Ark. Code Ann. § 23-48-309 — AR Code / Title 23 / Chapter 48 / Subchapter 3 / Section 23-48-309
Names of state banks and subsidiary trust companies
Status: in_force

(a) (1) Prior to the formation of a state bank, or prior to the consummation of an interstate merger transaction, a person may reserve the exclusive use of a corporate name for a bank by delivering an application to the Bank Commissioner for filing. (2) The application must set forth the name and address of the applicant and the name proposed to be reserved. (3) If the commissioner finds that the corporate name applied for is available, he or she shall reserve the name for the applicant's exclusive use for a nonrenewable two-hundred-seventy-day period. (b) The owner of a reserved corporate name may transfer the reservation to another person by delivering to the commissioner a signed notice of transfer that states the name and address of the transferee. (c) No state bank, registered out-of-state bank, or subsidiary trust company shall conduct any business in this state under a fictitious name unless it first files with the commissioner a form supplied or approved by the commissioner giving the following information: (1) The fictitious name under which business is being or will be conducted by the applicant entity; (2) A brief statement of the character of business to be conducted under the fictitious name; and (3) The name, home state, and location, giving city and street address, of the registered office in this state of the applicant entity. (d) (1) Each form shall be executed in duplicate and filed with the commissioner, who shall maintain an index of the filings. (2) The commissioner shall retain one (1) counterpart, and the other counterpart, bearing the file marks of the commissioner, shall be returned to the state bank, registered out-of-state bank, or subsidiary trust company. (3) However, the commissioner shall not accept the filing if the proposed fictitious name is the same as, or confusingly similar to, the name of any bank, domestic corporation, or any foreign corporation authorized to do business in this state, or any name reserved for any such entity. (e) Copies of the filed forms, certified by the commissioner, shall be admitted in evidence when the question of filing may be material. (f) (1) If, after filing hereunder, the applicant is dissolved, or, being a foreign corporation or registered out-of-state bank, surrenders or forfeits its rights to do business in Arkansas or ceases to do business in Arkansas under the specified fictitious name, the bank or subsidiary trust company shall be obligated to file with the commissioner a cancellation of its privilege under this section. (2) If the cancellation is not filed, the commissioner, upon satisfactory evidence, may cancel the privilege, in which event the cancellation shall be certified by the commissioner, who will file the same without a fee. (g) (1) If a state bank, registered out-of-state bank, or subsidiary trust company which has not filed hereunder has heretofore or shall hereafter become a party to any contract, deed, conveyance, assignment, or instrument of encumbrance in which the bank or subsidiary trust company is referred to exclusively by a fictitious name, the obligations imposed upon the bank or subsidiary trust company under the instrument and the right sought to be conferred on third parties thereunder may be enforced against it. (2) But the rights accruing to the bank or subsidiary trust company under the instrument may not be enforced by the bank or subsidiary trust company in the courts of this state until it has complied with this section and pays to the commissioner a civil penalty of three hundred dollars ($300). Acts 1997, No. 89, § 1; 1997, No. 408, § 9.

(a) (1) Prior to the formation of a state bank, or prior to the consummation of an interstate merger transaction, a person may reserve the exclusive use of a corporate name for a bank by delivering an application to the Bank Commissioner for filing. (2) The application must set forth the name and address of the applicant and the name proposed to be reserved. (3) If the commissioner finds that the corporate name applied for is available, he or she shall reserve the name for the applicant's exclusive use for a nonrenewable two-hundred-seventy-day period.

(1) Prior to the formation of a state bank, or prior to the consummation of an interstate merger transaction, a person may reserve the exclusive use of a corporate name for a bank by delivering an application to the Bank Commissioner for filing.

(2) The application must set forth the name and address of the applicant and the name proposed to be reserved.

(3) If the commissioner finds that the corporate name applied for is available, he or she shall reserve the name for the applicant's exclusive use for a nonrenewable two-hundred-seventy-day period.

(b) The owner of a reserved corporate name may transfer the reservation to another person by delivering to the commissioner a signed notice of transfer that states the name and address of the transferee.

(c) No state bank, registered out-of-state bank, or subsidiary trust company shall conduct any business in this state under a fictitious name unless it first files with the commissioner a form supplied or approved by the commissioner giving the following information: (1) The fictitious name under which business is being or will be conducted by the applicant entity; (2) A brief statement of the character of business to be conducted under the fictitious name; and (3) The name, home state, and location, giving city and street address, of the registered office in this state of the applicant entity.

(1) The fictitious name under which business is being or will be conducted by the applicant entity;

(2) A brief statement of the character of business to be conducted under the fictitious name; and

(3) The name, home state, and location, giving city and street address, of the registered office in this state of the applicant entity.

(d) (1) Each form shall be executed in duplicate and filed with the commissioner, who shall maintain an index of the filings. (2) The commissioner shall retain one (1) counterpart, and the other counterpart, bearing the file marks of the commissioner, shall be returned to the state bank, registered out-of-state bank, or subsidiary trust company. (3) However, the commissioner shall not accept the filing if the proposed fictitious name is the same as, or confusingly similar to, the name of any bank, domestic corporation, or any foreign corporation authorized to do business in this state, or any name reserved for any such entity.

(1) Each form shall be executed in duplicate and filed with the commissioner, who shall maintain an index of the filings.

(2) The commissioner shall retain one (1) counterpart, and the other counterpart, bearing the file marks of the commissioner, shall be returned to the state bank, registered out-of-state bank, or subsidiary trust company.

(3) However, the commissioner shall not accept the filing if the proposed fictitious name is the same as, or confusingly similar to, the name of any bank, domestic corporation, or any foreign corporation authorized to do business in this state, or any name reserved for any such entity.

(e) Copies of the filed forms, certified by the commissioner, shall be admitted in evidence when the question of filing may be material.

(f) (1) If, after filing hereunder, the applicant is dissolved, or, being a foreign corporation or registered out-of-state bank, surrenders or forfeits its rights to do business in Arkansas or ceases to do business in Arkansas under the specified fictitious name, the bank or subsidiary trust company shall be obligated to file with the commissioner a cancellation of its privilege under this section. (2) If the cancellation is not filed, the commissioner, upon satisfactory evidence, may cancel the privilege, in which event the cancellation shall be certified by the commissioner, who will file the same without a fee.

(1) If, after filing hereunder, the applicant is dissolved, or, being a foreign corporation or registered out-of-state bank, surrenders or forfeits its rights to do business in Arkansas or ceases to do business in Arkansas under the specified fictitious name, the bank or subsidiary trust company shall be obligated to file with the commissioner a cancellation of its privilege under this section.

(2) If the cancellation is not filed, the commissioner, upon satisfactory evidence, may cancel the privilege, in which event the cancellation shall be certified by the commissioner, who will file the same without a fee.

(g) (1) If a state bank, registered out-of-state bank, or subsidiary trust company which has not filed hereunder has heretofore or shall hereafter become a party to any contract, deed, conveyance, assignment, or instrument of encumbrance in which the bank or subsidiary trust company is referred to exclusively by a fictitious name, the obligations imposed upon the bank or subsidiary trust company under the instrument and the right sought to be conferred on third parties thereunder may be enforced against it. (2) But the rights accruing to the bank or subsidiary trust company under the instrument may not be enforced by the bank or subsidiary trust company in the courts of this state until it has complied with this section and pays to the commissioner a civil penalty of three hundred dollars ($300).

(1) If a state bank, registered out-of-state bank, or subsidiary trust company which has not filed hereunder has heretofore or shall hereafter become a party to any contract, deed, conveyance, assignment, or instrument of encumbrance in which the bank or subsidiary trust company is referred to exclusively by a fictitious name, the obligations imposed upon the bank or subsidiary trust company under the instrument and the right sought to be conferred on third parties thereunder may be enforced against it.

(2) But the rights accruing to the bank or subsidiary trust company under the instrument may not be enforced by the bank or subsidiary trust company in the courts of this state until it has complied with this section and pays to the commissioner a civil penalty of three hundred dollars ($300).

Acts 1997, No. 89, § 1; 1997, No. 408, § 9.
Ark. Code Ann. § 23-93-114 — AR Code / Title 23 / Chapter 93 / Subchapter 1 / Section 23-93-114
Investigations and examinations
Status: in_force

(a) The State Insurance Department may conduct any investigation or examination deemed necessary by the Insurance Commissioner: (1) For the public health, safety, and welfare of a resident or potential resident of a facility; (2) In response to a written complaint filed by a resident or prospective resident; (3) If it appears from the filings required by this subchapter that the solvency of the facility is in question; or (4) To determine whether any provision of this subchapter or any rule or order has been violated. (b) The commissioner may conduct any investigation in person or direct any department employee to act on the commissioner's behalf. For any on-site investigation, the expenses incurred, including compensation of any department examiner, shall be paid by the facility being investigated. For the purposes of this section, the provisions of § 23-61-206 shall apply. (c) The commissioner may conduct a financial examination. The commissioner may utilize department examiners or he or she may retain independent certified public accountants to conduct the examination. Each facility being examined shall pay the department the expenses incurred pursuant to § 23-61-206 . The cost of any retained accountants shall not be in excess of the amount that could be charged for department examiners. (d) When the services of an actuary are deemed necessary in any investigation or examination, the commissioner may retain an independent actuary with those expenses being paid by the facility. (e) The commissioner or any officer designated by the commissioner may adminster oaths and affirmations, issue subpoenas, hear testimony, and take evidence in reference to any investigation or examination conducted pursuant to this subchapter. Acts 1987, No. 329, § 11; 1989, No. 203, § 4.

(a) The State Insurance Department may conduct any investigation or examination deemed necessary by the Insurance Commissioner: (1) For the public health, safety, and welfare of a resident or potential resident of a facility; (2) In response to a written complaint filed by a resident or prospective resident; (3) If it appears from the filings required by this subchapter that the solvency of the facility is in question; or (4) To determine whether any provision of this subchapter or any rule or order has been violated.

(1) For the public health, safety, and welfare of a resident or potential resident of a facility;

(2) In response to a written complaint filed by a resident or prospective resident;

(3) If it appears from the filings required by this subchapter that the solvency of the facility is in question; or

(4) To determine whether any provision of this subchapter or any rule or order has been violated.

(b) The commissioner may conduct any investigation in person or direct any department employee to act on the commissioner's behalf. For any on-site investigation, the expenses incurred, including compensation of any department examiner, shall be paid by the facility being investigated. For the purposes of this section, the provisions of § 23-61-206 shall apply.

(c) The commissioner may conduct a financial examination. The commissioner may utilize department examiners or he or she may retain independent certified public accountants to conduct the examination. Each facility being examined shall pay the department the expenses incurred pursuant to § 23-61-206 . The cost of any retained accountants shall not be in excess of the amount that could be charged for department examiners.

(d) When the services of an actuary are deemed necessary in any investigation or examination, the commissioner may retain an independent actuary with those expenses being paid by the facility.

(e) The commissioner or any officer designated by the commissioner may adminster oaths and affirmations, issue subpoenas, hear testimony, and take evidence in reference to any investigation or examination conducted pursuant to this subchapter.

Acts 1987, No. 329, § 11; 1989, No. 203, § 4.
Ark. Code Ann. § 23-3-306 — AR Code / Title 23 / Chapter 3 / Subchapter 3 / Section 23-3-306
Procedure generally
Status: in_force

(a) Any person who acquires five percent (5%) or more of the aggregate number of the issued and outstanding voting securities of a domestic public utility, within two (2) business days thereafter, shall deliver written notice of the acquisition to the Arkansas Public Service Commission. The following information shall be included in the notice: (1) The name and address of each person and all affiliates of that person; (2) The number and class of all shares held by each person and all affiliates of that person; and (3) Whether the person or any affiliate of that person, individually or collectively, intends to acquire ten percent (10%) or more of the aggregate number of the issued and outstanding voting securities of the domestic public utility. (b) No person other than the issuer of the securities of the domestic public utility or an affiliate of the issuer shall make a tender offer for, request, or invite tenders of, or enter into any agreement to exchange, seek to acquire, or acquire, in the open market or otherwise, any issued and outstanding voting securities of a domestic public utility regulated by the commission if, after the consummation of that action, the person would, directly or indirectly or by conversion or by exercise of any right to acquire, be in control of the domestic public utility. No person shall merge with or otherwise acquire control of a domestic public utility unless the acquiring party is an affiliate of the domestic public utility or unless, at the time the offer, request, or invitation is made, or prior to the acquisition of the securities if no offer or agreement is involved, the person has filed with the commission and has sent to the domestic public utility a statement containing the information required by § 23-3-307 and the offer, request, invitation, or acquisition has been approved by the commission in the manner prescribed in §§ 23-3-310 and 23-3-311 . (c) The commission may modify the aforementioned procedures to the extent necessary to conform to the requirement of Regulation 14D under the Securities Exchange Act of 1934, as amended. Acts 1985, No. 343, § 2; A.S.A. 1947, § 73-142.2.

(a) Any person who acquires five percent (5%) or more of the aggregate number of the issued and outstanding voting securities of a domestic public utility, within two (2) business days thereafter, shall deliver written notice of the acquisition to the Arkansas Public Service Commission. The following information shall be included in the notice: (1) The name and address of each person and all affiliates of that person; (2) The number and class of all shares held by each person and all affiliates of that person; and (3) Whether the person or any affiliate of that person, individually or collectively, intends to acquire ten percent (10%) or more of the aggregate number of the issued and outstanding voting securities of the domestic public utility.

(1) The name and address of each person and all affiliates of that person;

(2) The number and class of all shares held by each person and all affiliates of that person; and

(3) Whether the person or any affiliate of that person, individually or collectively, intends to acquire ten percent (10%) or more of the aggregate number of the issued and outstanding voting securities of the domestic public utility.

(b) No person other than the issuer of the securities of the domestic public utility or an affiliate of the issuer shall make a tender offer for, request, or invite tenders of, or enter into any agreement to exchange, seek to acquire, or acquire, in the open market or otherwise, any issued and outstanding voting securities of a domestic public utility regulated by the commission if, after the consummation of that action, the person would, directly or indirectly or by conversion or by exercise of any right to acquire, be in control of the domestic public utility. No person shall merge with or otherwise acquire control of a domestic public utility unless the acquiring party is an affiliate of the domestic public utility or unless, at the time the offer, request, or invitation is made, or prior to the acquisition of the securities if no offer or agreement is involved, the person has filed with the commission and has sent to the domestic public utility a statement containing the information required by § 23-3-307 and the offer, request, invitation, or acquisition has been approved by the commission in the manner prescribed in §§ 23-3-310 and 23-3-311 .

