with customers; (v) A location that is used primarily to engage in nonsecurities activities and from which the agent or representative effects no more than twenty-five (25) securities transactions in any one (1) calendar year, if any advertisement or sales literature identifying the location also provides the address and telephone number of another location from which the agent or representative conducting business at the location is directly supervised; (vi) The floor of a registered national securities exchange where a broker-dealer conducts a direct access business with public customers; or (vii) A temporary location established in response to the implementation of a business continuity plan;

(i) A location that is established solely for customer service or back-office-type functions where no sales activities are conducted and that is not held out to the public as a branch office;

(ii) A location that is the primary residence of the agent or representative if: (a) Only agents or representatives who reside at the location and are members of the same immediate family conduct business at the location; (b) The location is not held out to the public as an office and the agent or representative does not meet with customers at the location; (c) Neither customer funds nor securities are handled at the location; (d) The agent or representative is assigned to a designated branch office and the designated branch office is reflected on all business cards, stationery, advertisements, and other communications to the public by the agent or representative; (e) The correspondence of the agent or representative and communications with the public are subject to the supervision of the broker-dealer or investment adviser with which the agent or representative is associated; (f) Electronic communications, including email, are made through the electronic system of the broker-dealer or investment adviser; (g) All orders for securities are entered through the designated branch office or an electronic system established by a broker-dealer that is reviewable at the branch office; (h) Written supervisory procedures pertaining to supervision of activities conducted at the residence are maintained by the broker-dealer or investment adviser; and (i) A list of the residence locations is maintained by the broker-dealer or investment adviser;

(a) Only agents or representatives who reside at the location and are members of the same immediate family conduct business at the location;

(b) The location is not held out to the public as an office and the agent or representative does not meet with customers at the location;

(c) Neither customer funds nor securities are handled at the location;

(d) The agent or representative is assigned to a designated branch office and the designated branch office is reflected on all business cards, stationery, advertisements, and other communications to the public by the agent or representative;

(e) The correspondence of the agent or representative and communications with the public are subject to the supervision of the broker-dealer or investment adviser with which the agent or representative is associated;

(f) Electronic communications, including email, are made through the electronic system of the broker-dealer or investment adviser;

(g) All orders for securities are entered through the designated branch office or an electronic system established by a broker-dealer that is reviewable at the branch office;

(h) Written supervisory procedures pertaining to supervision of activities conducted at the residence are maintained by the broker-dealer or investment adviser; and

(i) A list of the residence locations is maintained by the broker-dealer or investment adviser;

(iii) (a) A location other than a primary residence that: (1) Is used for a securities or investment advisory business for less than thirty (30) business days in any one (1) calendar year; and (2) Satisfies the requirements of subdivisions (2)(C)(ii) (b)-(h) of this section. (b) As used in this subdivision (2)(C)(iii), "business day" does not include a day in which the agent or representative spends at least four (4) hours at the designated branch office of the agent or representative during the hours that the designated branch office is normally open for business;

(a) A location other than a primary residence that: (1) Is used for a securities or investment advisory business for less than thirty (30) business days in any one (1) calendar year; and (2) Satisfies the requirements of subdivisions (2)(C)(ii) (b)-(h) of this section.

(1) Is used for a securities or investment advisory business for less than thirty (30) business days in any one (1) calendar year; and

(2) Satisfies the requirements of subdivisions (2)(C)(ii) (b)-(h) of this section.

(b) As used in this subdivision (2)(C)(iii), "business day" does not include a day in which the agent or representative spends at least four (4) hours at the designated branch office of the agent or representative during the hours that the designated branch office is normally open for business;

(iv) An office of convenience that is not held out to the public as an office where associated persons occasionally and exclusively by appointment meet with customers;

(v) A location that is used primarily to engage in nonsecurities activities and from which the agent or representative effects no more than twenty-five (25) securities transactions in any one (1) calendar year, if any advertisement or sales literature identifying the location also provides the address and telephone number of another location from which the agent or representative conducting business at the location is directly supervised;

(vi) The floor of a registered national securities exchange where a broker-dealer conducts a direct access business with public customers; or

(vii) A temporary location established in response to the implementation of a business continuity plan;

(3) (A) "Broker-dealer" means a person engaged in the business of effecting transactions in securities for the account of others or for his or her own account. (B) "Broker-dealer" does not include: (i) An agent; (ii) An issuer; (iii) A bank, savings institution, savings and loan association, or trust company; (iv) A person that has no place of business in this state if: (a) The person effects transactions in this state exclusively with or through: (1) The issuers of the securities involved in the transactions; (2) Other broker-dealers; or (3) Banks, savings institutions, savings and loan associations, trust companies, insurance companies, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; or (b) The person: (1) Is registered under the securities law of the state in which it has a principal place of business; (2) Is registered or not required to be registered as a broker-dealer under the Securities Exchange Act of 1934; and (3) Does not effect transactions with more than three (3) persons in this state during any period of twelve (12) consecutive months other than transactions with: (A) The issuer of a security involved in the transaction; (B) Another broker-dealer; or (C) A bank, a savings institution, a savings and loan association, a trust company, an insurance company, an investment company as defined in the Investment Company Act of 1940, a pension or profit-sharing trust, or another financial institution or institutional buyer, whether acting for itself or as a trustee; and (v) A person that is a resident of Canada and has no office or other physical presence in this state, if the person: (a) Only effects or attempts to effect transactions in securities: (1) With or through the issuers of the securities involved in the transactions, broker-dealers, banks, savings institutions, trust companies, insurance companies, qualified purchasers as defined by the United States Securities and Exchange Commission, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; (2) With or for a person from Canada that is temporarily present in this state if the person and the person from Canada had a bona fide business-client relationship before the person from Canada entered this state; or (3) With or for a person from Canada that is present in this state and has transactions that are in a self-directed tax advantaged retirement plan in Canada of which the person is the holder or contributor; (b) Files a notice in the form of the person's current application required by the jurisdiction in which the person's main office is located and a consent to service of process; (c) Is a member of a self-regulatory organization or stock exchange in Canada; (d) Maintains the person's provincial or territorial registration and the person's membership in good standing in a self-regulatory organization or stock exchange; (e) Discloses to the person's clients in this state that the person is not subject to the full regulatory requirements of this chapter; and (f) Is not in violation of § 23-42-507 ;

(A) "Broker-dealer" means a person engaged in the business of effecting transactions in securities for the account of others or for his or her own account.

(B) "Broker-dealer" does not include: (i) An agent; (ii) An issuer; (iii) A bank, savings institution, savings and loan association, or trust company; (iv) A person that has no place of business in this state if: (a) The person effects transactions in this state exclusively with or through: (1) The issuers of the securities involved in the transactions; (2) Other broker-dealers; or (3) Banks, savings institutions, savings and loan associations, trust companies, insurance companies, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; or (b) The person: (1) Is registered under the securities law of the state in which it has a principal place of business; (2) Is registered or not required to be registered as a broker-dealer under the Securities Exchange Act of 1934; and (3) Does not effect transactions with more than three (3) persons in this state during any period of twelve (12) consecutive months other than transactions with: (A) The issuer of a security involved in the transaction; (B) Another broker-dealer; or (C) A bank, a savings institution, a savings and loan association, a trust company, an insurance company, an investment company as defined in the Investment Company Act of 1940, a pension or profit-sharing trust, or another financial institution or institutional buyer, whether acting for itself or as a trustee; and (v) A person that is a resident of Canada and has no office or other physical presence in this state, if the person: (a) Only effects or attempts to effect transactions in securities: (1) With or through the issuers of the securities involved in the transactions, broker-dealers, banks, savings institutions, trust companies, insurance companies, qualified purchasers as defined by the United States Securities and Exchange Commission, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; (2) With or for a person from Canada that is temporarily present in this state if the person and the person from Canada had a bona fide business-client relationship before the person from Canada entered this state; or (3) With or for a person from Canada that is present in this state and has transactions that are in a self-directed tax advantaged retirement plan in Canada of which the person is the holder or contributor; (b) Files a notice in the form of the person's current application required by the jurisdiction in which the person's main office is located and a consent to service of process; (c) Is a member of a self-regulatory organization or stock exchange in Canada; (d) Maintains the person's provincial or territorial registration and the person's membership in good standing in a self-regulatory organization or stock exchange; (e) Discloses to the person's clients in this state that the person is not subject to the full regulatory requirements of this chapter; and (f) Is not in violation of § 23-42-507 ;

(i) An agent;

(ii) An issuer;

(iii) A bank, savings institution, savings and loan association, or trust company;

(iv) A person that has no place of business in this state if: (a) The person effects transactions in this state exclusively with or through: (1) The issuers of the securities involved in the transactions; (2) Other broker-dealers; or (3) Banks, savings institutions, savings and loan associations, trust companies, insurance companies, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; or (b) The person: (1) Is registered under the securities law of the state in which it has a principal place of business; (2) Is registered or not required to be registered as a broker-dealer under the Securities Exchange Act of 1934; and (3) Does not effect transactions with more than three (3) persons in this state during any period of twelve (12) consecutive months other than transactions with: (A) The issuer of a security involved in the transaction; (B) Another broker-dealer; or (C) A bank, a savings institution, a savings and loan association, a trust company, an insurance company, an investment company as defined in the Investment Company Act of 1940, a pension or profit-sharing trust, or another financial institution or institutional buyer, whether acting for itself or as a trustee; and

(a) The person effects transactions in this state exclusively with or through: (1) The issuers of the securities involved in the transactions; (2) Other broker-dealers; or (3) Banks, savings institutions, savings and loan associations, trust companies, insurance companies, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; or

(1) The issuers of the securities involved in the transactions;

(2) Other broker-dealers; or

(3) Banks, savings institutions, savings and loan associations, trust companies, insurance companies, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; or

(b) The person: (1) Is registered under the securities law of the state in which it has a principal place of business; (2) Is registered or not required to be registered as a broker-dealer under the Securities Exchange Act of 1934; and (3) Does not effect transactions with more than three (3) persons in this state during any period of twelve (12) consecutive months other than transactions with: (A) The issuer of a security involved in the transaction; (B) Another broker-dealer; or (C) A bank, a savings institution, a savings and loan association, a trust company, an insurance company, an investment company as defined in the Investment Company Act of 1940, a pension or profit-sharing trust, or another financial institution or institutional buyer, whether acting for itself or as a trustee; and

(1) Is registered under the securities law of the state in which it has a principal place of business;

(2) Is registered or not required to be registered as a broker-dealer under the Securities Exchange Act of 1934; and

(3) Does not effect transactions with more than three (3) persons in this state during any period of twelve (12) consecutive months other than transactions with: (A) The issuer of a security involved in the transaction; (B) Another broker-dealer; or (C) A bank, a savings institution, a savings and loan association, a trust company, an insurance company, an investment company as defined in the Investment Company Act of 1940, a pension or profit-sharing trust, or another financial institution or institutional buyer, whether acting for itself or as a trustee; and

(A) The issuer of a security involved in the transaction;

(B) Another broker-dealer; or

(C) A bank, a savings institution, a savings and loan association, a trust company, an insurance company, an investment company as defined in the Investment Company Act of 1940, a pension or profit-sharing trust, or another financial institution or institutional buyer, whether acting for itself or as a trustee; and

(v) A person that is a resident of Canada and has no office or other physical presence in this state, if the person: (a) Only effects or attempts to effect transactions in securities: (1) With or through the issuers of the securities involved in the transactions, broker-dealers, banks, savings institutions, trust companies, insurance companies, qualified purchasers as defined by the United States Securities and Exchange Commission, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; (2) With or for a person from Canada that is temporarily present in this state if the person and the person from Canada had a bona fide business-client relationship before the person from Canada entered this state; or (3) With or for a person from Canada that is present in this state and has transactions that are in a self-directed tax advantaged retirement plan in Canada of which the person is the holder or contributor; (b) Files a notice in the form of the person's current application required by the jurisdiction in which the person's main office is located and a consent to service of process; (c) Is a member of a self-regulatory organization or stock exchange in Canada; (d) Maintains the person's provincial or territorial registration and the person's membership in good standing in a self-regulatory organization or stock exchange; (e) Discloses to the person's clients in this state that the person is not subject to the full regulatory requirements of this chapter; and (f) Is not in violation of § 23-42-507 ;

(a) Only effects or attempts to effect transactions in securities: (1) With or through the issuers of the securities involved in the transactions, broker-dealers, banks, savings institutions, trust companies, insurance companies, qualified purchasers as defined by the United States Securities and Exchange Commission, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; (2) With or for a person from Canada that is temporarily present in this state if the person and the person from Canada had a bona fide business-client relationship before the person from Canada entered this state; or (3) With or for a person from Canada that is present in this state and has transactions that are in a self-directed tax advantaged retirement plan in Canada of which the person is the holder or contributor;

(1) With or through the issuers of the securities involved in the transactions, broker-dealers, banks, savings institutions, trust companies, insurance companies, qualified purchasers as defined by the United States Securities and Exchange Commission, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees;

(2) With or for a person from Canada that is temporarily present in this state if the person and the person from Canada had a bona fide business-client relationship before the person from Canada entered this state; or

(3) With or for a person from Canada that is present in this state and has transactions that are in a self-directed tax advantaged retirement plan in Canada of which the person is the holder or contributor;

(b) Files a notice in the form of the person's current application required by the jurisdiction in which the person's main office is located and a consent to service of process;

(c) Is a member of a self-regulatory organization or stock exchange in Canada;

(d) Maintains the person's provincial or territorial registration and the person's membership in good standing in a self-regulatory organization or stock exchange;

(e) Discloses to the person's clients in this state that the person is not subject to the full regulatory requirements of this chapter; and

(f) Is not in violation of § 23-42-507 ;

(4) "Commissioner" means the Securities Commissioner;

(5) "Covered security" means any security described as a covered security in section 18(b) of the Securities Act of 1933;

(6) [Repealed.]

(7) "Fraud", "deceit", and "defraud" are not limited to common-law deceit;

(8) "Guaranteed" means guaranteed as to payment of principal, interest, or dividends;

(9) (A) "Investment adviser" means any person that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or that, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities. (B) "Investment adviser" includes a financial planner or other person that, as an integral component of other financially related services, provides or holds himself, herself, or itself out as providing investment advice to others for compensation and as part of a business. (C) "Investment adviser" does not include: (i) A bank, savings and loan association, credit union, or trust company; (ii) A lawyer, accountant, engineer, or teacher whose performance of these services is solely incidental to the practice of his or her profession; (iii) A broker-dealer whose performance of these services is solely incidental to the conduct of his or her business as a broker-dealer and who receives no special compensation for them; (iv) A publisher of any bona fide newspaper, news column, newsletter, news magazine, or business or financial publication or service of general, regular, and paid circulation, whether communicated in hard copy form, by electronic means, or otherwise, that does not consist of the rendering of advice on the basis of the specific investment situation of each client; (v) A person who has no place of business in this state if: (a) His or her only clients in this state are other investment advisers, broker-dealers, banks, savings institutions, trust companies, insurance companies, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; or (b) During the preceding twelve-month period he or she has had fewer than six (6) clients who are residents of this state, other than those persons specified in subdivision (9)(C)(v) (a) of this section; or (vi) Any person not within the intent of this subdivision (9) as the commissioner may by rule or order designate;

(A) "Investment adviser" means any person that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or that, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities.

(B) "Investment adviser" includes a financial planner or other person that, as an integral component of other financially related services, provides or holds himself, herself, or itself out as providing investment advice to others for compensation and as part of a business.

(C) "Investment adviser" does not include: (i) A bank, savings and loan association, credit union, or trust company; (ii) A lawyer, accountant, engineer, or teacher whose performance of these services is solely incidental to the practice of his or her profession; (iii) A broker-dealer whose performance of these services is solely incidental to the conduct of his or her business as a broker-dealer and who receives no special compensation for them; (iv) A publisher of any bona fide newspaper, news column, newsletter, news magazine, or business or financial publication or service of general, regular, and paid circulation, whether communicated in hard copy form, by electronic means, or otherwise, that does not consist of the rendering of advice on the basis of the specific investment situation of each client; (v) A person who has no place of business in this state if: (a) His or her only clients in this state are other investment advisers, broker-dealers, banks, savings institutions, trust companies, insurance companies, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; or (b) During the preceding twelve-month period he or she has had fewer than six (6) clients who are residents of this state, other than those persons specified in subdivision (9)(C)(v) (a) of this section; or (vi) Any person not within the intent of this subdivision (9) as the commissioner may by rule or order designate;

(i) A bank, savings and loan association, credit union, or trust company;

(ii) A lawyer, accountant, engineer, or teacher whose performance of these services is solely incidental to the practice of his or her profession;

(iii) A broker-dealer whose performance of these services is solely incidental to the conduct of his or her business as a broker-dealer and who receives no special compensation for them;

(iv) A publisher of any bona fide newspaper, news column, newsletter, news magazine, or business or financial publication or service of general, regular, and paid circulation, whether communicated in hard copy form, by electronic means, or otherwise, that does not consist of the rendering of advice on the basis of the specific investment situation of each client;

(v) A person who has no place of business in this state if: (a) His or her only clients in this state are other investment advisers, broker-dealers, banks, savings institutions, trust companies, insurance companies, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; or (b) During the preceding twelve-month period he or she has had fewer than six (6) clients who are residents of this state, other than those persons specified in subdivision (9)(C)(v) (a) of this section; or

(a) His or her only clients in this state are other investment advisers, broker-dealers, banks, savings institutions, trust companies, insurance companies, investment companies as defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; or

(b) During the preceding twelve-month period he or she has had fewer than six (6) clients who are residents of this state, other than those persons specified in subdivision (9)(C)(v) (a) of this section; or

(vi) Any person not within the intent of this subdivision (9) as the commissioner may by rule or order designate;

(10) "Issuer" means every person who issues or proposes to issue any security, except that: (A) With respect to certificates of deposit, voting-trust certificates, or collateral-trust certificates, or with respect to certificates of interest or shares in an unincorporated investment trust not having a board of directors or persons performing similar functions or of the fixed, restricted management, or unit type, the term "issuer" means the persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which the securities are issued; (B) In the case of an unincorporated association which provides by its articles for limited liability of any or all of its members, or in the case of a trust, committee, or other legal entity, the trustees or members thereof shall not be individually liable as issuers of any security issued by the association, trust, committee, or other legal entity; (C) With respect to equipment-trust certificates or like securities, the term "issuer" means the person by whom the equipment or property is used or is to be used; (D) With respect to fractional undivided interests in oil, gas, or other mineral rights, the term "issuer" means the owner of the right or of any whole or fractional interest in the right who creates fractional interests therein for the purpose of the offering; and (E) For life settlement contracts, "issuer" means: (i) For a fractional or pooled interest in a life settlement contract, the person that creates for the purpose of sale the fractional or pooled interest; and (ii) For a life settlement contract that is not fractionalized or pooled, the person effecting the transaction with the investor in the contract, but does not include a broker-dealer or agent of a broker-dealer;

(A) With respect to certificates of deposit, voting-trust certificates, or collateral-trust certificates, or with respect to certificates of interest or shares in an unincorporated investment trust not having a board of directors or persons performing similar functions or of the fixed, restricted management, or unit type, the term "issuer" means the persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which the securities are issued;

(B) In the case of an unincorporated association which provides by its articles for limited liability of any or all of its members, or in the case of a trust, committee, or other legal entity, the trustees or members thereof shall not be individually liable as issuers of any security issued by the association, trust, committee, or other legal entity;

(C) With respect to equipment-trust certificates or like securities, the term "issuer" means the person by whom the equipment or property is used or is to be used;

(D) With respect to fractional undivided interests in oil, gas, or other mineral rights, the term "issuer" means the owner of the right or of any whole or fractional interest in the right who creates fractional interests therein for the purpose of the offering; and

(E) For life settlement contracts, "issuer" means: (i) For a fractional or pooled interest in a life settlement contract, the person that creates for the purpose of sale the fractional or pooled interest; and (ii) For a life settlement contract that is not fractionalized or pooled, the person effecting the transaction with the investor in the contract, but does not include a broker-dealer or agent of a broker-dealer;

(i) For a fractional or pooled interest in a life settlement contract, the person that creates for the purpose of sale the fractional or pooled interest; and

(ii) For a life settlement contract that is not fractionalized or pooled, the person effecting the transaction with the investor in the contract, but does not include a broker-dealer or agent of a broker-dealer;

(11) "Main office" means the principal place of business of a broker-dealer or an investment adviser from which the officers, partners, or managers of the broker-dealer or investment adviser direct, control, and coordinate the activities of the broker-dealer or investment adviser;

(12) "Nonissuer" means not directly or indirectly for the benefit of the issuer;

(13) "Person" means an individual, a corporation, a limited liability company, a partnership, an association, a joint-stock company, a trust where the interests of the beneficiaries are evidenced by a security, an unincorporated organization, a government, or a political subdivision of a government;

(14) "Representative" means any partner, officer, director of an investment adviser, or a person occupying a similar status or performing similar functions, or other individual employed by or associated with an investment adviser, except clerical or ministerial personnel, who for compensation: (A) Makes any recommendation or otherwise renders advice regarding securities; (B) Manages accounts or portfolios of clients; (C) Determines which recommendation or advice regarding securities should be given; or (D) Supervises employees who perform any of the foregoing;