(c) The commission may modify the aforementioned procedures to the extent necessary to conform to the requirement of Regulation 14D under the Securities Exchange Act of 1934, as amended.

Acts 1985, No. 343, § 2; A.S.A. 1947, § 73-142.2.
Ark. Code Ann. § 23-99-1704 — AR Code / Title 23 / Chapter 99 / Subchapter 17 / Section 23-99-1704
Prior authorization
Status: in_force

(a) A contracting entity shall not require prior authorization for: (1) Ground or air prehospital transportation; or (2) Ground or air emergent or urgent ambulance transportation from one (1) hospital or medical facility to another hospital or medical facility in order to obtain medically needed diagnostic or medical therapeutic services. (b) A contracting entity may require a prior authorization for non-urgent and nonemergent ground or air ambulance services by an air ambulance. (c) A decision on a request for prior authorization by a transportation benefit manager shall include a determination as to whether or not the individual is covered by a health benefit plan and eligible to receive the requested ambulance services under the health benefit plan as a subscriber. (d) A transportation benefit manager shall not rescind, limit, condition, or restrict a prior authorization based upon medical necessity. (e) A transportation benefit manager shall provide ambulance providers with a direct contact number, that is answered twenty-four (24) hours a day, seven (7) days a week, with which to obtain prior authorization for ambulance services. (f) (1) Determination of prior authorization for ambulance services between medical facilities shall be provided or declined within twenty (20) minutes of the ambulance provider's or medical facility's placing a request for determination. (2) If not denied within twenty (20) minutes, the ambulance services shall be deemed automatically approved. (g) If a medical facility is required to obtain a prior authorization on behalf of the ambulance provider, the transportation benefit manager shall advise the ambulance provider of the requirement before ambulance transport. Added by Act 2023, No. 578,§ 1, eff. 8/1/2023. This section was enacted as 22-99-1604; however, it has been included in Title 23 to reflect the apparent intent of the legislature.

(a) A contracting entity shall not require prior authorization for: (1) Ground or air prehospital transportation; or (2) Ground or air emergent or urgent ambulance transportation from one (1) hospital or medical facility to another hospital or medical facility in order to obtain medically needed diagnostic or medical therapeutic services.

(1) Ground or air prehospital transportation; or

(2) Ground or air emergent or urgent ambulance transportation from one (1) hospital or medical facility to another hospital or medical facility in order to obtain medically needed diagnostic or medical therapeutic services.

(b) A contracting entity may require a prior authorization for non-urgent and nonemergent ground or air ambulance services by an air ambulance.

(c) A decision on a request for prior authorization by a transportation benefit manager shall include a determination as to whether or not the individual is covered by a health benefit plan and eligible to receive the requested ambulance services under the health benefit plan as a subscriber.

(d) A transportation benefit manager shall not rescind, limit, condition, or restrict a prior authorization based upon medical necessity.

(e) A transportation benefit manager shall provide ambulance providers with a direct contact number, that is answered twenty-four (24) hours a day, seven (7) days a week, with which to obtain prior authorization for ambulance services.

(f) (1) Determination of prior authorization for ambulance services between medical facilities shall be provided or declined within twenty (20) minutes of the ambulance provider's or medical facility's placing a request for determination. (2) If not denied within twenty (20) minutes, the ambulance services shall be deemed automatically approved.

(1) Determination of prior authorization for ambulance services between medical facilities shall be provided or declined within twenty (20) minutes of the ambulance provider's or medical facility's placing a request for determination.

(2) If not denied within twenty (20) minutes, the ambulance services shall be deemed automatically approved.

(g) If a medical facility is required to obtain a prior authorization on behalf of the ambulance provider, the transportation benefit manager shall advise the ambulance provider of the requirement before ambulance transport.

Added by Act 2023, No. 578,§ 1, eff. 8/1/2023.

This section was enacted as 22-99-1604; however, it has been included in Title 23 to reflect the apparent intent of the legislature.
Ark. Code Ann. § 23-69-404 — AR Code / Title 23 / Chapter 69 / Subchapter 4 / Section 23-69-404
Risk management framework
Status: in_force

(a) An insurer shall establish and maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on the insurer's material and relevant risks. (b) An insurer may satisfy subsection (a) of this section if the insurance group that the insurer is a member of maintains a risk management framework that is applicable to the operations of the insurer. Added by Act 2015, No. 1223,§ 31, eff. 7/22/2015.

(a) An insurer shall establish and maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on the insurer's material and relevant risks.

(b) An insurer may satisfy subsection (a) of this section if the insurance group that the insurer is a member of maintains a risk management framework that is applicable to the operations of the insurer.

Added by Act 2015, No. 1223,§ 31, eff. 7/22/2015.
Ark. Code Ann. § 23-68-101 — AR Code / Title 23 / Chapter 68 / Section 23-68-101
Uniform Insurers Liquidation Act
Status: in_force

(1) Section 23-68-102(2) -(13), together with §§ 23-68-101 , 23-68-104 , 23-68-105 , 23-68-113 , and 23-68-115 - 23-68-120 , constitute and may be referred to as the "Uniform Insurers Liquidation Act". (2) The Uniform Insurers Liquidation Act shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states that enact it. To the extent that its provisions when applicable conflict with other provisions of this chapter, the provisions of such act shall control. Acts 1959, No. 148, § 658; A.S.A. 1947, § 66-4821.

(1) Section 23-68-102(2) -(13), together with §§ 23-68-101 , 23-68-104 , 23-68-105 , 23-68-113 , and 23-68-115 - 23-68-120 , constitute and may be referred to as the "Uniform Insurers Liquidation Act".

(2) The Uniform Insurers Liquidation Act shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states that enact it. To the extent that its provisions when applicable conflict with other provisions of this chapter, the provisions of such act shall control.

Acts 1959, No. 148, § 658; A.S.A. 1947, § 66-4821.
Ark. Code Ann. § 23-93-112 — AR Code / Title 23 / Chapter 93 / Subchapter 1 / Section 23-93-112
Escrow account required
Status: in_force

(a) (1) The Insurance Commissioner shall require that the provider establish an interest-bearing escrow account with a financial institution authorized to do business in this state. Any entrance fees or payments received by the provider prior to the date the resident is permitted to occupy the living unit in the facility shall be placed in the escrow account. (2) Release of escrowed amounts to the provider shall be made as follows: (A) For living units that have been previously occupied, at the time the new resident makes the first monthly payment; or (B) For living units not previously occupied, at the earliest to occur of one (1) of the following: (i) When aggregate fees received or receivable equal fifty percent (50%) of total entrance fees due at full occupancy, except that any entrance fee payments that are less than thirty-five percent (35%) of the amount due from a resident will not be counted; (ii) When entrance fees plus the proceeds of any first mortgage or other long-term loan in lieu of a first mortgage, plus other funds on hand, equal fifty percent (50%) of the total cost of the facility plus fifty percent (50%) of the start-up losses shown in the provider's application submitted under § 23-93-207 ; or (iii) When a permanent mortgage or other long-term loan commitment has been received and the mortgagee's commitment conditions prior to disbursement, other than completing construction and closing the purchase, have been satisfied. (b) If the funds in an escrow account and any interest earned on the funds are not released within thirty-six (36) months, or such greater time as may have been specified by the provider with the consent of the commissioner, then the funds shall be returned by the escrow agent to the persons who made the payment to the provider. (c) Nothing in this section shall require the escrow of any nonrefundable application fees charged to prospective residents. (d) An entrance fee held in escrow may be returned by the escrow agent at any time to the person or persons who paid the entrance fee to the provider upon receipt by the escrow agent of notice from the provider that such a person is entitled to a refund of the entrance fee. Acts 1987, No. 329, § 9; 1995, No. 1351, § 1.

(a) (1) The Insurance Commissioner shall require that the provider establish an interest-bearing escrow account with a financial institution authorized to do business in this state. Any entrance fees or payments received by the provider prior to the date the resident is permitted to occupy the living unit in the facility shall be placed in the escrow account. (2) Release of escrowed amounts to the provider shall be made as follows: (A) For living units that have been previously occupied, at the time the new resident makes the first monthly payment; or (B) For living units not previously occupied, at the earliest to occur of one (1) of the following: (i) When aggregate fees received or receivable equal fifty percent (50%) of total entrance fees due at full occupancy, except that any entrance fee payments that are less than thirty-five percent (35%) of the amount due from a resident will not be counted; (ii) When entrance fees plus the proceeds of any first mortgage or other long-term loan in lieu of a first mortgage, plus other funds on hand, equal fifty percent (50%) of the total cost of the facility plus fifty percent (50%) of the start-up losses shown in the provider's application submitted under § 23-93-207 ; or (iii) When a permanent mortgage or other long-term loan commitment has been received and the mortgagee's commitment conditions prior to disbursement, other than completing construction and closing the purchase, have been satisfied.

(1) The Insurance Commissioner shall require that the provider establish an interest-bearing escrow account with a financial institution authorized to do business in this state. Any entrance fees or payments received by the provider prior to the date the resident is permitted to occupy the living unit in the facility shall be placed in the escrow account.

(2) Release of escrowed amounts to the provider shall be made as follows: (A) For living units that have been previously occupied, at the time the new resident makes the first monthly payment; or (B) For living units not previously occupied, at the earliest to occur of one (1) of the following: (i) When aggregate fees received or receivable equal fifty percent (50%) of total entrance fees due at full occupancy, except that any entrance fee payments that are less than thirty-five percent (35%) of the amount due from a resident will not be counted; (ii) When entrance fees plus the proceeds of any first mortgage or other long-term loan in lieu of a first mortgage, plus other funds on hand, equal fifty percent (50%) of the total cost of the facility plus fifty percent (50%) of the start-up losses shown in the provider's application submitted under § 23-93-207 ; or (iii) When a permanent mortgage or other long-term loan commitment has been received and the mortgagee's commitment conditions prior to disbursement, other than completing construction and closing the purchase, have been satisfied.

(A) For living units that have been previously occupied, at the time the new resident makes the first monthly payment; or

(B) For living units not previously occupied, at the earliest to occur of one (1) of the following: (i) When aggregate fees received or receivable equal fifty percent (50%) of total entrance fees due at full occupancy, except that any entrance fee payments that are less than thirty-five percent (35%) of the amount due from a resident will not be counted; (ii) When entrance fees plus the proceeds of any first mortgage or other long-term loan in lieu of a first mortgage, plus other funds on hand, equal fifty percent (50%) of the total cost of the facility plus fifty percent (50%) of the start-up losses shown in the provider's application submitted under § 23-93-207 ; or (iii) When a permanent mortgage or other long-term loan commitment has been received and the mortgagee's commitment conditions prior to disbursement, other than completing construction and closing the purchase, have been satisfied.

(i) When aggregate fees received or receivable equal fifty percent (50%) of total entrance fees due at full occupancy, except that any entrance fee payments that are less than thirty-five percent (35%) of the amount due from a resident will not be counted;

(ii) When entrance fees plus the proceeds of any first mortgage or other long-term loan in lieu of a first mortgage, plus other funds on hand, equal fifty percent (50%) of the total cost of the facility plus fifty percent (50%) of the start-up losses shown in the provider's application submitted under § 23-93-207 ; or

(iii) When a permanent mortgage or other long-term loan commitment has been received and the mortgagee's commitment conditions prior to disbursement, other than completing construction and closing the purchase, have been satisfied.

(b) If the funds in an escrow account and any interest earned on the funds are not released within thirty-six (36) months, or such greater time as may have been specified by the provider with the consent of the commissioner, then the funds shall be returned by the escrow agent to the persons who made the payment to the provider.

(c) Nothing in this section shall require the escrow of any nonrefundable application fees charged to prospective residents.

(d) An entrance fee held in escrow may be returned by the escrow agent at any time to the person or persons who paid the entrance fee to the provider upon receipt by the escrow agent of notice from the provider that such a person is entitled to a refund of the entrance fee.

Acts 1987, No. 329, § 9; 1995, No. 1351, § 1.
Ark. Code Ann. § 23-61-504 — AR Code / Title 23 / Chapter 61 / Subchapter 5 / Section 23-61-504
Examination required - Exception
Status: in_force

Any person, entity, or other provider described in § 23-61-503 that fails to show it is not subject to the jurisdiction of the State Insurance Department shall submit to an examination or investigation by the Insurance Commissioner to determine its organization, solvency, and compliance with the Arkansas Insurance Code. Acts 1983, No. 728, § 4; A.S.A. 1947, § 66-2022; Acts 2003, No. 516, § 3.

Any person, entity, or other provider described in § 23-61-503 that fails to show it is not subject to the jurisdiction of the State Insurance Department shall submit to an examination or investigation by the Insurance Commissioner to determine its organization, solvency, and compliance with the Arkansas Insurance Code.

Acts 1983, No. 728, § 4; A.S.A. 1947, § 66-2022; Acts 2003, No. 516, § 3.
Ark. Code Ann. § 23-63-522 — AR Code / Title 23 / Chapter 63 / Subchapter 5 / Section 23-63-522
Criminal and civil proceedings
Status: in_force

(a) Whenever it appears to the Insurance Commissioner that any insurer or any director, officer, employee, or agent of the insurer has committed a willful violation of this subchapter, the commissioner may cause criminal proceedings to be instituted in the circuit court for the county in which the principal office of the insurer is located or, if the insurer has no office in the state, then by the Pulaski County Circuit Court, against the insurer or the responsible director, officer, employee, or agent of the insurer. (b) (1) Any insurer that willfully violates this subchapter shall be fined not more than ten thousand dollars ($10,000). (2) Any individual who willfully violates this subchapter shall be fined not more than three thousand dollars ($3,000). If the willful violation involves the deliberate perpetration of a fraud upon the commissioner, the individual shall be guilty of a Class D felony. (c) Any officer, director, or employee of an insurance holding company system who knowingly subscribes to or makes or causes to be made any false statements or false reports or false filings with the purpose to deceive the commissioner in the performance of his or her duties under this subchapter, shall be guilty of a Class D felony. Any fines imposed shall be paid by the officer, director, or employee in his or her individual capacity. (d) (1) Any insurer failing, without just cause, to file any registration statement as required in this subchapter shall be required after notice and hearing to pay a penalty of two hundred dollars ($200) for each day's delay, to be recovered by the commissioner, if necessary, by a civil suit therefor brought by the commissioner in the Pulaski County Circuit Court. (2) The commissioner may reduce the penalty provided in this subsection if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer. (e) (1) Every director or officer of an insurance holding company system who knowingly violates, participates in, or assents to, or who knowingly shall permit any of the officers or agents of the insurer to engage in transactions or make investments that have not been properly reported or submitted pursuant to §§ 23-63-506 - 23-63-513 or which violate this subchapter, shall pay in their individual capacity a civil penalty of not more than five thousand dollars ($5,000) per violation, after notice and hearing before the commissioner. (2) In determining the amount of the civil penalty, the commissioner shall take into account the appropriateness of the forfeiture with respect to the gravity of the violation, the history of previous violations, and such other matters as justice may require. (f) (1) Whenever it appears to the commissioner that any insurer subject to this subchapter or any director, officer, employee, or agent thereof has engaged in any transaction or entered into a contract that is subject to § 23-63-515 and which would not have been approved had such approval been requested, the commissioner may order the insurer to cease and desist immediately any further activity under that transaction or contract. (2) After notice and hearing, the commissioner may also order the insurer to void any such contracts and restore the status quo if such an action is in the best interest of the policyholders, creditors, or the public. Acts 1971, No. 288, § 13; A.S.A. 1947, § 66-5013; Acts 1991, No. 723, § 27; 2005, No. 1994, § 450.