(A) Makes any recommendation or otherwise renders advice regarding securities;

(B) Manages accounts or portfolios of clients;

(C) Determines which recommendation or advice regarding securities should be given; or

(D) Supervises employees who perform any of the foregoing;

(15) (A) (i) "Sale" or "sell" includes every contract of sale of, contract to sell, or disposition of, a security or interest in a security for value. (ii) "Offer" or "offer to sell" includes every attempt or offer to dispose of, or solicitation of an offer to buy, a security or interest in a security for value. (iii) Any security given or delivered with, or given as a bonus on account of, any purchase of securities or any other thing is considered to constitute part of the subject of the purchase and to have been offered and sold for value. (iv) A purported gift of assessable stock is considered to involve an offer and sale. (v) Every other sale or offer of a warrant or right to purchase or subscribe to another security of the same or another issuer, as well as every sale or offer of a security which gives the holder a present or future right or privilege to convert into another security of the same or another issuer, is considered to include an offer of the other security. (B) The terms defined in this subdivision (15) do not include: (i) Any bona fide pledge or loan; (ii) Any stock dividend, whether the corporation distributing the dividend is the issuer of the stock or not, if nothing of value is given by stockholders for the dividend other than the surrender of a right to a cash or property dividend when each stockholder may elect to take the dividend in cash or property or in stock; (iii) Any stock split, reverse stock split, or change in par value which involves the substitution of a security of an issuer for another security of the same issuer; or (iv) Any act incident to a judicially approved reorganization in which a security is issued in exchange for one (1) or more outstanding securities, claims, or property interests, or partly in such an exchange and partly for cash;

(A) (i) "Sale" or "sell" includes every contract of sale of, contract to sell, or disposition of, a security or interest in a security for value. (ii) "Offer" or "offer to sell" includes every attempt or offer to dispose of, or solicitation of an offer to buy, a security or interest in a security for value. (iii) Any security given or delivered with, or given as a bonus on account of, any purchase of securities or any other thing is considered to constitute part of the subject of the purchase and to have been offered and sold for value. (iv) A purported gift of assessable stock is considered to involve an offer and sale. (v) Every other sale or offer of a warrant or right to purchase or subscribe to another security of the same or another issuer, as well as every sale or offer of a security which gives the holder a present or future right or privilege to convert into another security of the same or another issuer, is considered to include an offer of the other security.

(i) "Sale" or "sell" includes every contract of sale of, contract to sell, or disposition of, a security or interest in a security for value.

(ii) "Offer" or "offer to sell" includes every attempt or offer to dispose of, or solicitation of an offer to buy, a security or interest in a security for value.

(iii) Any security given or delivered with, or given as a bonus on account of, any purchase of securities or any other thing is considered to constitute part of the subject of the purchase and to have been offered and sold for value.

(iv) A purported gift of assessable stock is considered to involve an offer and sale.

(v) Every other sale or offer of a warrant or right to purchase or subscribe to another security of the same or another issuer, as well as every sale or offer of a security which gives the holder a present or future right or privilege to convert into another security of the same or another issuer, is considered to include an offer of the other security.

(B) The terms defined in this subdivision (15) do not include: (i) Any bona fide pledge or loan; (ii) Any stock dividend, whether the corporation distributing the dividend is the issuer of the stock or not, if nothing of value is given by stockholders for the dividend other than the surrender of a right to a cash or property dividend when each stockholder may elect to take the dividend in cash or property or in stock; (iii) Any stock split, reverse stock split, or change in par value which involves the substitution of a security of an issuer for another security of the same issuer; or (iv) Any act incident to a judicially approved reorganization in which a security is issued in exchange for one (1) or more outstanding securities, claims, or property interests, or partly in such an exchange and partly for cash;

(i) Any bona fide pledge or loan;

(ii) Any stock dividend, whether the corporation distributing the dividend is the issuer of the stock or not, if nothing of value is given by stockholders for the dividend other than the surrender of a right to a cash or property dividend when each stockholder may elect to take the dividend in cash or property or in stock;

(iii) Any stock split, reverse stock split, or change in par value which involves the substitution of a security of an issuer for another security of the same issuer; or

(iv) Any act incident to a judicially approved reorganization in which a security is issued in exchange for one (1) or more outstanding securities, claims, or property interests, or partly in such an exchange and partly for cash;

(16) "Securities Act of 1933", "Securities Exchange Act of 1934", "Public Utility Holding Company Act of 1935", "Investment Advisers Act of 1940", and "Investment Company Act of 1940" mean the federal statutes of those names, as amended;

(17) (A) "Security" means any: (i) Note; (ii) Stock; (iii) Treasury stock; (iv) Bond; (v) Debenture; (vi) Evidence of indebtedness; (vii) Certificate of interest or participation in any profit-sharing agreement; (viii) Collateral-trust certificate; (ix) Preorganization certificate or subscription; (x) Transferable share; (xi) Investment contract; (xii) Variable annuity contract; (xiii) Life settlement contract or fractionalized or pooled interest in a life settlement contract; (xiv) Voting-trust certificate; (xv) Certificate of deposit for a security; (xvi) Certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease; or (xvii) In general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. (B) Except as set forth in subdivision (17)(A)(xiii) of this section, "security" does not include any insurance or endowment policy or annuity contract or variable annuity contract issued by any insurance company; and

(A) "Security" means any: (i) Note; (ii) Stock; (iii) Treasury stock; (iv) Bond; (v) Debenture; (vi) Evidence of indebtedness; (vii) Certificate of interest or participation in any profit-sharing agreement; (viii) Collateral-trust certificate; (ix) Preorganization certificate or subscription; (x) Transferable share; (xi) Investment contract; (xii) Variable annuity contract; (xiii) Life settlement contract or fractionalized or pooled interest in a life settlement contract; (xiv) Voting-trust certificate; (xv) Certificate of deposit for a security; (xvi) Certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease; or (xvii) In general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

(i) Note;

(ii) Stock;

(iii) Treasury stock;

(iv) Bond;

(v) Debenture;

(vi) Evidence of indebtedness;

(vii) Certificate of interest or participation in any profit-sharing agreement;

(viii) Collateral-trust certificate;

(ix) Preorganization certificate or subscription;

(x) Transferable share;

(xi) Investment contract;

(xii) Variable annuity contract;

(xiii) Life settlement contract or fractionalized or pooled interest in a life settlement contract;

(xiv) Voting-trust certificate;

(xv) Certificate of deposit for a security;

(xvi) Certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease; or

(xvii) In general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

(B) Except as set forth in subdivision (17)(A)(xiii) of this section, "security" does not include any insurance or endowment policy or annuity contract or variable annuity contract issued by any insurance company; and

(18) "State" means any state, territory, or possession of the United States, the District of Columbia, and the Commonwealth of Puerto Rico.

Amended by Act 2019, No. 110,§ 1, eff. 7/24/2019.

Amended by Act 2017, No. 668,§ 6, eff. 8/1/2017.

Amended by Act 2017, No. 668,§ 5, eff. 8/1/2017.

Amended by Act 2017, No. 668,§ 4, eff. 8/1/2017.

Amended by Act 2013, No. 460,§ 3, eff. 8/16/2013.

Amended by Act 2013, No. 460,§ 2, eff. 8/16/2013.

Amended by Act 2013, No. 460,§ 1, eff. 8/16/2013.

Acts 1959, No. 254, § 13; 1961, No. 248, § 6; 1963, No. 479, § 2; 1973, No. 47, §§ 10, 11; 1975, No. 697, § 2; 1975, No. 844, § 6; 1977, No. 493, §§ 4, 5; 1977, No. 806, § 24A; 1983, No. 836, §§ 13, 26; 1983, No. 885, § 1; A.S.A. 1947, § 67-1247; Acts 1987, No. 776, § 1; 1993, No. 1147, § 1802; 1995, No. 845, § 1; 1997, No. 173, § 1; 2001, No. 468, §§ 1, 2; 2009, No. 534, § 1; 2011, No. 338, § 1; 2011, No. 339, §§ 1 - 3.
Ark. Code Ann. § 23-38-301 — AR Code / Title 23 / Chapter 38 / Subchapter 3 / Section 23-38-301
[Repealed]
Status: repealed

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013. Acts 1933, No. 54, § 1; Pope's Dig., § 1035; A.S.A. 1947, § 67-848.

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.

Acts 1933, No. 54, § 1; Pope's Dig., § 1035; A.S.A. 1947, § 67-848.
Ark. Code Ann. § 23-110-402 — AR Code / Title 23 / Chapter 110 / Subchapter 4 / Section 23-110-402
Number of racing days - Sunday racing - Approval of programs
Status: in_force

(a) The total racing days during any calendar year shall not exceed sixty-eight (68). (b) A franchise holder shall apply for a license to conduct each racing meet and shall specify in the application for a license the racing days desired, which need not be consecutive. (c) (1) The franchise holder shall not apply for, and the Arkansas Racing Commission shall not approve, racing on Sundays unless the question of Sunday racing shall have been submitted to the electors of the city or town in which racing is conducted or, if racing is not conducted within the corporate limits of a city or town, to the electors of the county in which racing is conducted, at a special or any regular election and a majority of the electors voting on the question shall have approved Sunday racing at such election. (2) The governing body of the city, town, or county, as the case may be, shall submit the question to the electors when requested by a franchise holder. The election shall be held and conducted under the general election laws of the state except as otherwise provided in this section. (3) The ordinance shall set forth the ballot question as follows: Click here to view form. (4) Notice of the election shall be given by the clerk of the city, town, or county involved by one (1) publication in a newspaper having general circulation within the city, town, or county involved not less than ten (10) days prior to the election. No other publication or posting of a notice by any other public official shall be required. (5) The election shall be held no earlier than fifteen (15) days after the date of adoption of the ordinance in which the election is called by the legislative body. (6) The mayor of the city or town or the county judge of the county, as the case may be, shall proclaim the results of the election by issuing a proclamation and publishing it one (1) time in a newspaper having general circulation within the city, town, or county involved. The results of the election as stated in the proclamation shall be conclusive unless suit is filed in the circuit court in the county within twenty (20) days after the date of the publication of the proclamation. (7) If Sunday racing is approved, that approval shall continue in effect from year to year thereafter so long as racing at the location involved is authorized by Arkansas law. (d) On application of the franchise holder, the commission may change the racing days in any license for a racing meet from those originally set forth in the license. (e) (1) Prior to each racing meet, the franchise holder shall write and submit to the commission for approval the horse racing and wagering programs to be conducted at each racing meet which shall specify the conditions and provisions applicable to the requested racing and wagering programs, and the commission shall approve or disapprove, in whole or in part, the requested programs. (2) If any portion of a submission is disapproved, the franchise holder may reapply prior to or at any time during the racing meet involved, but only those horse racing programs and wagering programs that are requested by the franchise holder and approved by the commission may be conducted at a racing meet. Acts 1957, No. 46, § 17; 1961, No. 3, § 1; 1967, No. 130, § 5; 1979, No. 672, § 1; 1983, No. 251, §§ 1, 3; A.S.A. 1947, § 84-2743; Acts 1987, No. 440, § 2; 1989, No. 12, § 1.