(a) Whenever it appears to the Insurance Commissioner that any insurer or any director, officer, employee, or agent of the insurer has committed a willful violation of this subchapter, the commissioner may cause criminal proceedings to be instituted in the circuit court for the county in which the principal office of the insurer is located or, if the insurer has no office in the state, then by the Pulaski County Circuit Court, against the insurer or the responsible director, officer, employee, or agent of the insurer.

(b) (1) Any insurer that willfully violates this subchapter shall be fined not more than ten thousand dollars ($10,000). (2) Any individual who willfully violates this subchapter shall be fined not more than three thousand dollars ($3,000). If the willful violation involves the deliberate perpetration of a fraud upon the commissioner, the individual shall be guilty of a Class D felony.

(1) Any insurer that willfully violates this subchapter shall be fined not more than ten thousand dollars ($10,000).

(2) Any individual who willfully violates this subchapter shall be fined not more than three thousand dollars ($3,000). If the willful violation involves the deliberate perpetration of a fraud upon the commissioner, the individual shall be guilty of a Class D felony.

(c) Any officer, director, or employee of an insurance holding company system who knowingly subscribes to or makes or causes to be made any false statements or false reports or false filings with the purpose to deceive the commissioner in the performance of his or her duties under this subchapter, shall be guilty of a Class D felony. Any fines imposed shall be paid by the officer, director, or employee in his or her individual capacity.

(d) (1) Any insurer failing, without just cause, to file any registration statement as required in this subchapter shall be required after notice and hearing to pay a penalty of two hundred dollars ($200) for each day's delay, to be recovered by the commissioner, if necessary, by a civil suit therefor brought by the commissioner in the Pulaski County Circuit Court. (2) The commissioner may reduce the penalty provided in this subsection if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.

(1) Any insurer failing, without just cause, to file any registration statement as required in this subchapter shall be required after notice and hearing to pay a penalty of two hundred dollars ($200) for each day's delay, to be recovered by the commissioner, if necessary, by a civil suit therefor brought by the commissioner in the Pulaski County Circuit Court.

(2) The commissioner may reduce the penalty provided in this subsection if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.

(e) (1) Every director or officer of an insurance holding company system who knowingly violates, participates in, or assents to, or who knowingly shall permit any of the officers or agents of the insurer to engage in transactions or make investments that have not been properly reported or submitted pursuant to §§ 23-63-506 - 23-63-513 or which violate this subchapter, shall pay in their individual capacity a civil penalty of not more than five thousand dollars ($5,000) per violation, after notice and hearing before the commissioner. (2) In determining the amount of the civil penalty, the commissioner shall take into account the appropriateness of the forfeiture with respect to the gravity of the violation, the history of previous violations, and such other matters as justice may require.

(1) Every director or officer of an insurance holding company system who knowingly violates, participates in, or assents to, or who knowingly shall permit any of the officers or agents of the insurer to engage in transactions or make investments that have not been properly reported or submitted pursuant to §§ 23-63-506 - 23-63-513 or which violate this subchapter, shall pay in their individual capacity a civil penalty of not more than five thousand dollars ($5,000) per violation, after notice and hearing before the commissioner.

(2) In determining the amount of the civil penalty, the commissioner shall take into account the appropriateness of the forfeiture with respect to the gravity of the violation, the history of previous violations, and such other matters as justice may require.

(f) (1) Whenever it appears to the commissioner that any insurer subject to this subchapter or any director, officer, employee, or agent thereof has engaged in any transaction or entered into a contract that is subject to § 23-63-515 and which would not have been approved had such approval been requested, the commissioner may order the insurer to cease and desist immediately any further activity under that transaction or contract. (2) After notice and hearing, the commissioner may also order the insurer to void any such contracts and restore the status quo if such an action is in the best interest of the policyholders, creditors, or the public.

(1) Whenever it appears to the commissioner that any insurer subject to this subchapter or any director, officer, employee, or agent thereof has engaged in any transaction or entered into a contract that is subject to § 23-63-515 and which would not have been approved had such approval been requested, the commissioner may order the insurer to cease and desist immediately any further activity under that transaction or contract.

(2) After notice and hearing, the commissioner may also order the insurer to void any such contracts and restore the status quo if such an action is in the best interest of the policyholders, creditors, or the public.

Acts 1971, No. 288, § 13; A.S.A. 1947, § 66-5013; Acts 1991, No. 723, § 27; 2005, No. 1994, § 450.
Ark. Code Ann. § 23-55-103 — AR Code / Title 23 / Chapter 55 / Section 23-55-103
Exclusions
Status: in_force

This chapter does not apply to: (1) the United States or a department, agency, or instrumentality thereof; (2) money transmission by the United States Postal Service or by a contractor on behalf of the United States Postal Service; (3) a state, county, city, or any other governmental agency or governmental subdivision of a State; (4) a bank, bank holding company, office of an international banking corporation, branch of a foreign bank, corporation organized pursuant to the Bank Service Company Act, 12 U.S.C. §§ 1861-1867 (Supp. V 1999), or corporation organized under the Edge Act, 12 U.S.C. §§ 611-633 (1994 & Supp. V 1999) under the laws of a State or the United States if it does not issue, sell, or provide payment instruments, stored value, prepaid access, or virtual currency through an authorized delegate that is not such a person; (5) electronic funds transfer of governmental benefits for a federal, state, county, or governmental agency by a contractor on behalf of the United States or a department, agency, or instrumentality thereof, or a State or governmental subdivision, agency, or instrumentality thereof; (6) a board of trade designated as a contract market under the federal Commodity Exchange Act, 7 U.S.C. §§ 1-25 (1994), or a person that, in the ordinary course of business, provides clearance and settlement services for a board of trade to the extent of its operation as or for such a board; (7) a registered futures commission merchant under the federal commodities laws to the extent of its operation as such a merchant; (8) a person that provides clearance or settlement services pursuant to a registration as a clearing agency or an exemption from such registration granted under the federal securities laws to the extent of its operation as such a provider; (9) an operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons excluded by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearing house transfers, similar funds transfers, prepaid access, or virtual currency; (10) a person registered as a securities broker-dealer under federal or state securities laws to the extent of its operation as such a broker-dealer; (11) a credit union regulated and insured by the National Credit Union Administration; (12) an agent appointed by a payee to collect and process payment as the agent of the payee, if the agent can demonstrate that: (A) there exists a written agreement between the payee and the agent directing the agent to collect and process payments on behalf of the payee; (B) the payee holds the agent out to the public as accepting payments on behalf of the payee; and (C) payment is treated as received by the payee upon receipt by the agent so that there is no risk of loss to the individual initiating the transaction if the agent fails to remit the funds to the payee; (13) virtual currency or other digital representation of value redeemable exclusively for goods or services and limited to transactions involving a defined merchant, including without limitation a rewards program; (14) a digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform; (15) uses of a virtual distributed ledger system to verify ownership or authenticity in a digital capacity when the virtual currency is not used as a medium of exchange; or (16) the exchange, transfer, or storage of virtual currency or to virtual currency administration if any of the following apply to the transaction: (A) the Electronic Fund Transfer Act, 15 U.S.C. § 1693 et seq., as it existed on January 1, 2023; (B) the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2023; (C) the Commodity Exchange Act, 7 U.S.C. § 1 et seq., as it existed on January 1, 2023; or (D) the Arkansas Securities Act, § 23-42-101 et seq. Amended by Act 2023, No. 442,§ 2, eff. 8/1/2023. Amended by Act 2021, No. 532,§ 6, eff. 7/28/2021. Amended by Act 2021, No. 532,§ 5, eff. 7/28/2021. Amended by Act 2021, No. 532,§ 4, eff. 7/28/2021. Amended by Act 2013, No. 531,§ 3, eff. 8/16/2013. Amended by Act 2013, No. 531,§ 2, eff. 8/16/2013. Acts 2007, No. 1595, § 1.

This chapter does not apply to:

(1) the United States or a department, agency, or instrumentality thereof;

(2) money transmission by the United States Postal Service or by a contractor on behalf of the United States Postal Service;

(3) a state, county, city, or any other governmental agency or governmental subdivision of a State;

(4) a bank, bank holding company, office of an international banking corporation, branch of a foreign bank, corporation organized pursuant to the Bank Service Company Act, 12 U.S.C. §§ 1861-1867 (Supp. V 1999), or corporation organized under the Edge Act, 12 U.S.C. §§ 611-633 (1994 & Supp. V 1999) under the laws of a State or the United States if it does not issue, sell, or provide payment instruments, stored value, prepaid access, or virtual currency through an authorized delegate that is not such a person;

(5) electronic funds transfer of governmental benefits for a federal, state, county, or governmental agency by a contractor on behalf of the United States or a department, agency, or instrumentality thereof, or a State or governmental subdivision, agency, or instrumentality thereof;

(6) a board of trade designated as a contract market under the federal Commodity Exchange Act, 7 U.S.C. §§ 1-25 (1994), or a person that, in the ordinary course of business, provides clearance and settlement services for a board of trade to the extent of its operation as or for such a board;

(7) a registered futures commission merchant under the federal commodities laws to the extent of its operation as such a merchant;

(8) a person that provides clearance or settlement services pursuant to a registration as a clearing agency or an exemption from such registration granted under the federal securities laws to the extent of its operation as such a provider;

(9) an operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons excluded by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearing house transfers, similar funds transfers, prepaid access, or virtual currency;

(10) a person registered as a securities broker-dealer under federal or state securities laws to the extent of its operation as such a broker-dealer;

(11) a credit union regulated and insured by the National Credit Union Administration;

(12) an agent appointed by a payee to collect and process payment as the agent of the payee, if the agent can demonstrate that: (A) there exists a written agreement between the payee and the agent directing the agent to collect and process payments on behalf of the payee; (B) the payee holds the agent out to the public as accepting payments on behalf of the payee; and (C) payment is treated as received by the payee upon receipt by the agent so that there is no risk of loss to the individual initiating the transaction if the agent fails to remit the funds to the payee;

(A) there exists a written agreement between the payee and the agent directing the agent to collect and process payments on behalf of the payee;

(B) the payee holds the agent out to the public as accepting payments on behalf of the payee; and

(C) payment is treated as received by the payee upon receipt by the agent so that there is no risk of loss to the individual initiating the transaction if the agent fails to remit the funds to the payee;

(13) virtual currency or other digital representation of value redeemable exclusively for goods or services and limited to transactions involving a defined merchant, including without limitation a rewards program;

(14) a digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform;

(15) uses of a virtual distributed ledger system to verify ownership or authenticity in a digital capacity when the virtual currency is not used as a medium of exchange; or

(16) the exchange, transfer, or storage of virtual currency or to virtual currency administration if any of the following apply to the transaction: (A) the Electronic Fund Transfer Act, 15 U.S.C. § 1693 et seq., as it existed on January 1, 2023; (B) the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2023; (C) the Commodity Exchange Act, 7 U.S.C. § 1 et seq., as it existed on January 1, 2023; or (D) the Arkansas Securities Act, § 23-42-101 et seq.

(A) the Electronic Fund Transfer Act, 15 U.S.C. § 1693 et seq., as it existed on January 1, 2023;

(B) the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2023;

(C) the Commodity Exchange Act, 7 U.S.C. § 1 et seq., as it existed on January 1, 2023; or

(D) the Arkansas Securities Act, § 23-42-101 et seq.

Amended by Act 2023, No. 442,§ 2, eff. 8/1/2023.

Amended by Act 2021, No. 532,§ 6, eff. 7/28/2021.

Amended by Act 2021, No. 532,§ 5, eff. 7/28/2021.

Amended by Act 2021, No. 532,§ 4, eff. 7/28/2021.

Amended by Act 2013, No. 531,§ 3, eff. 8/16/2013.

Amended by Act 2013, No. 531,§ 2, eff. 8/16/2013.

Acts 2007, No. 1595, § 1.
Ark. Code Ann. § 23-51-137 — AR Code / Title 23 / Chapter 51 / Section 23-51-137
Appeal from adverse decision
Status: in_force

(a) (1) If a hearing has been held, the Bank Commissioner has entered an order denying the application, and the order has become final, the proposed transferee may appeal the final order by filing a petition for judicial review under the Arkansas Administrative Procedure Act, § 25-15-201 et seq. (2) The time for filing such a petition for judicial review shall run from the date the final decision of the commissioner is mailed or delivered, in written form, to the parties desiring to appeal. (3) The hearing of such a petition for review will be advanced on the docket of each reviewing court as a matter of public interest. (b) The filing of an appeal under this section does not stay the order of the commissioner. Acts 1997, No. 940, § 37.

(a) (1) If a hearing has been held, the Bank Commissioner has entered an order denying the application, and the order has become final, the proposed transferee may appeal the final order by filing a petition for judicial review under the Arkansas Administrative Procedure Act, § 25-15-201 et seq. (2) The time for filing such a petition for judicial review shall run from the date the final decision of the commissioner is mailed or delivered, in written form, to the parties desiring to appeal. (3) The hearing of such a petition for review will be advanced on the docket of each reviewing court as a matter of public interest.

(1) If a hearing has been held, the Bank Commissioner has entered an order denying the application, and the order has become final, the proposed transferee may appeal the final order by filing a petition for judicial review under the Arkansas Administrative Procedure Act, § 25-15-201 et seq.

(2) The time for filing such a petition for judicial review shall run from the date the final decision of the commissioner is mailed or delivered, in written form, to the parties desiring to appeal.

(3) The hearing of such a petition for review will be advanced on the docket of each reviewing court as a matter of public interest.

(b) The filing of an appeal under this section does not stay the order of the commissioner.

Acts 1997, No. 940, § 37.
Ark. Code Ann. § 23-51-146 — AR Code / Title 23 / Chapter 51 / Section 23-51-146
Fiduciary responsibility
Status: in_force

The board of a state trust company is responsible for the proper exercise of fiduciary powers by the state trust company and each matter pertinent to the exercise of fiduciary powers, including: (1) The determination of policies; (2) The investment and disposition of property held in a fiduciary capacity; and (3) The direction and review of the actions of each officer, employee, and committee used by the state trust company in the exercise of its fiduciary powers. Acts 1997, No. 940, § 46.

The board of a state trust company is responsible for the proper exercise of fiduciary powers by the state trust company and each matter pertinent to the exercise of fiduciary powers, including:

(1) The determination of policies;

(2) The investment and disposition of property held in a fiduciary capacity; and

(3) The direction and review of the actions of each officer, employee, and committee used by the state trust company in the exercise of its fiduciary powers.

Acts 1997, No. 940, § 46.
Ark. Code Ann. § 23-90-115 — AR Code / Title 23 / Chapter 90 / Section 23-90-115
Payment of covered claims
Status: in_force

(a) (1) When an insurer has been determined by a court of competent jurisdiction to be an insolvent insurer, the receiver shall marshal all assets of the insolvent insurer, including, but not limited to, those which are designated as, or that constitute, reserve assets offsetting reserve liabilities for all liabilities falling within the term "covered claim" as defined in § 23-90-103 . (2) The receiver shall apply all of the assets to the payment of covered claims but may utilize funds received from assessments in the payment of claims, pending orderly liquidation or disposition of the assets. (3) When all covered claims have been paid or satisfied by the receiver, any balance remaining from the liquidation or disposition of the assets shall first be applied in repayment of funds expended from assessments. (4) These repayments shall be credited as remaining balances and be refunded as provided in § 23-90-114 . (b) In addition to authorization to make actual payment of covered claims, the receiver is specifically authorized to utilize the marshalled assets and funds derived from assessments for the purpose of negotiating and consummating contracts of reinsurance or assumption of liabilities or contracts of substitution to provide for outstanding liabilities of covered claims. (c) This chapter shall not be construed to impose restrictions or limitations upon the authority granted or authorized the Insurance Commissioner or the receiver elsewhere in the Arkansas Insurance Code and other statutes of this state but shall be construed and authorized for use in conjunction with other portions of the Arkansas Insurance Code dealing with delinquency proceedings. (d) In any lawsuit brought by a receiver of an insolvent insurer for the purpose of recovering assets of the insolvent insurer, the fact that claims against the insolvent insurer have been or will be paid under the provisions of this chapter shall not be admissible for any purposes and shall not be placed before any jury either by evidence or argument. Acts 1977, No. 871, § 10; A.S.A. 1947, § 66-5510.

(a) (1) When an insurer has been determined by a court of competent jurisdiction to be an insolvent insurer, the receiver shall marshal all assets of the insolvent insurer, including, but not limited to, those which are designated as, or that constitute, reserve assets offsetting reserve liabilities for all liabilities falling within the term "covered claim" as defined in § 23-90-103 . (2) The receiver shall apply all of the assets to the payment of covered claims but may utilize funds received from assessments in the payment of claims, pending orderly liquidation or disposition of the assets. (3) When all covered claims have been paid or satisfied by the receiver, any balance remaining from the liquidation or disposition of the assets shall first be applied in repayment of funds expended from assessments. (4) These repayments shall be credited as remaining balances and be refunded as provided in § 23-90-114 .

(1) When an insurer has been determined by a court of competent jurisdiction to be an insolvent insurer, the receiver shall marshal all assets of the insolvent insurer, including, but not limited to, those which are designated as, or that constitute, reserve assets offsetting reserve liabilities for all liabilities falling within the term "covered claim" as defined in § 23-90-103 .

(2) The receiver shall apply all of the assets to the payment of covered claims but may utilize funds received from assessments in the payment of claims, pending orderly liquidation or disposition of the assets.

(3) When all covered claims have been paid or satisfied by the receiver, any balance remaining from the liquidation or disposition of the assets shall first be applied in repayment of funds expended from assessments.

(4) These repayments shall be credited as remaining balances and be refunded as provided in § 23-90-114 .

(b) In addition to authorization to make actual payment of covered claims, the receiver is specifically authorized to utilize the marshalled assets and funds derived from assessments for the purpose of negotiating and consummating contracts of reinsurance or assumption of liabilities or contracts of substitution to provide for outstanding liabilities of covered claims.

(c) This chapter shall not be construed to impose restrictions or limitations upon the authority granted or authorized the Insurance Commissioner or the receiver elsewhere in the Arkansas Insurance Code and other statutes of this state but shall be construed and authorized for use in conjunction with other portions of the Arkansas Insurance Code dealing with delinquency proceedings.

(d) In any lawsuit brought by a receiver of an insolvent insurer for the purpose of recovering assets of the insolvent insurer, the fact that claims against the insolvent insurer have been or will be paid under the provisions of this chapter shall not be admissible for any purposes and shall not be placed before any jury either by evidence or argument.

Acts 1977, No. 871, § 10; A.S.A. 1947, § 66-5510.
Ark. Code Ann. § 23-44-103 — AR Code / Title 23 / Chapter 44 / Section 23-44-103
Requirements for validity of contracts
Status: in_force

(a) All contracts of sale for future delivery of cotton, grain, stocks, or other commodities shall be valid and enforceable in the courts of this state, according to their terms, if they are: (1) Made in accordance with the rules of any board of trade, exchange, or similar institution where the contracts of sale are executed; (2) Actually executed on the floor of the board of trade, exchange, or similar institution and performed or discharged according to the rules thereof; and (3) Made with or through a regular member in good standing of a cotton exchange, grain exchange, or similar institution organized under the laws of the State of Arkansas or any other state. (b) However, contracts of sale for future delivery of cotton, in order to be valid and enforceable, must not only conform to the requirements of subsection (a) of this section, but must also be made subject to the provisions of the United States Cotton Futures Act. If this clause should for any reason be held inoperative, then contracts for the future delivery of cotton shall be valid and enforceable if they conform to the requirement of subsection (a) of this section. Acts 1929, No. 208, § 2; Pope's Dig., § 3343; A.S.A. 1947, § 68-1002.

(a) All contracts of sale for future delivery of cotton, grain, stocks, or other commodities shall be valid and enforceable in the courts of this state, according to their terms, if they are: (1) Made in accordance with the rules of any board of trade, exchange, or similar institution where the contracts of sale are executed; (2) Actually executed on the floor of the board of trade, exchange, or similar institution and performed or discharged according to the rules thereof; and (3) Made with or through a regular member in good standing of a cotton exchange, grain exchange, or similar institution organized under the laws of the State of Arkansas or any other state.

(1) Made in accordance with the rules of any board of trade, exchange, or similar institution where the contracts of sale are executed;

(2) Actually executed on the floor of the board of trade, exchange, or similar institution and performed or discharged according to the rules thereof; and

(3) Made with or through a regular member in good standing of a cotton exchange, grain exchange, or similar institution organized under the laws of the State of Arkansas or any other state.

(b) However, contracts of sale for future delivery of cotton, in order to be valid and enforceable, must not only conform to the requirements of subsection (a) of this section, but must also be made subject to the provisions of the United States Cotton Futures Act. If this clause should for any reason be held inoperative, then contracts for the future delivery of cotton shall be valid and enforceable if they conform to the requirement of subsection (a) of this section.

Acts 1929, No. 208, § 2; Pope's Dig., § 3343; A.S.A. 1947, § 68-1002.
Ark. Code Ann. § 23-69-317 — AR Code / Title 23 / Chapter 69 / Subchapter 3 / Section 23-69-317
Applicability of provisions
Status: in_force

Nothing contained in this subchapter shall be construed to prohibit demutualization of a mutual insurance holding company under § 23-69-141 . Acts 2001, No. 1726, § 1.

Nothing contained in this subchapter shall be construed to prohibit demutualization of a mutual insurance holding company under § 23-69-141 .

Acts 2001, No. 1726, § 1.
Ark. Code Ann. § 23-69-314 — AR Code / Title 23 / Chapter 69 / Subchapter 3 / Section 23-69-314
Membership in mutual insurance holding company
Status: in_force

A membership interest in a mutual insurance holding company does not constitute a security under the laws of this state. Acts 2001, No. 1726, § 1.

A membership interest in a mutual insurance holding company does not constitute a security under the laws of this state.

Acts 2001, No. 1726, § 1.
Ark. Code Ann. § 23-11-221 — AR Code / Title 23 / Chapter 11 / Subchapter 2 / Section 23-11-221
Dissolution or liquidation of railroad corporation
Status: in_force

(a) Railroad corporations organized under the laws of this state may be dissolved or liquidated, wholly or in part, after approval of the action by the Arkansas Department of Transportation in the manner provided by the law for dissolution or liquidation of business corporations organized under the laws of this state. (b) Certified copies of the order of the department approving the dissolution or liquidation shall be filed in the office of the Secretary of State and in the office of the county clerk in each county where the articles of incorporation are required to be filed. Amended by Act 2017, No. 707,§ 164, eff. 8/1/2017. Acts 1959, No. 30, § 12; A.S.A. 1947, § 73-315.1.

(a) Railroad corporations organized under the laws of this state may be dissolved or liquidated, wholly or in part, after approval of the action by the Arkansas Department of Transportation in the manner provided by the law for dissolution or liquidation of business corporations organized under the laws of this state.

(b) Certified copies of the order of the department approving the dissolution or liquidation shall be filed in the office of the Secretary of State and in the office of the county clerk in each county where the articles of incorporation are required to be filed.

Amended by Act 2017, No. 707,§ 164, eff. 8/1/2017.

Acts 1959, No. 30, § 12; A.S.A. 1947, § 73-315.1.
Ark. Code Ann. § 23-63-1807 — AR Code / Title 23 / Chapter 63 / Subchapter 18 / Section 23-63-1807
No waiver of provisions
Status: in_force

The provisions of this subchapter shall not be waived, voided, or nullified by contract. Acts 2005, No. 422, § 1.

The provisions of this subchapter shall not be waived, voided, or nullified by contract.

Acts 2005, No. 422, § 1.
Ark. Code Ann. § 23-63-1601 — AR Code / Title 23 / Chapter 63 / Subchapter 16 / Section 23-63-1601
Definitions
Status: in_force

As used in this subchapter: (1) "Affiliated company" means a company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management; (2) "Alien captive insurance company" means an insurance company formed to write insurance business for its parents and affiliates and licensed under the laws of an alien jurisdiction that imposes statutory or regulatory standards in a form acceptable to the Insurance Commissioner on companies transacting the business of insurance in the alien jurisdiction; (3) "Association" means a legal association of individuals, corporations, partnerships, or associations that has been in continuous existence for at least one (1) year: (A) The member organizations of which collectively, or which does itself: (i) Own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer; or (ii) Have complete voting control over an association captive insurance company incorporated as a mutual insurer; or (B) The member organizations of which collectively constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer; (4) "Association captive insurance company" means a company that insures risks of the member organizations of the association and their affiliated companies; (5) "Branch business" means any insurance business transacted by a branch captive insurance company in this state; (6) (A) "Branch captive insurance company" means an alien captive insurance company licensed by the commissioner to transact the business of insurance in this state through a business unit with a principal place of business in this state. (B) A branch captive insurance company shall be a pure captive insurance company with respect to operations in this state unless permitted by the commissioner; (7) "Branch operations" means any business operations of a branch captive insurance company in this state; (8) "Captive insurance company" means a producer reinsurance captive insurance company, branch captive insurance company, pure captive insurance company, association captive insurance company, sponsored captive insurance company, special purpose captive insurance company, or industrial insured captive insurance company formed or licensed under this subchapter; (9) "Commissioner" means the Insurance Commissioner; (10) "Controlled unaffiliated business" or "controlled unaffiliated entity" means a company: (A) That is not in the corporate system of a parent and affiliated companies; (B) That has an existing contractual relationship with a parent or affiliated company; and (C) Whose risks are managed by a pure captive insurance company or participant in a sponsored captive insurance company; (11) "Department" means the State Insurance Department; (12) "General account" means all assets and liabilities of the sponsored captive insurance company not attributable to a protected cell; (13) "Incorporated protected cell" means a protected cell that is established as a corporation or other legal entity separate from the sponsored captive insurance company or producer reinsurance captive insurance company of which it is a part; (14) (A) "Industrial insured" means an insured: (i) That procures insurance by use of the services of a full-time employee acting as a risk manager or insurance manager or utilizing the services of a regularly and continuously qualified insurance consultant; (ii) Whose aggregate annual premiums for insurance on all risks total at least twenty-five thousand dollars ($25,000); and (iii) That has at least twenty-five (25) full-time employees. (B) "Industrial insured" does not mean "industrial life insurance" as used in § 23-82-101 et seq.; (15) (A) "Industrial insured captive insurance company" means a company that insures risks of the industrial insureds that compose the industrial insured group and their affiliated companies. (B) "Industrial insured captive insurance company" does not encompass "industrial life insurance" as used in § 23-82-101 et seq.; (16) (A) "Industrial insured group" means a group that meets either of the following criteria: (i) A group of industrial insureds that collectively: (a) Own, control, or hold with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer; or (b) Have complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer; or (ii) A group which is created under the Product Liability Risk Retention Act of 1981, 15 U.S.C. § 3901 et seq., as it existed January 1, 2001, or the Risk Retention and Purchasing Groups Act, § 23-94-201 et seq., or as a corporation or other limited liability association taxable as a stock insurance company or a mutual insurer under the Arkansas Insurance Code. (B) "Industrial insured group" does not encompass "industrial life insurance" as used in § 23-82-101 et seq.; (17) "Member organization" means an individual, corporation, partnership, or association that belongs to an association; (18) "Parent" means a corporation, partnership, or individual that directly or indirectly owns, controls, or holds with power to vote more than fifty percent (50%) of the outstanding voting securities of a pure captive insurance company; (19) "Participant" means an entity as defined in § 23-63-1621 and any affiliates of that entity that are insured by a sponsored captive insurance company when the losses of the participant are limited through a participant contract to the assets of a protected cell; (20) "Participant contract" means a contract by which a sponsored captive insurance company insures the risks of a participant and limits the losses of the participant to the assets of a protected cell; (21) "Producer reinsurance captive insurance company" means a company that is wholly owned by a licensed insurance producer and that acts only as a reinsurer for risks written by or placed through its parent or an affiliate of its parent; (22) "Protected cell" means a separate account established and maintained by a sponsored captive insurance company for one (1) participant or by a producer reinsurance captive insurance company and includes an incorporated protected cell; (23) "Pure captive insurance company" means a company that insures risks of its parent and affiliated companies or controlled unaffiliated business; (24) "Special purpose captive insurance company" means a captive insurance company that is formed or licensed under this subchapter and does not meet the definition of any other type of captive insurance company defined in this section; (25) "Sponsor" means an entity that meets the requirements of § 23-63-1620 and is approved by the commissioner to provide all or part of the capital and surplus required by applicable law and to organize and operate a sponsored captive insurance company; and (26) "Sponsored captive insurance company" means a captive insurance company: (A) In which the minimum capital and surplus required is provided by one (1) or more sponsors; (B) That is formed or licensed under this subchapter; (C) That insures the risks of separate participants through the contract; and (D) That segregates each participant's liability through one (1) or more protected cells. Amended by Act 2021, No. 367,§ 12, eff. 7/28/2021. Amended by Act 2021, No. 367,§ 11, eff. 7/28/2021. Amended by Act 2019, No. 521,§ 5, eff. 7/24/2019. Amended by Act 2017, No. 370,§ 1, eff. 8/1/2017. Acts 2001, No. 1391, § 1; 2003, No. 466, § 1; 2005, No. 506, § 30.