(a) The total racing days during any calendar year shall not exceed sixty-eight (68).

(b) A franchise holder shall apply for a license to conduct each racing meet and shall specify in the application for a license the racing days desired, which need not be consecutive.

(c) (1) The franchise holder shall not apply for, and the Arkansas Racing Commission shall not approve, racing on Sundays unless the question of Sunday racing shall have been submitted to the electors of the city or town in which racing is conducted or, if racing is not conducted within the corporate limits of a city or town, to the electors of the county in which racing is conducted, at a special or any regular election and a majority of the electors voting on the question shall have approved Sunday racing at such election. (2) The governing body of the city, town, or county, as the case may be, shall submit the question to the electors when requested by a franchise holder. The election shall be held and conducted under the general election laws of the state except as otherwise provided in this section. (3) The ordinance shall set forth the ballot question as follows: Click here to view form. (4) Notice of the election shall be given by the clerk of the city, town, or county involved by one (1) publication in a newspaper having general circulation within the city, town, or county involved not less than ten (10) days prior to the election. No other publication or posting of a notice by any other public official shall be required. (5) The election shall be held no earlier than fifteen (15) days after the date of adoption of the ordinance in which the election is called by the legislative body. (6) The mayor of the city or town or the county judge of the county, as the case may be, shall proclaim the results of the election by issuing a proclamation and publishing it one (1) time in a newspaper having general circulation within the city, town, or county involved. The results of the election as stated in the proclamation shall be conclusive unless suit is filed in the circuit court in the county within twenty (20) days after the date of the publication of the proclamation. (7) If Sunday racing is approved, that approval shall continue in effect from year to year thereafter so long as racing at the location involved is authorized by Arkansas law.

(1) The franchise holder shall not apply for, and the Arkansas Racing Commission shall not approve, racing on Sundays unless the question of Sunday racing shall have been submitted to the electors of the city or town in which racing is conducted or, if racing is not conducted within the corporate limits of a city or town, to the electors of the county in which racing is conducted, at a special or any regular election and a majority of the electors voting on the question shall have approved Sunday racing at such election.

(2) The governing body of the city, town, or county, as the case may be, shall submit the question to the electors when requested by a franchise holder. The election shall be held and conducted under the general election laws of the state except as otherwise provided in this section.

(3) The ordinance shall set forth the ballot question as follows: Click here to view form.

Click here to view form.

(4) Notice of the election shall be given by the clerk of the city, town, or county involved by one (1) publication in a newspaper having general circulation within the city, town, or county involved not less than ten (10) days prior to the election. No other publication or posting of a notice by any other public official shall be required.

(5) The election shall be held no earlier than fifteen (15) days after the date of adoption of the ordinance in which the election is called by the legislative body.

(6) The mayor of the city or town or the county judge of the county, as the case may be, shall proclaim the results of the election by issuing a proclamation and publishing it one (1) time in a newspaper having general circulation within the city, town, or county involved. The results of the election as stated in the proclamation shall be conclusive unless suit is filed in the circuit court in the county within twenty (20) days after the date of the publication of the proclamation.

(7) If Sunday racing is approved, that approval shall continue in effect from year to year thereafter so long as racing at the location involved is authorized by Arkansas law.

(d) On application of the franchise holder, the commission may change the racing days in any license for a racing meet from those originally set forth in the license.

(e) (1) Prior to each racing meet, the franchise holder shall write and submit to the commission for approval the horse racing and wagering programs to be conducted at each racing meet which shall specify the conditions and provisions applicable to the requested racing and wagering programs, and the commission shall approve or disapprove, in whole or in part, the requested programs. (2) If any portion of a submission is disapproved, the franchise holder may reapply prior to or at any time during the racing meet involved, but only those horse racing programs and wagering programs that are requested by the franchise holder and approved by the commission may be conducted at a racing meet.

(1) Prior to each racing meet, the franchise holder shall write and submit to the commission for approval the horse racing and wagering programs to be conducted at each racing meet which shall specify the conditions and provisions applicable to the requested racing and wagering programs, and the commission shall approve or disapprove, in whole or in part, the requested programs.

(2) If any portion of a submission is disapproved, the franchise holder may reapply prior to or at any time during the racing meet involved, but only those horse racing programs and wagering programs that are requested by the franchise holder and approved by the commission may be conducted at a racing meet.

Acts 1957, No. 46, § 17; 1961, No. 3, § 1; 1967, No. 130, § 5; 1979, No. 672, § 1; 1983, No. 251, §§ 1, 3; A.S.A. 1947, § 84-2743; Acts 1987, No. 440, § 2; 1989, No. 12, § 1.

110_402_1 - Attachment
Ark. Code Ann. § 23-13-102 — AR Code / Title 23 / Chapter 13 / Subchapter 1 / Section 23-13-102
Inspection of licensees - Employment of inspectors - Restraining operations
Status: in_force

(a) The Arkansas Department of Transportation shall have the right to employ one (1) or more inspectors as may be needed for the purpose of making inspections of licensees from time to time. (b) If any person, firm, or corporation is operating without complying with the provisions of this act, then the Attorney General or any interested party may institute suit in any circuit court where service on the defendant may be had, restraining the further operation of motor vehicles by the person, firm, or corporation until the provisions of this act are complied with. (c) Nothing contained in this act shall be construed to relieve any motor vehicle carrier from any rule imposed by law or lawful authority. Amended by Act 2019, No. 315,§ 2416, eff. 7/24/2019. Amended by Act 2017, No. 707,§ 182, eff. 8/1/2017. Acts 1927, No. 99, §§ 11, 13; Pope's Dig., § 2029; A.S.A. 1947, §§ 73-1728, 73-1728n.

(a) The Arkansas Department of Transportation shall have the right to employ one (1) or more inspectors as may be needed for the purpose of making inspections of licensees from time to time.

(b) If any person, firm, or corporation is operating without complying with the provisions of this act, then the Attorney General or any interested party may institute suit in any circuit court where service on the defendant may be had, restraining the further operation of motor vehicles by the person, firm, or corporation until the provisions of this act are complied with.

(c) Nothing contained in this act shall be construed to relieve any motor vehicle carrier from any rule imposed by law or lawful authority.

Amended by Act 2019, No. 315,§ 2416, eff. 7/24/2019.

Amended by Act 2017, No. 707,§ 182, eff. 8/1/2017.

Acts 1927, No. 99, §§ 11, 13; Pope's Dig., § 2029; A.S.A. 1947, §§ 73-1728, 73-1728n.
Ark. Code Ann. § 23-48-303 — AR Code / Title 23 / Chapter 48 / Subchapter 3 / Section 23-48-303
Promoter's fees prohibited
Status: in_force

(a) A state bank shall not pay any fee, compensation, or commission for promotion in connection with its organization or apply any money received on account of shares or subscriptions, selling shares, or other services in connection with its organization or for securing subscriptions for stock, except legal fees and other usual and ordinary expenses necessary for its organization. (b) A majority of incorporators shall file with the State Bank Department, at the time of filing of the articles, an affidavit: (1) Setting forth all expenses incurred or to be incurred in connection with the organization of the state bank, subscription for its shares, and sale of its shares; and (2) Stating that no fee, compensation, or commission prohibited by this section has been paid or incurred. (c) In the event of a violation of this section, the Bank Commissioner may disapprove the articles on account of the violation. Acts 1997, No. 89, § 1.

(a) A state bank shall not pay any fee, compensation, or commission for promotion in connection with its organization or apply any money received on account of shares or subscriptions, selling shares, or other services in connection with its organization or for securing subscriptions for stock, except legal fees and other usual and ordinary expenses necessary for its organization.

(b) A majority of incorporators shall file with the State Bank Department, at the time of filing of the articles, an affidavit: (1) Setting forth all expenses incurred or to be incurred in connection with the organization of the state bank, subscription for its shares, and sale of its shares; and (2) Stating that no fee, compensation, or commission prohibited by this section has been paid or incurred.

(1) Setting forth all expenses incurred or to be incurred in connection with the organization of the state bank, subscription for its shares, and sale of its shares; and

(2) Stating that no fee, compensation, or commission prohibited by this section has been paid or incurred.

(c) In the event of a violation of this section, the Bank Commissioner may disapprove the articles on account of the violation.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-79-2401 — AR Code / Title 23 / Chapter 79 / Subchapter 24 / Section 23-79-2401
Definitions
Status: in_force

As used in this subchapter: (1) "Birth mother" means the biological mother of a child; (2) "Depression" means a mental illness classified as a mood disorder that causes a persistent feeling of sadness and a loss of interest; (3) (A) "Health benefit plan" means: (i) An individual, blanket, or group plan or a policy, or contract for healthcare services issued or delivered by a healthcare insurer; and (ii) Any health benefit program receiving state or federal appropriations from the State of Arkansas, including the Arkansas Medicaid Program and the Arkansas Health and Opportunity for Me Program, or any successor program. (B) "Health benefit plan" includes: (i) Indemnity and managed care plans; and (ii) Nonfederal governmental plans as defined in 29 U.S.C. § 1002(32) , as it existed on January 1, 2024. (C) "Health benefit plan" does not include: (i) A disability income plan; (ii) A credit insurance plan; (iii) Insurance coverage issued as a supplement to liability insurance; (iv) A medical payment under automobile or homeowners insurance plans; (v) A health benefit plan 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.; (vi) A plan that provides only indemnity for hospital confinement; (vii) An accident-only plan; (viii) A specified disease plan; (ix) A long-term-care-only plan; (x) A dental-only plan; or (xi) A vision-only plan; (4) "Healthcare insurer" means an entity subject to the insurance laws of this state or the jurisdiction of the Insurance Commissioner that contracts or offers to contract to provide health insurance coverage, including without limitation an insurance company, a health maintenance organization, a hospital medical service corporation, a self-insured governmental or church plan in this state, or the Arkansas Medicaid Program; and (5) "Healthcare professional" means a person who is licensed, certified, or otherwise authorized by the laws of this state to administer health care in the ordinary course of the practice of his or her profession. Added by Act 2023, No. 316,§ 2, eff. 8/1/2023.

As used in this subchapter:

(1) "Birth mother" means the biological mother of a child;

(2) "Depression" means a mental illness classified as a mood disorder that causes a persistent feeling of sadness and a loss of interest;

(3) (A) "Health benefit plan" means: (i) An individual, blanket, or group plan or a policy, or contract for healthcare services issued or delivered by a healthcare insurer; and (ii) Any health benefit program receiving state or federal appropriations from the State of Arkansas, including the Arkansas Medicaid Program and the Arkansas Health and Opportunity for Me Program, or any successor program. (B) "Health benefit plan" includes: (i) Indemnity and managed care plans; and (ii) Nonfederal governmental plans as defined in 29 U.S.C. § 1002(32) , as it existed on January 1, 2024. (C) "Health benefit plan" does not include: (i) A disability income plan; (ii) A credit insurance plan; (iii) Insurance coverage issued as a supplement to liability insurance; (iv) A medical payment under automobile or homeowners insurance plans; (v) A health benefit plan 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.; (vi) A plan that provides only indemnity for hospital confinement; (vii) An accident-only plan; (viii) A specified disease plan; (ix) A long-term-care-only plan; (x) A dental-only plan; or (xi) A vision-only plan;

(A) "Health benefit plan" means: (i) An individual, blanket, or group plan or a policy, or contract for healthcare services issued or delivered by a healthcare insurer; and (ii) Any health benefit program receiving state or federal appropriations from the State of Arkansas, including the Arkansas Medicaid Program and the Arkansas Health and Opportunity for Me Program, or any successor program.

(i) An individual, blanket, or group plan or a policy, or contract for healthcare services issued or delivered by a healthcare insurer; and

(ii) Any health benefit program receiving state or federal appropriations from the State of Arkansas, including the Arkansas Medicaid Program and the Arkansas Health and Opportunity for Me Program, or any successor program.

(B) "Health benefit plan" includes: (i) Indemnity and managed care plans; and (ii) Nonfederal governmental plans as defined in 29 U.S.C. § 1002(32) , as it existed on January 1, 2024.

(i) Indemnity and managed care plans; and

(ii) Nonfederal governmental plans as defined in 29 U.S.C. § 1002(32) , as it existed on January 1, 2024.

(C) "Health benefit plan" does not include: (i) A disability income plan; (ii) A credit insurance plan; (iii) Insurance coverage issued as a supplement to liability insurance; (iv) A medical payment under automobile or homeowners insurance plans; (v) A health benefit plan 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.; (vi) A plan that provides only indemnity for hospital confinement; (vii) An accident-only plan; (viii) A specified disease plan; (ix) A long-term-care-only plan; (x) A dental-only plan; or (xi) A vision-only plan;

(i) A disability income plan;

(ii) A credit insurance plan;

(iii) Insurance coverage issued as a supplement to liability insurance;

(iv) A medical payment under automobile or homeowners insurance plans;

(v) A health benefit plan 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.;

(vi) A plan that provides only indemnity for hospital confinement;

(vii) An accident-only plan;

(viii) A specified disease plan;

(ix) A long-term-care-only plan;

(x) A dental-only plan; or

(xi) A vision-only plan;

(4) "Healthcare insurer" means an entity subject to the insurance laws of this state or the jurisdiction of the Insurance Commissioner that contracts or offers to contract to provide health insurance coverage, including without limitation an insurance company, a health maintenance organization, a hospital medical service corporation, a self-insured governmental or church plan in this state, or the Arkansas Medicaid Program; and

(5) "Healthcare professional" means a person who is licensed, certified, or otherwise authorized by the laws of this state to administer health care in the ordinary course of the practice of his or her profession.

Added by Act 2023, No. 316,§ 2, eff. 8/1/2023.
Ark. Code Ann. § 23-112-504 — AR Code / Title 23 / Chapter 112 / Subchapter 5 / Section 23-112-504
Conduct of hearing
Status: in_force

All hearings shall be conducted pursuant to the provisions of the Arkansas Administrative Procedure Act, § 25-15-201 et seq. Acts 1975, No. 388, § 7; A.S.A. 1947, § 75-2307; Acts 1999, No. 1042, § 12.

All hearings shall be conducted pursuant to the provisions of the Arkansas Administrative Procedure Act, § 25-15-201 et seq.

Acts 1975, No. 388, § 7; A.S.A. 1947, § 75-2307; Acts 1999, No. 1042, § 12.
Ark. Code Ann. § 23-79-1004 — AR Code / Title 23 / Chapter 79 / Subchapter 10 / Section 23-79-1004
Arkansas Safety-net Benefit Fund
Status: in_force

(a) (1) There is created the Arkansas Safety-net Benefit Fund. (2) The fund shall be administered by the Department of Finance and Administration. (b) (1) The fund shall not be deposited into a general revenue holding account or regulated by the State Insurance Department and shall be used only for the Arkansas Safety-net Benefit Program. (2) However, if the federal government eliminates or substantially modifies the Health Insurance Flexibility and Accountability demonstration initiative or withdraws approval of the program, moneys remaining in the fund shall not be placed in the State Treasury but shall be expended to provide services to beneficiaries of the program. (3) Moneys in the fund may carry over from the first fiscal year of any biennium to the second fiscal year of the biennium and from one biennium to the next. Acts 2003, No. 1044, § 1; 2005, No. 1681, § 1.

(a) (1) There is created the Arkansas Safety-net Benefit Fund. (2) The fund shall be administered by the Department of Finance and Administration.

(1) There is created the Arkansas Safety-net Benefit Fund.

(2) The fund shall be administered by the Department of Finance and Administration.

(b) (1) The fund shall not be deposited into a general revenue holding account or regulated by the State Insurance Department and shall be used only for the Arkansas Safety-net Benefit Program. (2) However, if the federal government eliminates or substantially modifies the Health Insurance Flexibility and Accountability demonstration initiative or withdraws approval of the program, moneys remaining in the fund shall not be placed in the State Treasury but shall be expended to provide services to beneficiaries of the program. (3) Moneys in the fund may carry over from the first fiscal year of any biennium to the second fiscal year of the biennium and from one biennium to the next.

(1) The fund shall not be deposited into a general revenue holding account or regulated by the State Insurance Department and shall be used only for the Arkansas Safety-net Benefit Program.

(2) However, if the federal government eliminates or substantially modifies the Health Insurance Flexibility and Accountability demonstration initiative or withdraws approval of the program, moneys remaining in the fund shall not be placed in the State Treasury but shall be expended to provide services to beneficiaries of the program.

(3) Moneys in the fund may carry over from the first fiscal year of any biennium to the second fiscal year of the biennium and from one biennium to the next.

Acts 2003, No. 1044, § 1; 2005, No. 1681, § 1.
Ark. Code Ann. § 23-13-244 — AR Code / Title 23 / Chapter 13 / Subchapter 2 / Section 23-13-244
Tariffs of common carriers by motor vehicle
Status: in_force

(a) (1) Whenever an applicable tariff has not already been prescribed by the Arkansas Department of Transportation, every common carrier by motor vehicle shall file with the department and shall keep open to public inspection at all times tariffs showing all the rates, fares, and charges for transportation, and all services in connection therewith, of passengers or property between points on its own route and points on the route of any other common carrier, or on the routes of any common carrier by railroad, express, or water, when a through route and joint rate shall have been established. (2) The rates, fares, and charges shall be stated in terms of lawful money of the United States. (3) The tariffs required by this section shall be published, filed, and posted in such form and manner and shall contain such information as the department by rule shall prescribe. (4) The department is authorized to reject any tariff filed with it which is not in consonance with this subchapter and with its rules. Any tariff so rejected by the department shall be void, and its use shall be unlawful. (b) (1) No common carrier by motor vehicle shall charge, demand, collect, or receive a greater, lesser, or different compensation for transportation, or for any service in connection therewith, between the points enumerated in the tariff, than those rates, fares, and charges specified in the tariffs in effect at the time. (2) No such carrier shall refund or remit in any manner or by any device, directly or indirectly, or through any agent or broker or otherwise any portion of the rates, fares, or charges so specified, nor shall that carrier extend to any person any privilege or facilities for transportation except as are specified in its tariff. (c) (1) No change shall be made in any rate, fare, charge, or classification, or the value of the service thereunder, specified in any effective tariff of a common carrier by motor vehicle except after thirty (30) days' notice of the proposed change filed and posted in accordance with subsection (a) of this section. (2) The notice shall plainly state the change proposed to be made and the time when the change will take effect. (3) The department, in its discretion and for good cause shown, may allow such change upon notice less than that specified in this section or may modify the requirements of this section with respect to posting and filing of tariffs either in particular instances or by general order applicable to special or peculiar circumstances or conditions. (d) No common carrier by motor vehicle, unless otherwise provided by this subchapter, shall engage in the transportation of passengers or property unless the rates, fares, and charges upon which the passengers or property are transported by the carrier have been prescribed, or filed and published in accordance with the provisions of this subchapter. Amended by Act 2019, No. 315,§ 2439, eff. 7/24/2019. Amended by Act 2017, No. 707,§ 214, eff. 8/1/2017. Acts 1955, No. 397, § 17; A.S.A. 1947, § 73-1770.

(a) (1) Whenever an applicable tariff has not already been prescribed by the Arkansas Department of Transportation, every common carrier by motor vehicle shall file with the department and shall keep open to public inspection at all times tariffs showing all the rates, fares, and charges for transportation, and all services in connection therewith, of passengers or property between points on its own route and points on the route of any other common carrier, or on the routes of any common carrier by railroad, express, or water, when a through route and joint rate shall have been established. (2) The rates, fares, and charges shall be stated in terms of lawful money of the United States. (3) The tariffs required by this section shall be published, filed, and posted in such form and manner and shall contain such information as the department by rule shall prescribe. (4) The department is authorized to reject any tariff filed with it which is not in consonance with this subchapter and with its rules. Any tariff so rejected by the department shall be void, and its use shall be unlawful.

(1) Whenever an applicable tariff has not already been prescribed by the Arkansas Department of Transportation, every common carrier by motor vehicle shall file with the department and shall keep open to public inspection at all times tariffs showing all the rates, fares, and charges for transportation, and all services in connection therewith, of passengers or property between points on its own route and points on the route of any other common carrier, or on the routes of any common carrier by railroad, express, or water, when a through route and joint rate shall have been established.

(2) The rates, fares, and charges shall be stated in terms of lawful money of the United States.

(3) The tariffs required by this section shall be published, filed, and posted in such form and manner and shall contain such information as the department by rule shall prescribe.

(4) The department is authorized to reject any tariff filed with it which is not in consonance with this subchapter and with its rules. Any tariff so rejected by the department shall be void, and its use shall be unlawful.