As used in this subchapter:

(1) "Affiliated company" means a company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management;

(2) "Alien captive insurance company" means an insurance company formed to write insurance business for its parents and affiliates and licensed under the laws of an alien jurisdiction that imposes statutory or regulatory standards in a form acceptable to the Insurance Commissioner on companies transacting the business of insurance in the alien jurisdiction;

(3) "Association" means a legal association of individuals, corporations, partnerships, or associations that has been in continuous existence for at least one (1) year: (A) The member organizations of which collectively, or which does itself: (i) Own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer; or (ii) Have complete voting control over an association captive insurance company incorporated as a mutual insurer; or (B) The member organizations of which collectively constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer;

(A) The member organizations of which collectively, or which does itself: (i) Own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer; or (ii) Have complete voting control over an association captive insurance company incorporated as a mutual insurer; or

(i) Own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer; or

(ii) Have complete voting control over an association captive insurance company incorporated as a mutual insurer; or

(B) The member organizations of which collectively constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer;

(4) "Association captive insurance company" means a company that insures risks of the member organizations of the association and their affiliated companies;

(5) "Branch business" means any insurance business transacted by a branch captive insurance company in this state;

(6) (A) "Branch captive insurance company" means an alien captive insurance company licensed by the commissioner to transact the business of insurance in this state through a business unit with a principal place of business in this state. (B) A branch captive insurance company shall be a pure captive insurance company with respect to operations in this state unless permitted by the commissioner;

(A) "Branch captive insurance company" means an alien captive insurance company licensed by the commissioner to transact the business of insurance in this state through a business unit with a principal place of business in this state.

(B) A branch captive insurance company shall be a pure captive insurance company with respect to operations in this state unless permitted by the commissioner;

(7) "Branch operations" means any business operations of a branch captive insurance company in this state;

(8) "Captive insurance company" means a producer reinsurance captive insurance company, branch captive insurance company, pure captive insurance company, association captive insurance company, sponsored captive insurance company, special purpose captive insurance company, or industrial insured captive insurance company formed or licensed under this subchapter;

(9) "Commissioner" means the Insurance Commissioner;

(10) "Controlled unaffiliated business" or "controlled unaffiliated entity" means a company: (A) That is not in the corporate system of a parent and affiliated companies; (B) That has an existing contractual relationship with a parent or affiliated company; and (C) Whose risks are managed by a pure captive insurance company or participant in a sponsored captive insurance company;

(A) That is not in the corporate system of a parent and affiliated companies;

(B) That has an existing contractual relationship with a parent or affiliated company; and

(C) Whose risks are managed by a pure captive insurance company or participant in a sponsored captive insurance company;

(11) "Department" means the State Insurance Department;

(12) "General account" means all assets and liabilities of the sponsored captive insurance company not attributable to a protected cell;

(13) "Incorporated protected cell" means a protected cell that is established as a corporation or other legal entity separate from the sponsored captive insurance company or producer reinsurance captive insurance company of which it is a part;

(14) (A) "Industrial insured" means an insured: (i) That procures insurance by use of the services of a full-time employee acting as a risk manager or insurance manager or utilizing the services of a regularly and continuously qualified insurance consultant; (ii) Whose aggregate annual premiums for insurance on all risks total at least twenty-five thousand dollars ($25,000); and (iii) That has at least twenty-five (25) full-time employees. (B) "Industrial insured" does not mean "industrial life insurance" as used in § 23-82-101 et seq.;

(A) "Industrial insured" means an insured: (i) That procures insurance by use of the services of a full-time employee acting as a risk manager or insurance manager or utilizing the services of a regularly and continuously qualified insurance consultant; (ii) Whose aggregate annual premiums for insurance on all risks total at least twenty-five thousand dollars ($25,000); and (iii) That has at least twenty-five (25) full-time employees.

(i) That procures insurance by use of the services of a full-time employee acting as a risk manager or insurance manager or utilizing the services of a regularly and continuously qualified insurance consultant;

(ii) Whose aggregate annual premiums for insurance on all risks total at least twenty-five thousand dollars ($25,000); and

(iii) That has at least twenty-five (25) full-time employees.

(B) "Industrial insured" does not mean "industrial life insurance" as used in § 23-82-101 et seq.;

(15) (A) "Industrial insured captive insurance company" means a company that insures risks of the industrial insureds that compose the industrial insured group and their affiliated companies. (B) "Industrial insured captive insurance company" does not encompass "industrial life insurance" as used in § 23-82-101 et seq.;

(A) "Industrial insured captive insurance company" means a company that insures risks of the industrial insureds that compose the industrial insured group and their affiliated companies.

(B) "Industrial insured captive insurance company" does not encompass "industrial life insurance" as used in § 23-82-101 et seq.;

(16) (A) "Industrial insured group" means a group that meets either of the following criteria: (i) A group of industrial insureds that collectively: (a) Own, control, or hold with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer; or (b) Have complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer; or (ii) A group which is created under the Product Liability Risk Retention Act of 1981, 15 U.S.C. § 3901 et seq., as it existed January 1, 2001, or the Risk Retention and Purchasing Groups Act, § 23-94-201 et seq., or as a corporation or other limited liability association taxable as a stock insurance company or a mutual insurer under the Arkansas Insurance Code. (B) "Industrial insured group" does not encompass "industrial life insurance" as used in § 23-82-101 et seq.;

(A) "Industrial insured group" means a group that meets either of the following criteria: (i) A group of industrial insureds that collectively: (a) Own, control, or hold with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer; or (b) Have complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer; or (ii) A group which is created under the Product Liability Risk Retention Act of 1981, 15 U.S.C. § 3901 et seq., as it existed January 1, 2001, or the Risk Retention and Purchasing Groups Act, § 23-94-201 et seq., or as a corporation or other limited liability association taxable as a stock insurance company or a mutual insurer under the Arkansas Insurance Code.

(i) A group of industrial insureds that collectively: (a) Own, control, or hold with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer; or (b) Have complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer; or

(a) Own, control, or hold with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer; or

(b) Have complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer; or

(ii) A group which is created under the Product Liability Risk Retention Act of 1981, 15 U.S.C. § 3901 et seq., as it existed January 1, 2001, or the Risk Retention and Purchasing Groups Act, § 23-94-201 et seq., or as a corporation or other limited liability association taxable as a stock insurance company or a mutual insurer under the Arkansas Insurance Code.

(B) "Industrial insured group" does not encompass "industrial life insurance" as used in § 23-82-101 et seq.;

(17) "Member organization" means an individual, corporation, partnership, or association that belongs to an association;

(18) "Parent" means a corporation, partnership, or individual that directly or indirectly owns, controls, or holds with power to vote more than fifty percent (50%) of the outstanding voting securities of a pure captive insurance company;

(19) "Participant" means an entity as defined in § 23-63-1621 and any affiliates of that entity that are insured by a sponsored captive insurance company when the losses of the participant are limited through a participant contract to the assets of a protected cell;

(20) "Participant contract" means a contract by which a sponsored captive insurance company insures the risks of a participant and limits the losses of the participant to the assets of a protected cell;

(21) "Producer reinsurance captive insurance company" means a company that is wholly owned by a licensed insurance producer and that acts only as a reinsurer for risks written by or placed through its parent or an affiliate of its parent;

(22) "Protected cell" means a separate account established and maintained by a sponsored captive insurance company for one (1) participant or by a producer reinsurance captive insurance company and includes an incorporated protected cell;

(23) "Pure captive insurance company" means a company that insures risks of its parent and affiliated companies or controlled unaffiliated business;

(24) "Special purpose captive insurance company" means a captive insurance company that is formed or licensed under this subchapter and does not meet the definition of any other type of captive insurance company defined in this section;

(25) "Sponsor" means an entity that meets the requirements of § 23-63-1620 and is approved by the commissioner to provide all or part of the capital and surplus required by applicable law and to organize and operate a sponsored captive insurance company; and

(26) "Sponsored captive insurance company" means a captive insurance company: (A) In which the minimum capital and surplus required is provided by one (1) or more sponsors; (B) That is formed or licensed under this subchapter; (C) That insures the risks of separate participants through the contract; and (D) That segregates each participant's liability through one (1) or more protected cells.

(A) In which the minimum capital and surplus required is provided by one (1) or more sponsors;

(B) That is formed or licensed under this subchapter;

(C) That insures the risks of separate participants through the contract; and

(D) That segregates each participant's liability through one (1) or more protected cells.

Amended by Act 2021, No. 367,§ 12, eff. 7/28/2021.

Amended by Act 2021, No. 367,§ 11, eff. 7/28/2021.

Amended by Act 2019, No. 521,§ 5, eff. 7/24/2019.

Amended by Act 2017, No. 370,§ 1, eff. 8/1/2017.

Acts 2001, No. 1391, § 1; 2003, No. 466, § 1; 2005, No. 506, § 30.
Ark. Code Ann. § 23-63-203 — AR Code / Title 23 / Chapter 63 / Subchapter 2 / Section 23-63-203
Certificate of authority - Eligibility - Name of insurer
Status: in_force

(a) No insurer shall be authorized by original certificate of authority to transact insurance in this state which has or uses a name so similar to that of another insurer already so authorized as likely to mislead the public. (b) No life insurer shall be so authorized which has or uses a name deceptively similar to that of another insurer authorized to transact insurance in this state within the preceding ten (10) years if life insurance policies originally issued by the other insurer are still outstanding in this state. (c) No insurer shall be so authorized which has or uses a name which tends to deceive or mislead as to the type of organization of the insurer. (d) In case of conflict of names hereafter between two (2) insurers, or a conflict otherwise prohibited under subsections (a)-(c) of this section, the Insurance Commissioner may permit or require as a condition to the issuance of an original certificate of authority to an applicant insurer that the insurer shall use in Arkansas such supplementation or modification of its name or such business name as may reasonably be necessary to avoid conflict. No name, supplementation, or modification shall contain the principal identifying factor contained in the name of any other insurer already authorized to transact insurance in this state. Acts 1959, No. 148, § 47; A.S.A. 1947, § 66-2205.

(a) No insurer shall be authorized by original certificate of authority to transact insurance in this state which has or uses a name so similar to that of another insurer already so authorized as likely to mislead the public.

(b) No life insurer shall be so authorized which has or uses a name deceptively similar to that of another insurer authorized to transact insurance in this state within the preceding ten (10) years if life insurance policies originally issued by the other insurer are still outstanding in this state.

(c) No insurer shall be so authorized which has or uses a name which tends to deceive or mislead as to the type of organization of the insurer.

(d) In case of conflict of names hereafter between two (2) insurers, or a conflict otherwise prohibited under subsections (a)-(c) of this section, the Insurance Commissioner may permit or require as a condition to the issuance of an original certificate of authority to an applicant insurer that the insurer shall use in Arkansas such supplementation or modification of its name or such business name as may reasonably be necessary to avoid conflict. No name, supplementation, or modification shall contain the principal identifying factor contained in the name of any other insurer already authorized to transact insurance in this state.

Acts 1959, No. 148, § 47; A.S.A. 1947, § 66-2205.
Ark. Code Ann. § 23-85-118 — AR Code / Title 23 / Chapter 85 / Section 23-85-118
Optional policy provisions
Status: in_force

(a) Except as provided in § 23-85-105(b) , no policy delivered or issued for delivery to any person in this state shall contain provisions respecting the matters set forth in this section and §§ 23-85-119 - 23-85-126 , unless the provisions are in the words in which the provisions appear in the applicable section, except that the insurer may, at its option, use in lieu of the provision a corresponding provision of different wording approved by the Insurance Commissioner which is not less favorable in any respect to the insured or the beneficiary. (b) The provision contained in the policy shall be preceded individually by the appropriate caption or, at the option of the insurer, by such appropriate individual or group captions or subcaptions as the commissioner may approve. Acts 1959, No. 148, § 401; A.S.A. 1947, § 66-3616.

(a) Except as provided in § 23-85-105(b) , no policy delivered or issued for delivery to any person in this state shall contain provisions respecting the matters set forth in this section and §§ 23-85-119 - 23-85-126 , unless the provisions are in the words in which the provisions appear in the applicable section, except that the insurer may, at its option, use in lieu of the provision a corresponding provision of different wording approved by the Insurance Commissioner which is not less favorable in any respect to the insured or the beneficiary.

(b) The provision contained in the policy shall be preceded individually by the appropriate caption or, at the option of the insurer, by such appropriate individual or group captions or subcaptions as the commissioner may approve.