(b) (1) No common carrier by motor vehicle shall charge, demand, collect, or receive a greater, lesser, or different compensation for transportation, or for any service in connection therewith, between the points enumerated in the tariff, than those rates, fares, and charges specified in the tariffs in effect at the time. (2) No such carrier shall refund or remit in any manner or by any device, directly or indirectly, or through any agent or broker or otherwise any portion of the rates, fares, or charges so specified, nor shall that carrier extend to any person any privilege or facilities for transportation except as are specified in its tariff.

(1) No common carrier by motor vehicle shall charge, demand, collect, or receive a greater, lesser, or different compensation for transportation, or for any service in connection therewith, between the points enumerated in the tariff, than those rates, fares, and charges specified in the tariffs in effect at the time.

(2) No such carrier shall refund or remit in any manner or by any device, directly or indirectly, or through any agent or broker or otherwise any portion of the rates, fares, or charges so specified, nor shall that carrier extend to any person any privilege or facilities for transportation except as are specified in its tariff.

(c) (1) No change shall be made in any rate, fare, charge, or classification, or the value of the service thereunder, specified in any effective tariff of a common carrier by motor vehicle except after thirty (30) days' notice of the proposed change filed and posted in accordance with subsection (a) of this section. (2) The notice shall plainly state the change proposed to be made and the time when the change will take effect. (3) The department, in its discretion and for good cause shown, may allow such change upon notice less than that specified in this section or may modify the requirements of this section with respect to posting and filing of tariffs either in particular instances or by general order applicable to special or peculiar circumstances or conditions.

(1) No change shall be made in any rate, fare, charge, or classification, or the value of the service thereunder, specified in any effective tariff of a common carrier by motor vehicle except after thirty (30) days' notice of the proposed change filed and posted in accordance with subsection (a) of this section.

(2) The notice shall plainly state the change proposed to be made and the time when the change will take effect.

(3) The department, in its discretion and for good cause shown, may allow such change upon notice less than that specified in this section or may modify the requirements of this section with respect to posting and filing of tariffs either in particular instances or by general order applicable to special or peculiar circumstances or conditions.

(d) No common carrier by motor vehicle, unless otherwise provided by this subchapter, shall engage in the transportation of passengers or property unless the rates, fares, and charges upon which the passengers or property are transported by the carrier have been prescribed, or filed and published in accordance with the provisions of this subchapter.

Amended by Act 2019, No. 315,§ 2439, eff. 7/24/2019.

Amended by Act 2017, No. 707,§ 214, eff. 8/1/2017.

Acts 1955, No. 397, § 17; A.S.A. 1947, § 73-1770.
Ark. Code Ann. § 23-113-302 — AR Code / Title 23 / Chapter 113 / Subchapter 3 / Section 23-113-302
Powers and duties
Status: in_force

(a) In addition to all other duties, powers, and responsibilities conferred upon it by other laws of this state, the Arkansas Racing Commission shall exercise the duties, powers, and responsibilities over electronic games of skill and wagering on the electronic games of skill as authorized in this chapter, and without necessarily being limited to the following enumeration, but subject to the other provisions of this chapter, the commission shall: (1) Regulate the specific games, devices, machines, and equipment played and utilized in connection with wagering on electronic games of skill and the rules of play and methods of operation thereof as contemplated by this chapter, as well as appropriate security and surveillance systems, in order to safeguard fairness and integrity in the conduct and operation of electronic games of skill and wagering on the electronic games of skill; (2) Regulate the specific times of operation and specific areas on the premises of the franchise holder's racetrack park site where wagering on electronic games of skill may be conducted; (3) Prescribe the procedures for issuing licenses to employees of the franchise holder conducting electronic games of skill and wagering on the electronic games of skill, including, without limitation, the information to be submitted by the individuals in connection with their background, employment, experience, and character, as reasonably necessary to determine the individuals' qualifications and suitability for the position; (4) Prescribe the procedures for issuing licenses to persons supplying electronic games of skill to the franchise holder, including, without limitation, the information to be submitted by the persons in connection with their background, experience, character, business activities, and financial affairs, as reasonably necessary to determine the persons' qualifications and suitability for supplying electronic games of skill to franchise holders for use in accordance with this chapter; (5) Have authority to enter upon the premises where electronic games of skill are being operated and to observe the conduct of wagering thereon; and (6) Take such other action not inconsistent with law as the commission may deem necessary or desirable in order to supervise and regulate and to effectively control in the public interest the operation of electronic games of skill and conduct of wagering thereon as authorized by this chapter. (b) The commission may promulgate, revise, amend, and repeal rules and orders, consistent with the policy, objects, and purposes of this chapter, as it reasonably deems necessary or desirable in the public interest in carrying out the provisions of this chapter. Amended by Act 2019, No. 315,§ 2837, eff. 7/24/2019. Acts 2005, No. 1151, § 1.

(a) In addition to all other duties, powers, and responsibilities conferred upon it by other laws of this state, the Arkansas Racing Commission shall exercise the duties, powers, and responsibilities over electronic games of skill and wagering on the electronic games of skill as authorized in this chapter, and without necessarily being limited to the following enumeration, but subject to the other provisions of this chapter, the commission shall: (1) Regulate the specific games, devices, machines, and equipment played and utilized in connection with wagering on electronic games of skill and the rules of play and methods of operation thereof as contemplated by this chapter, as well as appropriate security and surveillance systems, in order to safeguard fairness and integrity in the conduct and operation of electronic games of skill and wagering on the electronic games of skill; (2) Regulate the specific times of operation and specific areas on the premises of the franchise holder's racetrack park site where wagering on electronic games of skill may be conducted; (3) Prescribe the procedures for issuing licenses to employees of the franchise holder conducting electronic games of skill and wagering on the electronic games of skill, including, without limitation, the information to be submitted by the individuals in connection with their background, employment, experience, and character, as reasonably necessary to determine the individuals' qualifications and suitability for the position; (4) Prescribe the procedures for issuing licenses to persons supplying electronic games of skill to the franchise holder, including, without limitation, the information to be submitted by the persons in connection with their background, experience, character, business activities, and financial affairs, as reasonably necessary to determine the persons' qualifications and suitability for supplying electronic games of skill to franchise holders for use in accordance with this chapter; (5) Have authority to enter upon the premises where electronic games of skill are being operated and to observe the conduct of wagering thereon; and (6) Take such other action not inconsistent with law as the commission may deem necessary or desirable in order to supervise and regulate and to effectively control in the public interest the operation of electronic games of skill and conduct of wagering thereon as authorized by this chapter.

(1) Regulate the specific games, devices, machines, and equipment played and utilized in connection with wagering on electronic games of skill and the rules of play and methods of operation thereof as contemplated by this chapter, as well as appropriate security and surveillance systems, in order to safeguard fairness and integrity in the conduct and operation of electronic games of skill and wagering on the electronic games of skill;

(2) Regulate the specific times of operation and specific areas on the premises of the franchise holder's racetrack park site where wagering on electronic games of skill may be conducted;

(3) Prescribe the procedures for issuing licenses to employees of the franchise holder conducting electronic games of skill and wagering on the electronic games of skill, including, without limitation, the information to be submitted by the individuals in connection with their background, employment, experience, and character, as reasonably necessary to determine the individuals' qualifications and suitability for the position;

(4) Prescribe the procedures for issuing licenses to persons supplying electronic games of skill to the franchise holder, including, without limitation, the information to be submitted by the persons in connection with their background, experience, character, business activities, and financial affairs, as reasonably necessary to determine the persons' qualifications and suitability for supplying electronic games of skill to franchise holders for use in accordance with this chapter;

(5) Have authority to enter upon the premises where electronic games of skill are being operated and to observe the conduct of wagering thereon; and

(6) Take such other action not inconsistent with law as the commission may deem necessary or desirable in order to supervise and regulate and to effectively control in the public interest the operation of electronic games of skill and conduct of wagering thereon as authorized by this chapter.

(b) The commission may promulgate, revise, amend, and repeal rules and orders, consistent with the policy, objects, and purposes of this chapter, as it reasonably deems necessary or desirable in the public interest in carrying out the provisions of this chapter.

Amended by Act 2019, No. 315,§ 2837, eff. 7/24/2019.

Acts 2005, No. 1151, § 1.
Ark. Code Ann. § 23-47-101 — AR Code / Title 23 / Chapter 47 / Subchapter 1 / Section 23-47-101
Powers of state banks generally
Status: in_force