Acts 1959, No. 148, § 401; A.S.A. 1947, § 66-3616.
Ark. Code Ann. § 23-37-105 — AR Code / Title 23 / Chapter 37 / Subchapter 1 / Section 23-37-105
Arkansas Business Corporation Act applicable to stock savings and loan associations
Status: in_force

Hereafter the Arkansas Business Corporation Act, § 4-26-101 et seq., shall be applicable to permanent stock savings and loan associations created or operating under the provisions of Acts 1963, No. 227, and those savings and loan associations shall enjoy the same powers and privileges and be subject to the same duties, restrictions, and liabilities as other corporations, except so far as the same may be limited or enlarged by the provisions of Acts 1963, No. 227. If any provision of Acts 1963, No. 227, conflicts with the Arkansas Business Corporation Act, § 4-26-101 et seq., the provisions of Acts 1963, No. 227, shall govern. Acts 1971, No. 110, § 1; A.S.A. 1947, § 67-1864.

Hereafter the Arkansas Business Corporation Act, § 4-26-101 et seq., shall be applicable to permanent stock savings and loan associations created or operating under the provisions of Acts 1963, No. 227, and those savings and loan associations shall enjoy the same powers and privileges and be subject to the same duties, restrictions, and liabilities as other corporations, except so far as the same may be limited or enlarged by the provisions of Acts 1963, No. 227. If any provision of Acts 1963, No. 227, conflicts with the Arkansas Business Corporation Act, § 4-26-101 et seq., the provisions of Acts 1963, No. 227, shall govern.

Acts 1971, No. 110, § 1; A.S.A. 1947, § 67-1864.
Ark. Code Ann. § 23-35-201 — AR Code / Title 23 / Chapter 35 / Subchapter 2 / Section 23-35-201
Credit Union Division - State Credit Union Supervisor - Staff
Status: in_force

(a) There is created under the State Securities Department a Credit Union Division which shall be administered by the State Credit Union Supervisor. The Securities Commissioner, in consultation with the Secretary of the Department of Commerce and the Bank Commissioner, shall act as State Credit Union Supervisor. (b) The supervisor, in consultation with the Secretary of the Department of Commerce and the Bank Commissioner, shall appoint such administrative assistants and examiners as may be necessary to assist in the performance of his or her duties under this chapter. Amended by Act 2023, No. 475,§ 5, eff. 8/1/2023. Amended by Act 2019, No. 910,§ 571, eff. 7/1/2019. Acts 1971, No. 132, § 41; 1985, No. 936, § 20; A.S.A. 1947, § 67-941.

(a) There is created under the State Securities Department a Credit Union Division which shall be administered by the State Credit Union Supervisor. The Securities Commissioner, in consultation with the Secretary of the Department of Commerce and the Bank Commissioner, shall act as State Credit Union Supervisor.

(b) The supervisor, in consultation with the Secretary of the Department of Commerce and the Bank Commissioner, shall appoint such administrative assistants and examiners as may be necessary to assist in the performance of his or her duties under this chapter.

Amended by Act 2023, No. 475,§ 5, eff. 8/1/2023.

Amended by Act 2019, No. 910,§ 571, eff. 7/1/2019.

Acts 1971, No. 132, § 41; 1985, No. 936, § 20; A.S.A. 1947, § 67-941.
Ark. Code Ann. § 23-79-1903 — AR Code / Title 23 / Chapter 79 / Subchapter 19 / Section 23-79-1903
[Repealed]
Status: repealed

Repealed by Act 2023, No. 876,§ 1, eff. 1/1/2024. Added by Act 2021, No. 430,§ 1, eff. 3/24/2021.

Repealed by Act 2023, No. 876,§ 1, eff. 1/1/2024.

Added by Act 2021, No. 430,§ 1, eff. 3/24/2021.
Ark. Code Ann. § 23-12-1006 — AR Code / Title 23 / Chapter 12 / Subchapter 10 / Section 23-12-1006
Operation and movement of trains - Regulations, penalties, and enforcement
Status: in_force

The State Highway Commission is hereby designated as the sole public body to deal with, and is hereby given exclusive jurisdiction over, all matters pertaining to the operation and movement of trains within this state including, but not limited to, the obstruction of any public highway, road, street, or other railroad crossing or public property by a standing train. Acts 1993, No. 726, § 4.

The State Highway Commission is hereby designated as the sole public body to deal with, and is hereby given exclusive jurisdiction over, all matters pertaining to the operation and movement of trains within this state including, but not limited to, the obstruction of any public highway, road, street, or other railroad crossing or public property by a standing train.

Acts 1993, No. 726, § 4.
Ark. Code Ann. § 23-44-101 — AR Code / Title 23 / Chapter 44 / Section 23-44-101
Definitions
Status: in_force

As used in this chapter, unless the context otherwise requires: (1) "Bucket shop" means any place of business wherein contracts are made of the sort or character denounced by § 23-44-105 ; (2) "Contract for sale" means sales, purchases, agreements of sale, agreements to sell, and agreements to purchase; and (3) "Person" means individuals, associations, partnerships, and corporations. Acts 1929, No. 208, §§ 1, 5; Pope's Dig., §§ 3342, 3346; A.S.A. 1947, §§ 68-1001, 68-1005.

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

(1) "Bucket shop" means any place of business wherein contracts are made of the sort or character denounced by § 23-44-105 ;

(2) "Contract for sale" means sales, purchases, agreements of sale, agreements to sell, and agreements to purchase; and

(3) "Person" means individuals, associations, partnerships, and corporations.

Acts 1929, No. 208, §§ 1, 5; Pope's Dig., §§ 3342, 3346; A.S.A. 1947, §§ 68-1001, 68-1005.
Ark. Code Ann. § 23-78-117 — AR Code / Title 23 / Chapter 78 / Section 23-78-117
Books, records, accounts, and documents - Inspection and audit
Status: in_force

(a) The books, records, accounts, and documents of all burial associations organized or operating in this state shall at all times be open for inspection, examination, and audit by the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services, its agents and employees. (b) (1) Through its agents and employees, the board shall make examinations, from time to time, of all burial associations. (2) (A) If, at the time of an examination or audit, the board determines that a burial association's books, records, accounts, and documents are insufficient, unavailable, or in no condition to be examined or audited, the board may collect a fee not to exceed one thousand dollars ($1,000) and recover costs incurred, including the following: (i) Round trip mileage from the board office to the burial association, at the travel rate then prevailing for other state employees; and (ii) Per diem expenses at the travel rate then prevailing for other state employees. (B) Any fees or costs incurred shall not be payable from the burial association's mortuary fund. (c) The board shall be audited from time to time by the Legislative Joint Auditing Committee. Amended by Act 2017, No. 788,§ 80, eff. 7/1/2018. Acts 1953, No. 91, § 12; 1981, No. 360, § 2; A.S.A. 1947, § 66-1812; Acts 1995, No. 485, § 2.

(a) The books, records, accounts, and documents of all burial associations organized or operating in this state shall at all times be open for inspection, examination, and audit by the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services, its agents and employees.

(b) (1) Through its agents and employees, the board shall make examinations, from time to time, of all burial associations. (2) (A) If, at the time of an examination or audit, the board determines that a burial association's books, records, accounts, and documents are insufficient, unavailable, or in no condition to be examined or audited, the board may collect a fee not to exceed one thousand dollars ($1,000) and recover costs incurred, including the following: (i) Round trip mileage from the board office to the burial association, at the travel rate then prevailing for other state employees; and (ii) Per diem expenses at the travel rate then prevailing for other state employees. (B) Any fees or costs incurred shall not be payable from the burial association's mortuary fund.

(1) Through its agents and employees, the board shall make examinations, from time to time, of all burial associations.

(2) (A) If, at the time of an examination or audit, the board determines that a burial association's books, records, accounts, and documents are insufficient, unavailable, or in no condition to be examined or audited, the board may collect a fee not to exceed one thousand dollars ($1,000) and recover costs incurred, including the following: (i) Round trip mileage from the board office to the burial association, at the travel rate then prevailing for other state employees; and (ii) Per diem expenses at the travel rate then prevailing for other state employees. (B) Any fees or costs incurred shall not be payable from the burial association's mortuary fund.

(A) If, at the time of an examination or audit, the board determines that a burial association's books, records, accounts, and documents are insufficient, unavailable, or in no condition to be examined or audited, the board may collect a fee not to exceed one thousand dollars ($1,000) and recover costs incurred, including the following: (i) Round trip mileage from the board office to the burial association, at the travel rate then prevailing for other state employees; and (ii) Per diem expenses at the travel rate then prevailing for other state employees.

(i) Round trip mileage from the board office to the burial association, at the travel rate then prevailing for other state employees; and

(ii) Per diem expenses at the travel rate then prevailing for other state employees.

(B) Any fees or costs incurred shall not be payable from the burial association's mortuary fund.

(c) The board shall be audited from time to time by the Legislative Joint Auditing Committee.

Amended by Act 2017, No. 788,§ 80, eff. 7/1/2018.

Acts 1953, No. 91, § 12; 1981, No. 360, § 2; A.S.A. 1947, § 66-1812; Acts 1995, No. 485, § 2.
Ark. Code Ann. § 23-49-116 — AR Code / Title 23 / Chapter 49 / Section 23-49-116
Actions for enforcement of rights, demands, or claims vested in an institution or its shareholders or creditors
Status: in_force

Notwithstanding any other provision of state law, the receiver may, within five (5) years from the date of closing of the institution, institute and maintain, in the name of the receiver, any action or proceeding for the enforcement of any right, demand, or claim that is vested in the institution. Acts 1997, No. 89, § 1.

Notwithstanding any other provision of state law, the receiver may, within five (5) years from the date of closing of the institution, institute and maintain, in the name of the receiver, any action or proceeding for the enforcement of any right, demand, or claim that is vested in the institution.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-3-401 — AR Code / Title 23 / Chapter 3 / Subchapter 4 / Section 23-3-401
Title
Status: in_force

This subchapter shall be known and may be cited as the "Energy Conservation Endorsement Act of 1977". Acts 1977, No. 748, § 1; A.S.A. 1947, § 73-2501.

This subchapter shall be known and may be cited as the "Energy Conservation Endorsement Act of 1977".

Acts 1977, No. 748, § 1; A.S.A. 1947, § 73-2501.
Ark. Code Ann. § 23-92-505 — AR Code / Title 23 / Chapter 92 / Subchapter 5 / Section 23-92-505
Pharmacy benefits manager network adequacy
Status: in_force

(a) A pharmacy benefits manager shall provide: (1) (A) A reasonably adequate and accessible pharmacy benefits manager network for the provision of prescription drugs for a health benefit plan that shall provide for convenient patient access to pharmacies within a reasonable distance from a patient's residence. (B) A mail-order pharmacy shall not be included in the calculations determining pharmacy benefits manager network adequacy; and (2) A pharmacy benefits manager network adequacy report describing the pharmacy benefits manager network and the pharmacy benefits manager network's accessibility in this state in the time and manner required by rule issued by the State Insurance Department. (b) (1) The Insurance Commissioner may examine the books and records of a pharmacy benefits manager as necessary to determine: (A) The aggregate amount of rebates received by a pharmacy benefits manager; (B) The aggregate amount of rebates distributed by a pharmacy benefits manager to an appropriate healthcare payor; and (C) The aggregate amount of rebates passed on to an enrollee of each healthcare payor at the point of sale that reduced the enrollee's applicable deductible, copayment, coinsurance, or other cost-sharing amount. (2) The commissioner may examine the books and records of a pharmacy benefits manager as necessary to determine: (A) The individual and aggregate amount paid by a healthcare payor to the pharmacy benefits manager for pharmacist services itemized by pharmacy, product, and goods and services, including other prescription drug or device services; and (B) The individual and aggregate amount a pharmacy benefits manager paid for pharmacist services itemized by pharmacy, product, and goods and services, including other prescription drug or device services. (c) A pharmacy benefits manager is prohibited from conducting spread pricing in this state. (d) This section does not limit the power of the commissioner to examine or audit the books and records of a pharmacy benefits manager under this subchapter. Amended by Act 2023, No. 302,§ 4, eff. 8/1/2023. Amended by Act 2023, No. 302,§ 3, eff. 8/1/2023. Amended by Act 2021, No. 665,§ 5, eff. 7/28/2021. Amended by Act 2019, No. 994,§ 8, eff. 7/24/2019. Added by Act 2018EX2, No. 1,§ 1, eff. 3/15/2018. Added by Act 2018EX2, No. 3,§ 1, eff. 3/19/2018.

(a) A pharmacy benefits manager shall provide: (1) (A) A reasonably adequate and accessible pharmacy benefits manager network for the provision of prescription drugs for a health benefit plan that shall provide for convenient patient access to pharmacies within a reasonable distance from a patient's residence. (B) A mail-order pharmacy shall not be included in the calculations determining pharmacy benefits manager network adequacy; and (2) A pharmacy benefits manager network adequacy report describing the pharmacy benefits manager network and the pharmacy benefits manager network's accessibility in this state in the time and manner required by rule issued by the State Insurance Department.

(1) (A) A reasonably adequate and accessible pharmacy benefits manager network for the provision of prescription drugs for a health benefit plan that shall provide for convenient patient access to pharmacies within a reasonable distance from a patient's residence. (B) A mail-order pharmacy shall not be included in the calculations determining pharmacy benefits manager network adequacy; and

(A) A reasonably adequate and accessible pharmacy benefits manager network for the provision of prescription drugs for a health benefit plan that shall provide for convenient patient access to pharmacies within a reasonable distance from a patient's residence.

(B) A mail-order pharmacy shall not be included in the calculations determining pharmacy benefits manager network adequacy; and

(2) A pharmacy benefits manager network adequacy report describing the pharmacy benefits manager network and the pharmacy benefits manager network's accessibility in this state in the time and manner required by rule issued by the State Insurance Department.

(b) (1) The Insurance Commissioner may examine the books and records of a pharmacy benefits manager as necessary to determine: (A) The aggregate amount of rebates received by a pharmacy benefits manager; (B) The aggregate amount of rebates distributed by a pharmacy benefits manager to an appropriate healthcare payor; and (C) The aggregate amount of rebates passed on to an enrollee of each healthcare payor at the point of sale that reduced the enrollee's applicable deductible, copayment, coinsurance, or other cost-sharing amount. (2) The commissioner may examine the books and records of a pharmacy benefits manager as necessary to determine: (A) The individual and aggregate amount paid by a healthcare payor to the pharmacy benefits manager for pharmacist services itemized by pharmacy, product, and goods and services, including other prescription drug or device services; and (B) The individual and aggregate amount a pharmacy benefits manager paid for pharmacist services itemized by pharmacy, product, and goods and services, including other prescription drug or device services.

(1) The Insurance Commissioner may examine the books and records of a pharmacy benefits manager as necessary to determine: (A) The aggregate amount of rebates received by a pharmacy benefits manager; (B) The aggregate amount of rebates distributed by a pharmacy benefits manager to an appropriate healthcare payor; and (C) The aggregate amount of rebates passed on to an enrollee of each healthcare payor at the point of sale that reduced the enrollee's applicable deductible, copayment, coinsurance, or other cost-sharing amount.

(A) The aggregate amount of rebates received by a pharmacy benefits manager;

(B) The aggregate amount of rebates distributed by a pharmacy benefits manager to an appropriate healthcare payor; and

(C) The aggregate amount of rebates passed on to an enrollee of each healthcare payor at the point of sale that reduced the enrollee's applicable deductible, copayment, coinsurance, or other cost-sharing amount.

(2) The commissioner may examine the books and records of a pharmacy benefits manager as necessary to determine: (A) The individual and aggregate amount paid by a healthcare payor to the pharmacy benefits manager for pharmacist services itemized by pharmacy, product, and goods and services, including other prescription drug or device services; and (B) The individual and aggregate amount a pharmacy benefits manager paid for pharmacist services itemized by pharmacy, product, and goods and services, including other prescription drug or device services.

(A) The individual and aggregate amount paid by a healthcare payor to the pharmacy benefits manager for pharmacist services itemized by pharmacy, product, and goods and services, including other prescription drug or device services; and

(B) The individual and aggregate amount a pharmacy benefits manager paid for pharmacist services itemized by pharmacy, product, and goods and services, including other prescription drug or device services.

(c) A pharmacy benefits manager is prohibited from conducting spread pricing in this state.

(d) This section does not limit the power of the commissioner to examine or audit the books and records of a pharmacy benefits manager under this subchapter.

Amended by Act 2023, No. 302,§ 4, eff. 8/1/2023.

Amended by Act 2023, No. 302,§ 3, eff. 8/1/2023.

Amended by Act 2021, No. 665,§ 5, eff. 7/28/2021.

Amended by Act 2019, No. 994,§ 8, eff. 7/24/2019.

Added by Act 2018EX2, No. 1,§ 1, eff. 3/15/2018.

Added by Act 2018EX2, No. 3,§ 1, eff. 3/19/2018.
Ark. Code Ann. § 23-80-308 — AR Code / Title 23 / Chapter 80 / Subchapter 3 / Section 23-80-308
Compliance by provision of outline of coverage
Status: in_force

An insurer may comply with § 23-80-306(a) and § 23-80-306(b)(2) for not more than twelve (12) months following the implementation date established by the Insurance Commissioner by providing to the policyholder an outline of coverage or a brochure instead of a simplified policy. The outline or brochure shall comply with § 23-80-306(a) . Acts 1981, No. 517, § 7; A.S.A. 1947, § 66-5807.

An insurer may comply with § 23-80-306(a) and § 23-80-306(b)(2) for not more than twelve (12) months following the implementation date established by the Insurance Commissioner by providing to the policyholder an outline of coverage or a brochure instead of a simplified policy. The outline or brochure shall comply with § 23-80-306(a) .

Acts 1981, No. 517, § 7; A.S.A. 1947, § 66-5807.
Ark. Code Ann. § 23-92-419 — AR Code / Title 23 / Chapter 92 / Subchapter 4 / Section 23-92-419
Rules
Status: in_force

(a) (1) The Insurance Commissioner may prescribe rules for the conduct of the business of professional employer organizations needed to implement this subchapter. (2) The commissioner shall adopt rules under this subchapter in compliance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq. (b) (1) The commissioner may adopt reasonable rules for use by employer service assurance organizations to record and report to the commissioner information determined by the commissioner to be necessary or appropriate for the administration of this subchapter and for the effectuation of its purposes. (2) The commissioner may designate one (1) or more employer service assurance organizations to assist him or her in gathering, compiling, and reporting the information. Amended by Act 2019, No. 315,§ 2780, eff. 7/24/2019. Acts 2003, No. 1750, § 1.

(a) (1) The Insurance Commissioner may prescribe rules for the conduct of the business of professional employer organizations needed to implement this subchapter. (2) The commissioner shall adopt rules under this subchapter in compliance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.

(1) The Insurance Commissioner may prescribe rules for the conduct of the business of professional employer organizations needed to implement this subchapter.

(2) The commissioner shall adopt rules under this subchapter in compliance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.

(b) (1) The commissioner may adopt reasonable rules for use by employer service assurance organizations to record and report to the commissioner information determined by the commissioner to be necessary or appropriate for the administration of this subchapter and for the effectuation of its purposes. (2) The commissioner may designate one (1) or more employer service assurance organizations to assist him or her in gathering, compiling, and reporting the information.

(1) The commissioner may adopt reasonable rules for use by employer service assurance organizations to record and report to the commissioner information determined by the commissioner to be necessary or appropriate for the administration of this subchapter and for the effectuation of its purposes.

(2) The commissioner may designate one (1) or more employer service assurance organizations to assist him or her in gathering, compiling, and reporting the information.

Amended by Act 2019, No. 315,§ 2780, eff. 7/24/2019.

Acts 2003, No. 1750, § 1.
Ark. Code Ann. § 23-36-111 — AR Code / Title 23 / Chapter 36 / Section 23-36-111
Prohibited loans
Status: in_force

No industrial loan institution shall make any loans directly or indirectly to its officers or directors or to any employee, nor make any loans on capital stock of its own issue. Acts 1941, No. 111, § 18; A.S.A. 1947, § 67-1018.

No industrial loan institution shall make any loans directly or indirectly to its officers or directors or to any employee, nor make any loans on capital stock of its own issue.

Acts 1941, No. 111, § 18; A.S.A. 1947, § 67-1018.
Ark. Code Ann. § 23-112-607 — AR Code / Title 23 / Chapter 112 / Subchapter 6 / Section 23-112-607
Dealer's license
Status: in_force

(a) (1) Persons wishing to obtain a used motor vehicle dealer's license shall submit a fully executed application on such used motor vehicle dealer application forms as may be prescribed by the Department of Arkansas State Police. (2) The application shall be verified by the oath or affirmation of the applicant. (b) An applicant for a used motor vehicle dealer's license or a licensee seeking to renew a used motor vehicle dealer's license shall establish that he or she has sold at least five (5) used motor vehicles during the previous calendar year. (c) The department shall require in relation to the application the following information and verification prior to issuing a license certificate: (1) A photograph of the business location; (2) A corporate surety bond in the sum of at least twenty-five thousand dollars ($25,000); (3) Proof of liability insurance coverage on all vehicles to be offered for sale in an amount equal to or greater than the amount required by the Motor Vehicle Safety Responsibility Act, § 27-19-101 et seq.; (4) A list of the persons or entities having any ownership interest in the used vehicle dealership; (5) A list of salespersons to be employed; (6) That the applicant has a bona fide established place of business used primarily for the sale of used motor vehicles; (7) That the applicant has a telephone number listed in the name of the business; (8) That the applicant has a sign identifying the establishment as a used motor vehicle dealership legible from the street, road, or highway, and a picture thereof; (9) That the applicant has a filing cabinet or other repository adequate to secure the business records of the establishment under lock and key or combination; (10) Whether the applicant has ever been issued a motor vehicle dealer's license, and if the applicant has ever had a motor vehicle dealer's license suspended or revoked; (11) (A) Except as provided in subdivision (c)(11)(B) of this section, an affidavit from a department officer or a designee of the department stating that the officer or a designee of the department has inspected the facility within thirty (30) days before issuance or renewal of a license and found it to be in compliance with the requirements for application. (B) If a licensee has been continuously licensed at the same facility for ten (10) years or more, then the licensee shall only be required to comply with subdivision (c)(11)(A) of this section one (1) time every other year; and (12) The name, address, and telephone number of the person designated to receive legal process in the event of the commencement of any legal action in any court against the applicant. (d) (1) (A) Each applicant shall obtain a corporate surety bond in the penal sum of twenty-five thousand dollars ($25,000) on a bond form approved by the state. (B) However, an applicant for a license at multiple locations may provide a corporate surety bond in the penal sum of one hundred thousand dollars ($100,000) covering all licensed locations in lieu of separate bonds for each individual location. (2) The bond shall be an indemnity for any loss and reasonable attorney's fees sustained by a retail buyer by reason of the acts of the person bonded when such an act constitutes a violation of this law. (3) However, the surety shall in no event be liable for more than twenty-five thousand dollars ($25,000). (4) The bond shall be executed in the name of the State of Arkansas or any aggrieved party. (5) The proceeds of the bonds shall be paid either to the State of Arkansas or to the retail buyer upon a judgment from an Arkansas court of competent jurisdiction against the principal and in favor of the aggrieved party or the State of Arkansas. (6) However, the surety shall in no event be required to pay any judgment obtained by fraud or collusion, as between the dealer and the retail buyer, or which was rendered against a person bonded for an act that does not constitute a violation of this subchapter. These defenses may be raised at any time, subject to the applicable statute of limitations. Acts 1993, No. 490, §§ 4, 6; 1997, No. 705, § 1; 1999, No. 1040, § 1; 2001, No. 93, § 1; 2005, No. 1416, § 4.

(a) (1) Persons wishing to obtain a used motor vehicle dealer's license shall submit a fully executed application on such used motor vehicle dealer application forms as may be prescribed by the Department of Arkansas State Police. (2) The application shall be verified by the oath or affirmation of the applicant.

(1) Persons wishing to obtain a used motor vehicle dealer's license shall submit a fully executed application on such used motor vehicle dealer application forms as may be prescribed by the Department of Arkansas State Police.

(2) The application shall be verified by the oath or affirmation of the applicant.

(b) An applicant for a used motor vehicle dealer's license or a licensee seeking to renew a used motor vehicle dealer's license shall establish that he or she has sold at least five (5) used motor vehicles during the previous calendar year.

(c) The department shall require in relation to the application the following information and verification prior to issuing a license certificate: (1) A photograph of the business location; (2) A corporate surety bond in the sum of at least twenty-five thousand dollars ($25,000); (3) Proof of liability insurance coverage on all vehicles to be offered for sale in an amount equal to or greater than the amount required by the Motor Vehicle Safety Responsibility Act, § 27-19-101 et seq.; (4) A list of the persons or entities having any ownership interest in the used vehicle dealership; (5) A list of salespersons to be employed; (6) That the applicant has a bona fide established place of business used primarily for the sale of used motor vehicles; (7) That the applicant has a telephone number listed in the name of the business; (8) That the applicant has a sign identifying the establishment as a used motor vehicle dealership legible from the street, road, or highway, and a picture thereof; (9) That the applicant has a filing cabinet or other repository adequate to secure the business records of the establishment under lock and key or combination; (10) Whether the applicant has ever been issued a motor vehicle dealer's license, and if the applicant has ever had a motor vehicle dealer's license suspended or revoked; (11) (A) Except as provided in subdivision (c)(11)(B) of this section, an affidavit from a department officer or a designee of the department stating that the officer or a designee of the department has inspected the facility within thirty (30) days before issuance or renewal of a license and found it to be in compliance with the requirements for application. (B) If a licensee has been continuously licensed at the same facility for ten (10) years or more, then the licensee shall only be required to comply with subdivision (c)(11)(A) of this section one (1) time every other year; and (12) The name, address, and telephone number of the person designated to receive legal process in the event of the commencement of any legal action in any court against the applicant.

(1) A photograph of the business location;

(2) A corporate surety bond in the sum of at least twenty-five thousand dollars ($25,000);

(3) Proof of liability insurance coverage on all vehicles to be offered for sale in an amount equal to or greater than the amount required by the Motor Vehicle Safety Responsibility Act, § 27-19-101 et seq.;

(4) A list of the persons or entities having any ownership interest in the used vehicle dealership;

(5) A list of salespersons to be employed;

(6) That the applicant has a bona fide established place of business used primarily for the sale of used motor vehicles;

(7) That the applicant has a telephone number listed in the name of the business;

(8) That the applicant has a sign identifying the establishment as a used motor vehicle dealership legible from the street, road, or highway, and a picture thereof;

(9) That the applicant has a filing cabinet or other repository adequate to secure the business records of the establishment under lock and key or combination;

(10) Whether the applicant has ever been issued a motor vehicle dealer's license, and if the applicant has ever had a motor vehicle dealer's license suspended or revoked;

(11) (A) Except as provided in subdivision (c)(11)(B) of this section, an affidavit from a department officer or a designee of the department stating that the officer or a designee of the department has inspected the facility within thirty (30) days before issuance or renewal of a license and found it to be in compliance with the requirements for application. (B) If a licensee has been continuously licensed at the same facility for ten (10) years or more, then the licensee shall only be required to comply with subdivision (c)(11)(A) of this section one (1) time every other year; and

(A) Except as provided in subdivision (c)(11)(B) of this section, an affidavit from a department officer or a designee of the department stating that the officer or a designee of the department has inspected the facility within thirty (30) days before issuance or renewal of a license and found it to be in compliance with the requirements for application.

(B) If a licensee has been continuously licensed at the same facility for ten (10) years or more, then the licensee shall only be required to comply with subdivision (c)(11)(A) of this section one (1) time every other year; and

(12) The name, address, and telephone number of the person designated to receive legal process in the event of the commencement of any legal action in any court against the applicant.

(d) (1) (A) Each applicant shall obtain a corporate surety bond in the penal sum of twenty-five thousand dollars ($25,000) on a bond form approved by the state. (B) However, an applicant for a license at multiple locations may provide a corporate surety bond in the penal sum of one hundred thousand dollars ($100,000) covering all licensed locations in lieu of separate bonds for each individual location. (2) The bond shall be an indemnity for any loss and reasonable attorney's fees sustained by a retail buyer by reason of the acts of the person bonded when such an act constitutes a violation of this law. (3) However, the surety shall in no event be liable for more than twenty-five thousand dollars ($25,000). (4) The bond shall be executed in the name of the State of Arkansas or any aggrieved party. (5) The proceeds of the bonds shall be paid either to the State of Arkansas or to the retail buyer upon a judgment from an Arkansas court of competent jurisdiction against the principal and in favor of the aggrieved party or the State of Arkansas. (6) However, the surety shall in no event be required to pay any judgment obtained by fraud or collusion, as between the dealer and the retail buyer, or which was rendered against a person bonded for an act that does not constitute a violation of this subchapter. These defenses may be raised at any time, subject to the applicable statute of limitations.