(a) Subject to any State Bank Department rule and consistent with any restrictions imposed by the Arkansas Banking Code of 1997, each state bank shall, unless it shall be determined to be unsafe and unsound by the Bank Commissioner, and without specific mention thereof in its articles of incorporation, have the following powers and be permitted, in addition to other powers conferred upon it by other provisions of law: (1) To receive by any means money for deposit and to provide by its rules or by agreement for the terms of withdrawal and payment of interest thereon pursuant to the provisions of § 23-47-201 et seq.; (2) To receive by any means money for transmission to another person and to transmit money by any means to another person; (3) To buy, sell, and exchange coin and bullion; (4) To buy, sell, and exchange bonds and certificates of indebtedness issued or guaranteed by the United States, its agencies and instrumentalities thereof, the State of Arkansas or of any other state, or of any city, county, school district, or other municipal corporation, improvement district, public facilities board, or other agencies or instrumentalities of such state or states; (5) To purchase and sell securities, other than bonds and certificates of indebtedness described in subdivision (a)(4) of this section, and stock without recourse, solely upon the order and for the account of customers and other persons, and in no case for its own account; (6) To purchase, sell, and exchange for its own account securities pursuant to the provisions of § 23-47-401 ; (7) To lend money, either without security or upon the security that the bank may require, pursuant to the provisions of § 23-47-501 et seq.; (8) To issue capital notes, with or without conversion features, with the prior written approval of the commissioner, and to otherwise become indebted to other persons through other types of obligations, including purchase money obligations, leases, Federal Home Loan Bank and Federal Reserve Bank advances, federal funds transactions, and securities repurchase agreements, all without limitations on interest rates and term; (9) To have such amounts of authorized but unissued stock as it may deem appropriate; (10) To purchase insurance, including key-man insurance, and to establish employee and director benefit plans including, without limitation, stock options and stock purchase and compensation plans; (11) To own and lease personal property acquired upon the specific request and for the use of a customer and to incur obligations incident thereto, the lease obligation to be subject to borrower loan limits and to a schedule of periodic regular rental payments that shall be consistent with a timely recovery by the bank of its cost for the leased property; (12) To make contributions to or for the benefit of the following: (A) The United States, any state, territory, or political subdivision thereof, the District of Columbia, or any possession of the United States, for exclusively public purposes; (B) A corporation, foundation, trust, community chest, or other organization created or organized in the United States, or any state or territory, or the District of Columbia, or any possession of the United States, exclusively for religious, charitable, scientific, veteran rehabilitation service, civic enterprise, literary or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual, and no substantial part of the activities of which is carrying on propaganda or otherwise attempting to influence legislation; or (C) Other lawful expenditures, contributions, and donations, to the extent authorized, approved, or ratified by action of the board of directors of the bank, except as otherwise specifically provided or limited by its articles of incorporation, its bylaws, or by resolution adopted by its stockholders; (13) To service loans made by it or by others, whether or not held by the bank; (14) To warehouse or act as agent in warehousing mortgages and other loans; (15) With the prior approval of the commissioner and subject to such conditions as may be prescribed by the commissioner, to provide messenger service between the bank and its customers; (16) To engage in any activities which are a part of the business of banking or incidental thereto by means of an operating subsidiary pursuant to the provisions of § 23-47-601 ; (17) To invest in bank service companies pursuant to the provisions of § 23-47-603 ; (18) [Repealed.] (19) To invest in a community development company pursuant to the provisions of § 23-47-605 ; (20) To invest in small business investment companies and minority enterprise small business investment companies as defined by the Arkansas Development Finance Authority Small Business Act of 1989, § 15-5-701 et seq., pursuant to the provisions of § 23-47-606 ; (21) To invest in corporations organized under the Edge Act, pursuant to the provisions of § 23-47-607 ; (22) To operate a travel agency; (23) To engage in leasing real property; (24) To act as escrow agent and closing agent; (25) To act as a fiscal or transfer agent, assignee, receiver, and depository; (26) To act as an executor, administrator, trustee, or other fiduciary pursuant to the provisions of § 23-47-701 et seq.; (27) To guaranty signatures; (28) To provide third-party payment services; (29) To issue, advise, and confirm letters of credit; (30) To act as an agent to collect checks, drafts, and other items of commercial paper, to become a member of a clearing house, and to grant security interests in its assets for its qualification therein; (31) To receive property as custodian for safekeeping; (32) To lease safe-deposit boxes pursuant to the provisions of § 23-47-901 et seq.; (33) To enter into agreements to provide for losses arising from the cancellation of outstanding loans upon the death of borrowers; (34) Through a separate subsidiary, to act as agent in the sale of title insurance and perform title searches and other abstractor services; (35) To invest in clearing corporations and banker's banks; (36) To invest in bank premises real estate pursuant to the provisions of § 23-47-103 ; and (37) To acquire, develop, and dispose of real estate through foreclosure or in lieu of foreclosure of debts previously contracted in the ordinary course of its banking business, including single-family lots and single-family residences consisting of one (1) through four (4) family units. (b) In addition to the foregoing, a state bank may exercise any other powers which are incidental to the business of banking. (c) In addition to the powers conferred upon state banks under this or any other law of this state, upon action of the commissioner authorizing state banks to undertake such activities, a state bank may engage in any banking activities in which state banks could engage were they acting as national banks at the time such authority is granted. (d) (1) If a state bank or bank holding company is located in a town with a population of fewer than two thousand five hundred (2,500) people according to the latest federal decennial census, the bank or bank holding company may acquire, purchase, or construct a dwelling for use as the residence of the bank's or bank holding company's chief executive officer as part of his or her compensation. (2) The expenditure for the dwelling shall not exceed one hundred thousand dollars ($100,000). Amended by Act 2019, No. 315,§ 2535, eff. 7/24/2019. Amended by Act 2017, No. 426,§ 13, eff. 8/1/2017. Acts 1997, No. 89, § 1; 2003, No. 860, § 14.

(a) Subject to any State Bank Department rule and consistent with any restrictions imposed by the Arkansas Banking Code of 1997, each state bank shall, unless it shall be determined to be unsafe and unsound by the Bank Commissioner, and without specific mention thereof in its articles of incorporation, have the following powers and be permitted, in addition to other powers conferred upon it by other provisions of law: (1) To receive by any means money for deposit and to provide by its rules or by agreement for the terms of withdrawal and payment of interest thereon pursuant to the provisions of § 23-47-201 et seq.; (2) To receive by any means money for transmission to another person and to transmit money by any means to another person; (3) To buy, sell, and exchange coin and bullion; (4) To buy, sell, and exchange bonds and certificates of indebtedness issued or guaranteed by the United States, its agencies and instrumentalities thereof, the State of Arkansas or of any other state, or of any city, county, school district, or other municipal corporation, improvement district, public facilities board, or other agencies or instrumentalities of such state or states; (5) To purchase and sell securities, other than bonds and certificates of indebtedness described in subdivision (a)(4) of this section, and stock without recourse, solely upon the order and for the account of customers and other persons, and in no case for its own account; (6) To purchase, sell, and exchange for its own account securities pursuant to the provisions of § 23-47-401 ; (7) To lend money, either without security or upon the security that the bank may require, pursuant to the provisions of § 23-47-501 et seq.; (8) To issue capital notes, with or without conversion features, with the prior written approval of the commissioner, and to otherwise become indebted to other persons through other types of obligations, including purchase money obligations, leases, Federal Home Loan Bank and Federal Reserve Bank advances, federal funds transactions, and securities repurchase agreements, all without limitations on interest rates and term; (9) To have such amounts of authorized but unissued stock as it may deem appropriate; (10) To purchase insurance, including key-man insurance, and to establish employee and director benefit plans including, without limitation, stock options and stock purchase and compensation plans; (11) To own and lease personal property acquired upon the specific request and for the use of a customer and to incur obligations incident thereto, the lease obligation to be subject to borrower loan limits and to a schedule of periodic regular rental payments that shall be consistent with a timely recovery by the bank of its cost for the leased property; (12) To make contributions to or for the benefit of the following: (A) The United States, any state, territory, or political subdivision thereof, the District of Columbia, or any possession of the United States, for exclusively public purposes; (B) A corporation, foundation, trust, community chest, or other organization created or organized in the United States, or any state or territory, or the District of Columbia, or any possession of the United States, exclusively for religious, charitable, scientific, veteran rehabilitation service, civic enterprise, literary or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual, and no substantial part of the activities of which is carrying on propaganda or otherwise attempting to influence legislation; or (C) Other lawful expenditures, contributions, and donations, to the extent authorized, approved, or ratified by action of the board of directors of the bank, except as otherwise specifically provided or limited by its articles of incorporation, its bylaws, or by resolution adopted by its stockholders; (13) To service loans made by it or by others, whether or not held by the bank; (14) To warehouse or act as agent in warehousing mortgages and other loans; (15) With the prior approval of the commissioner and subject to such conditions as may be prescribed by the commissioner, to provide messenger service between the bank and its customers; (16) To engage in any activities which are a part of the business of banking or incidental thereto by means of an operating subsidiary pursuant to the provisions of § 23-47-601 ; (17) To invest in bank service companies pursuant to the provisions of § 23-47-603 ; (18) [Repealed.] (19) To invest in a community development company pursuant to the provisions of § 23-47-605 ; (20) To invest in small business investment companies and minority enterprise small business investment companies as defined by the Arkansas Development Finance Authority Small Business Act of 1989, § 15-5-701 et seq., pursuant to the provisions of § 23-47-606 ; (21) To invest in corporations organized under the Edge Act, pursuant to the provisions of § 23-47-607 ; (22) To operate a travel agency; (23) To engage in leasing real property; (24) To act as escrow agent and closing agent; (25) To act as a fiscal or transfer agent, assignee, receiver, and depository; (26) To act as an executor, administrator, trustee, or other fiduciary pursuant to the provisions of § 23-47-701 et seq.; (27) To guaranty signatures; (28) To provide third-party payment services; (29) To issue, advise, and confirm letters of credit; (30) To act as an agent to collect checks, drafts, and other items of commercial paper, to become a member of a clearing house, and to grant security interests in its assets for its qualification therein; (31) To receive property as custodian for safekeeping; (32) To lease safe-deposit boxes pursuant to the provisions of § 23-47-901 et seq.; (33) To enter into agreements to provide for losses arising from the cancellation of outstanding loans upon the death of borrowers; (34) Through a separate subsidiary, to act as agent in the sale of title insurance and perform title searches and other abstractor services; (35) To invest in clearing corporations and banker's banks; (36) To invest in bank premises real estate pursuant to the provisions of § 23-47-103 ; and (37) To acquire, develop, and dispose of real estate through foreclosure or in lieu of foreclosure of debts previously contracted in the ordinary course of its banking business, including single-family lots and single-family residences consisting of one (1) through four (4) family units.

(1) To receive by any means money for deposit and to provide by its rules or by agreement for the terms of withdrawal and payment of interest thereon pursuant to the provisions of § 23-47-201 et seq.;

(2) To receive by any means money for transmission to another person and to transmit money by any means to another person;

(3) To buy, sell, and exchange coin and bullion;

(4) To buy, sell, and exchange bonds and certificates of indebtedness issued or guaranteed by the United States, its agencies and instrumentalities thereof, the State of Arkansas or of any other state, or of any city, county, school district, or other municipal corporation, improvement district, public facilities board, or other agencies or instrumentalities of such state or states;

(5) To purchase and sell securities, other than bonds and certificates of indebtedness described in subdivision (a)(4) of this section, and stock without recourse, solely upon the order and for the account of customers and other persons, and in no case for its own account;

(6) To purchase, sell, and exchange for its own account securities pursuant to the provisions of § 23-47-401 ;

(7) To lend money, either without security or upon the security that the bank may require, pursuant to the provisions of § 23-47-501 et seq.;

(8) To issue capital notes, with or without conversion features, with the prior written approval of the commissioner, and to otherwise become indebted to other persons through other types of obligations, including purchase money obligations, leases, Federal Home Loan Bank and Federal Reserve Bank advances, federal funds transactions, and securities repurchase agreements, all without limitations on interest rates and term;

(9) To have such amounts of authorized but unissued stock as it may deem appropriate;

(10) To purchase insurance, including key-man insurance, and to establish employee and director benefit plans including, without limitation, stock options and stock purchase and compensation plans;

(11) To own and lease personal property acquired upon the specific request and for the use of a customer and to incur obligations incident thereto, the lease obligation to be subject to borrower loan limits and to a schedule of periodic regular rental payments that shall be consistent with a timely recovery by the bank of its cost for the leased property;

(12) To make contributions to or for the benefit of the following: (A) The United States, any state, territory, or political subdivision thereof, the District of Columbia, or any possession of the United States, for exclusively public purposes; (B) A corporation, foundation, trust, community chest, or other organization created or organized in the United States, or any state or territory, or the District of Columbia, or any possession of the United States, exclusively for religious, charitable, scientific, veteran rehabilitation service, civic enterprise, literary or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual, and no substantial part of the activities of which is carrying on propaganda or otherwise attempting to influence legislation; or (C) Other lawful expenditures, contributions, and donations, to the extent authorized, approved, or ratified by action of the board of directors of the bank, except as otherwise specifically provided or limited by its articles of incorporation, its bylaws, or by resolution adopted by its stockholders;

(A) The United States, any state, territory, or political subdivision thereof, the District of Columbia, or any possession of the United States, for exclusively public purposes;

(B) A corporation, foundation, trust, community chest, or other organization created or organized in the United States, or any state or territory, or the District of Columbia, or any possession of the United States, exclusively for religious, charitable, scientific, veteran rehabilitation service, civic enterprise, literary or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual, and no substantial part of the activities of which is carrying on propaganda or otherwise attempting to influence legislation; or

(C) Other lawful expenditures, contributions, and donations, to the extent authorized, approved, or ratified by action of the board of directors of the bank, except as otherwise specifically provided or limited by its articles of incorporation, its bylaws, or by resolution adopted by its stockholders;

(13) To service loans made by it or by others, whether or not held by the bank;

(14) To warehouse or act as agent in warehousing mortgages and other loans;

(15) With the prior approval of the commissioner and subject to such conditions as may be prescribed by the commissioner, to provide messenger service between the bank and its customers;

(16) To engage in any activities which are a part of the business of banking or incidental thereto by means of an operating subsidiary pursuant to the provisions of § 23-47-601 ;

(17) To invest in bank service companies pursuant to the provisions of § 23-47-603 ;

(18) [Repealed.]

(19) To invest in a community development company pursuant to the provisions of § 23-47-605 ;

(20) To invest in small business investment companies and minority enterprise small business investment companies as defined by the Arkansas Development Finance Authority Small Business Act of 1989, § 15-5-701 et seq., pursuant to the provisions of § 23-47-606 ;

(21) To invest in corporations organized under the Edge Act, pursuant to the provisions of § 23-47-607 ;

(22) To operate a travel agency;

(23) To engage in leasing real property;

(24) To act as escrow agent and closing agent;

(25) To act as a fiscal or transfer agent, assignee, receiver, and depository;

(26) To act as an executor, administrator, trustee, or other fiduciary pursuant to the provisions of § 23-47-701 et seq.;

(27) To guaranty signatures;

(28) To provide third-party payment services;

(29) To issue, advise, and confirm letters of credit;

(30) To act as an agent to collect checks, drafts, and other items of commercial paper, to become a member of a clearing house, and to grant security interests in its assets for its qualification therein;

(31) To receive property as custodian for safekeeping;

(32) To lease safe-deposit boxes pursuant to the provisions of § 23-47-901 et seq.;

(33) To enter into agreements to provide for losses arising from the cancellation of outstanding loans upon the death of borrowers;

(34) Through a separate subsidiary, to act as agent in the sale of title insurance and perform title searches and other abstractor services;

(35) To invest in clearing corporations and banker's banks;

(36) To invest in bank premises real estate pursuant to the provisions of § 23-47-103 ; and

(37) To acquire, develop, and dispose of real estate through foreclosure or in lieu of foreclosure of debts previously contracted in the ordinary course of its banking business, including single-family lots and single-family residences consisting of one (1) through four (4) family units.

(b) In addition to the foregoing, a state bank may exercise any other powers which are incidental to the business of banking.

(c) In addition to the powers conferred upon state banks under this or any other law of this state, upon action of the commissioner authorizing state banks to undertake such activities, a state bank may engage in any banking activities in which state banks could engage were they acting as national banks at the time such authority is granted.

(d) (1) If a state bank or bank holding company is located in a town with a population of fewer than two thousand five hundred (2,500) people according to the latest federal decennial census, the bank or bank holding company may acquire, purchase, or construct a dwelling for use as the residence of the bank's or bank holding company's chief executive officer as part of his or her compensation. (2) The expenditure for the dwelling shall not exceed one hundred thousand dollars ($100,000).

(1) If a state bank or bank holding company is located in a town with a population of fewer than two thousand five hundred (2,500) people according to the latest federal decennial census, the bank or bank holding company may acquire, purchase, or construct a dwelling for use as the residence of the bank's or bank holding company's chief executive officer as part of his or her compensation.

(2) The expenditure for the dwelling shall not exceed one hundred thousand dollars ($100,000).

Amended by Act 2019, No. 315,§ 2535, eff. 7/24/2019.

Amended by Act 2017, No. 426,§ 13, eff. 8/1/2017.

Acts 1997, No. 89, § 1; 2003, No. 860, § 14.
Ark. Code Ann. § 23-66-504 — AR Code / Title 23 / Chapter 66 / Subchapter 5 / Section 23-66-504
Investigative authority of commissioner
Status: in_force

The Insurance Commissioner may investigate suspected fraudulent insurance acts and persons engaged in the business of insurance. Acts 1997, No. 217, § 1.

The Insurance Commissioner may investigate suspected fraudulent insurance acts and persons engaged in the business of insurance.

Acts 1997, No. 217, § 1.
Ark. Code Ann. § 23-99-410 — AR Code / Title 23 / Chapter 99 / Subchapter 4 / Section 23-99-410
Grievance procedures
Status: in_force

(a) A healthcare insurer issuing or delivering a managed care plan shall establish for those managed care plans a grievance procedure which provides covered persons with a prompt and meaningful review on the issue of denial, in whole or in part, of a healthcare treatment or service. (b) (1) The covered person shall be provided prompt notice in writing of the outcome of the grievance procedure. (2) In the event the outcome is adverse to the covered person, the notice shall include specific findings related to the grievance. Acts 1997, No. 1196, § 10.

(a) A healthcare insurer issuing or delivering a managed care plan shall establish for those managed care plans a grievance procedure which provides covered persons with a prompt and meaningful review on the issue of denial, in whole or in part, of a healthcare treatment or service.

(b) (1) The covered person shall be provided prompt notice in writing of the outcome of the grievance procedure. (2) In the event the outcome is adverse to the covered person, the notice shall include specific findings related to the grievance.

(1) The covered person shall be provided prompt notice in writing of the outcome of the grievance procedure.

(2) In the event the outcome is adverse to the covered person, the notice shall include specific findings related to the grievance.

Acts 1997, No. 1196, § 10.
Ark. Code Ann. § 23-12-407 — AR Code / Title 23 / Chapter 12 / Subchapter 4 / Section 23-12-407
Repairs to cars to be done in state - Exceptions
Status: in_force

(a) (1) All railroad corporations operating within the State of Arkansas and having their repair shops within the state shall, and are required to, repair, renovate, or build in the State of Arkansas, any and all defective or broken cars, coaches, locomotives, or other equipment owned or leased by the corporation in the State of Arkansas, when the rolling stock is within the State of Arkansas if the railway has been or is under an obligation to have proper facilities in the state to do the work. (2) (A) No railway shall be required to haul its disabled equipment a greater distance for repairs at a point within the State of Arkansas than would be necessary to reach their repair shop in another state. (B) No railway company shall be permitted to haul for purposes of repair any disabled equipment by or past any shop owned or operated by the company where the disabled equipment can be repaired in order to reach some other repair shop at a greater distance for the purpose of repairing the disabled equipment. (b) (1) The provisions of this section shall not apply to companies having fewer than sixty (60) continuous miles of railroad in operation in this state. (2) The provisions of this section shall not apply in cases of fires, floods, cyclones, or any such act of providence. (c) Any railroad corporation, lessee, receiver, superintendent, or agent who shall violate any of the provisions of this section shall after conviction by any court of competent jurisdiction be liable to a fine of not less than one hundred dollars ($100) nor more than five hundred dollars ($500). (d) This section shall not be so construed as to require any railway corporation to violate the safety appliance laws of the United States Congress. Acts 1915, No. 220, §§ 1-3; C. & M. Dig., §§ 8505-8507; Pope's Dig., §§ 11081-11083; A.S.A. 1947, §§ 73-731 -- 73-733.

(a) (1) All railroad corporations operating within the State of Arkansas and having their repair shops within the state shall, and are required to, repair, renovate, or build in the State of Arkansas, any and all defective or broken cars, coaches, locomotives, or other equipment owned or leased by the corporation in the State of Arkansas, when the rolling stock is within the State of Arkansas if the railway has been or is under an obligation to have proper facilities in the state to do the work. (2) (A) No railway shall be required to haul its disabled equipment a greater distance for repairs at a point within the State of Arkansas than would be necessary to reach their repair shop in another state. (B) No railway company shall be permitted to haul for purposes of repair any disabled equipment by or past any shop owned or operated by the company where the disabled equipment can be repaired in order to reach some other repair shop at a greater distance for the purpose of repairing the disabled equipment.

(1) All railroad corporations operating within the State of Arkansas and having their repair shops within the state shall, and are required to, repair, renovate, or build in the State of Arkansas, any and all defective or broken cars, coaches, locomotives, or other equipment owned or leased by the corporation in the State of Arkansas, when the rolling stock is within the State of Arkansas if the railway has been or is under an obligation to have proper facilities in the state to do the work.

(2) (A) No railway shall be required to haul its disabled equipment a greater distance for repairs at a point within the State of Arkansas than would be necessary to reach their repair shop in another state. (B) No railway company shall be permitted to haul for purposes of repair any disabled equipment by or past any shop owned or operated by the company where the disabled equipment can be repaired in order to reach some other repair shop at a greater distance for the purpose of repairing the disabled equipment.

(A) No railway shall be required to haul its disabled equipment a greater distance for repairs at a point within the State of Arkansas than would be necessary to reach their repair shop in another state.

(B) No railway company shall be permitted to haul for purposes of repair any disabled equipment by or past any shop owned or operated by the company where the disabled equipment can be repaired in order to reach some other repair shop at a greater distance for the purpose of repairing the disabled equipment.

(b) (1) The provisions of this section shall not apply to companies having fewer than sixty (60) continuous miles of railroad in operation in this state. (2) The provisions of this section shall not apply in cases of fires, floods, cyclones, or any such act of providence.

(1) The provisions of this section shall not apply to companies having fewer than sixty (60) continuous miles of railroad in operation in this state.

(2) The provisions of this section shall not apply in cases of fires, floods, cyclones, or any such act of providence.

(c) Any railroad corporation, lessee, receiver, superintendent, or agent who shall violate any of the provisions of this section shall after conviction by any court of competent jurisdiction be liable to a fine of not less than one hundred dollars ($100) nor more than five hundred dollars ($500).

(d) This section shall not be so construed as to require any railway corporation to violate the safety appliance laws of the United States Congress.

Acts 1915, No. 220, §§ 1-3; C. & M. Dig., §§ 8505-8507; Pope's Dig., §§ 11081-11083; A.S.A. 1947, §§ 73-731 -- 73-733.