(1) (A) Each applicant shall obtain a corporate surety bond in the penal sum of twenty-five thousand dollars ($25,000) on a bond form approved by the state. (B) However, an applicant for a license at multiple locations may provide a corporate surety bond in the penal sum of one hundred thousand dollars ($100,000) covering all licensed locations in lieu of separate bonds for each individual location.

(A) Each applicant shall obtain a corporate surety bond in the penal sum of twenty-five thousand dollars ($25,000) on a bond form approved by the state.

(B) However, an applicant for a license at multiple locations may provide a corporate surety bond in the penal sum of one hundred thousand dollars ($100,000) covering all licensed locations in lieu of separate bonds for each individual location.

(2) The bond shall be an indemnity for any loss and reasonable attorney's fees sustained by a retail buyer by reason of the acts of the person bonded when such an act constitutes a violation of this law.

(3) However, the surety shall in no event be liable for more than twenty-five thousand dollars ($25,000).

(4) The bond shall be executed in the name of the State of Arkansas or any aggrieved party.

(5) The proceeds of the bonds shall be paid either to the State of Arkansas or to the retail buyer upon a judgment from an Arkansas court of competent jurisdiction against the principal and in favor of the aggrieved party or the State of Arkansas.

(6) However, the surety shall in no event be required to pay any judgment obtained by fraud or collusion, as between the dealer and the retail buyer, or which was rendered against a person bonded for an act that does not constitute a violation of this subchapter. These defenses may be raised at any time, subject to the applicable statute of limitations.

Acts 1993, No. 490, §§ 4, 6; 1997, No. 705, § 1; 1999, No. 1040, § 1; 2001, No. 93, § 1; 2005, No. 1416, § 4.
Ark. Code Ann. § 23-51-167 — AR Code / Title 23 / Chapter 51 / Section 23-51-167
Trust business of state trust institution
Status: in_force

(a) A state trust institution may act as a fiduciary or otherwise engage in a trust business in this or any other state or foreign country, subject to complying with applicable laws of the state or foreign country, at an office established and maintained pursuant to this chapter, at a branch or at any other authorized location other than an office or branch. (b) In addition, a state trust institution may conduct any activities at any office outside this state that are permissible for a trust institution chartered by the host state where the office is located, except to the extent such activities are expressly prohibited by the laws of this state or by any rule or order of the Bank Commissioner applicable to the state trust institution. Provided, however, that the commissioner may waive any such prohibition if he or she determines, by order or rule, that the involvement of out-of-state offices of state trust institutions in particular activities would not threaten the safety or soundness of the state trust institutions. Amended by Act 2019, No. 315,§ 2600, eff. 7/24/2019. Acts 1997, No. 940, § 67.

(a) A state trust institution may act as a fiduciary or otherwise engage in a trust business in this or any other state or foreign country, subject to complying with applicable laws of the state or foreign country, at an office established and maintained pursuant to this chapter, at a branch or at any other authorized location other than an office or branch.

(b) In addition, a state trust institution may conduct any activities at any office outside this state that are permissible for a trust institution chartered by the host state where the office is located, except to the extent such activities are expressly prohibited by the laws of this state or by any rule or order of the Bank Commissioner applicable to the state trust institution. Provided, however, that the commissioner may waive any such prohibition if he or she determines, by order or rule, that the involvement of out-of-state offices of state trust institutions in particular activities would not threaten the safety or soundness of the state trust institutions.

Amended by Act 2019, No. 315,§ 2600, eff. 7/24/2019.

Acts 1997, No. 940, § 67.
Ark. Code Ann. § 23-68-127 — AR Code / Title 23 / Chapter 68 / Section 23-68-127
Offsets
Status: in_force

(a) In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, the credits and debts shall be set off, and the balance only shall be allowed or paid, except as provided in subsection (b) of this section. (b) No offset shall be allowed in favor of any such person where: (1) The obligation of the insurer to the person would not at the date of the entry of any liquidation order or otherwise, as provided in § 23-68-124 , entitle him or her to share as a claimant in the assets of the insurer; (2) The obligation of the insurer to the person was purchased by or transferred to the person with a view of its being used as an offset; or (3) The obligation of the person is to pay an assessment levied against the members of a mutual insurer, or against the subscribers of a reciprocal insurer, or is to pay a balance upon the subscription to the capital stock of a stock insurer. Acts 1959, No. 148, § 665; A.S.A. 1947, § 66-4828.

(a) In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, the credits and debts shall be set off, and the balance only shall be allowed or paid, except as provided in subsection (b) of this section.

(b) No offset shall be allowed in favor of any such person where: (1) The obligation of the insurer to the person would not at the date of the entry of any liquidation order or otherwise, as provided in § 23-68-124 , entitle him or her to share as a claimant in the assets of the insurer; (2) The obligation of the insurer to the person was purchased by or transferred to the person with a view of its being used as an offset; or (3) The obligation of the person is to pay an assessment levied against the members of a mutual insurer, or against the subscribers of a reciprocal insurer, or is to pay a balance upon the subscription to the capital stock of a stock insurer.

(1) The obligation of the insurer to the person would not at the date of the entry of any liquidation order or otherwise, as provided in § 23-68-124 , entitle him or her to share as a claimant in the assets of the insurer;

(2) The obligation of the insurer to the person was purchased by or transferred to the person with a view of its being used as an offset; or

(3) The obligation of the person is to pay an assessment levied against the members of a mutual insurer, or against the subscribers of a reciprocal insurer, or is to pay a balance upon the subscription to the capital stock of a stock insurer.

Acts 1959, No. 148, § 665; A.S.A. 1947, § 66-4828.
Ark. Code Ann. § 23-37-103 — AR Code / Title 23 / Chapter 37 / Subchapter 1 / Section 23-37-103
Authority to do business as savings and loan association
Status: in_force

(a) From and after March 13, 1963, it shall be unlawful for any person, firm, company, association, fiduciary, partnership, or corporation, by whatever name called, except banks, to do business as a savings and loan association or a building and loan association within this state or to maintain any office in this state for the purpose of doing such business, except: (1) Associations organized under the laws of this state and subject to this chapter; and (2) Federal associations chartered to do business in this state. (b) Any person, firm, or corporation, by whatever name known, except banks, which accepts funds from the public in the form of savings accounts, deposits, certificates of deposit, or similar evidences of indebtedness, and a substantial part of whose business is the making of loans on the security of real estate, shall be subject to all of the laws of this state governing the operation of a savings and loan or building and loan association. Acts 1963, No. 227, § 57; A.S.A. 1947, § 67-1857.

(a) From and after March 13, 1963, it shall be unlawful for any person, firm, company, association, fiduciary, partnership, or corporation, by whatever name called, except banks, to do business as a savings and loan association or a building and loan association within this state or to maintain any office in this state for the purpose of doing such business, except: (1) Associations organized under the laws of this state and subject to this chapter; and (2) Federal associations chartered to do business in this state.

(1) Associations organized under the laws of this state and subject to this chapter; and

(2) Federal associations chartered to do business in this state.

(b) Any person, firm, or corporation, by whatever name known, except banks, which accepts funds from the public in the form of savings accounts, deposits, certificates of deposit, or similar evidences of indebtedness, and a substantial part of whose business is the making of loans on the security of real estate, shall be subject to all of the laws of this state governing the operation of a savings and loan or building and loan association.

Acts 1963, No. 227, § 57; A.S.A. 1947, § 67-1857.
Ark. Code Ann. § 23-88-208 — AR Code / Title 23 / Chapter 88 / Subchapter 2 / Section 23-88-208
Notification of change in information
Status: in_force

(a) Policyholders shall notify their insurer of any change in the information contained in the antiarson application, within a period of time to be specified. (b) A material failure to notify or a material misrepresentation in the notification shall be deemed grounds to rescind the insurance policy. Acts 1983, No. 359, § 3; A.S.A. 1947, § 66-5608.

(a) Policyholders shall notify their insurer of any change in the information contained in the antiarson application, within a period of time to be specified.

(b) A material failure to notify or a material misrepresentation in the notification shall be deemed grounds to rescind the insurance policy.

Acts 1983, No. 359, § 3; A.S.A. 1947, § 66-5608.
Ark. Code Ann. § 23-91-208 — AR Code / Title 23 / Chapter 91 / Subchapter 2 / Section 23-91-208
[Repealed]
Status: repealed

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023. Acts 1977, No. 368, § 3; 1979, No. 942, § 19; A.S.A. 1947, § 66-5403; Acts 2001, No. 1604, § 116.

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

Acts 1977, No. 368, § 3; 1979, No. 942, § 19; A.S.A. 1947, § 66-5403; Acts 2001, No. 1604, § 116.
Ark. Code Ann. § 23-79-155 — AR Code / Title 23 / Chapter 79 / Subchapter 1 / Section 23-79-155
Commercial general liability insurance
Status: in_force

(a) A commercial general liability insurance policy offered for sale in this state shall contain a definition of "occurrence" that includes: (1) Accidents, including continuous or repeated exposure to substantially the same general harmful conditions; and (2) Property damage or bodily injury resulting from faulty workmanship. (b) This section is not intended to restrict or limit the nature or types of exclusions from coverage that an insurer may include in a commercial general liability insurance policy. Acts 2011, No. 604, § 2.

(a) A commercial general liability insurance policy offered for sale in this state shall contain a definition of "occurrence" that includes: (1) Accidents, including continuous or repeated exposure to substantially the same general harmful conditions; and (2) Property damage or bodily injury resulting from faulty workmanship.

(1) Accidents, including continuous or repeated exposure to substantially the same general harmful conditions; and

(2) Property damage or bodily injury resulting from faulty workmanship.

(b) This section is not intended to restrict or limit the nature or types of exclusions from coverage that an insurer may include in a commercial general liability insurance policy.

Acts 2011, No. 604, § 2.
Ark. Code Ann. § 23-38-201 — AR Code / Title 23 / Chapter 38 / Subchapter 2 / Section 23-38-201
[Repealed]
Status: repealed

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013. Acts 1929, No. 128, § 13; Pope's Dig., § 989; A.S.A. 1947, § 67-816.

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

Acts 1929, No. 128, § 13; Pope's Dig., § 989; A.S.A. 1947, § 67-816.
Ark. Code Ann. § 23-85-136 — AR Code / Title 23 / Chapter 85 / Section 23-85-136
Standard claim form required
Status: in_force

(a) All accident and health insurers transacting business in this state shall use Form HCFA 1500 and Form UB-92/HCFA 1450, or the claim format required by the Health Insurance Portability and Accountability Act of 1996, Pub. L. No. 104-191, as the standard claim forms until and unless the Insurance Commissioner prescribes otherwise. (b) Pursuant to the applicable provisions of the Arkansas Insurance Code, the commissioner may suspend or revoke the certificate of authority of any insurance company that refuses to use and accept the standard claim form required by this section, or the commissioner may utilize any remedy provided in § 23-66-210 . Acts 1987, No. 736, § 1; 1995, No. 701, § 1; 2001, No. 909, § 11.

(a) All accident and health insurers transacting business in this state shall use Form HCFA 1500 and Form UB-92/HCFA 1450, or the claim format required by the Health Insurance Portability and Accountability Act of 1996, Pub. L. No. 104-191, as the standard claim forms until and unless the Insurance Commissioner prescribes otherwise.

(b) Pursuant to the applicable provisions of the Arkansas Insurance Code, the commissioner may suspend or revoke the certificate of authority of any insurance company that refuses to use and accept the standard claim form required by this section, or the commissioner may utilize any remedy provided in § 23-66-210 .

Acts 1987, No. 736, § 1; 1995, No. 701, § 1; 2001, No. 909, § 11.
Ark. Code Ann. § 23-92-411 — AR Code / Title 23 / Chapter 92 / Subchapter 4 / Section 23-92-411
Deceptive practices
Status: in_force

(a) No professional employer organization shall: (1) Evade or attempt to evade the provisions of this subchapter by purporting to be the sole employer of the covered employees; (2) Present a proposal to enter into a professional employer agreement with a prospective client unless the following notice is printed in not less than 12-point bold type on the first page of the proposal: "This proposal is intended to provide information about the general terms and conditions under which the above named firm will enter into an agreement to provide professional employer services. Information contained in this proposal does not constitute advice on legal, tax, or insurance matters. For advice on these matters, you should consult with the appropriate licensed professional."; (3) Enter into a professional employer agreement without a written provision signed by the client stating that the client is responsible for ensuring with the assistance of a licensed insurance producer that any subcontractor of the client has workers' compensation coverage as required by law; (4) Transact insurance, as defined under § 23-60-102 , except through a licensed resident or nonresident insurance producer; (5) Use the name or title "licensed employee leasing company", "employee leasing company", "employee leasing company group", "professional employer", "professional employer organization", "PEO", "controlling person", or words that would tend to lead one to believe that the person or entity is licensed under this subchapter when the person or entity has not been licensed under this subchapter; (6) Attempt to use a license that has lapsed or has been suspended or revoked; (7) Fail to maintain workers' compensation insurance as required by this subchapter; (8) Conduct business without an active license; (9) Transfer or attempt to transfer a license issued under this subchapter; (10) Violate or fail to conform to any provision of this subchapter or any lawful order or rule issued under this subchapter; (11) Fail to notify the Insurance Commissioner in writing of any change of the primary business address or the addresses of any of the licensee's offices in the state; (12) Have an adverse material final action taken by any state or federal regulatory agency for violations within the scope or control of the licensee; (13) Fail to inform the commissioner in writing within thirty (30) days after any adverse material final action by a state or federal regulatory agency; (14) Fail to meet or maintain the requirements for licensure as a professional employer organization; or (15) Attempt to obtain or renew a license to provide professional employment services by bribery, misrepresentation, or fraud. (b) The commissioner may prescribe by regulation additional acts or omissions that shall be deemed to constitute deceptive practices under this subchapter. Acts 2003, No. 1750, § 1.

(a) No professional employer organization shall: (1) Evade or attempt to evade the provisions of this subchapter by purporting to be the sole employer of the covered employees; (2) Present a proposal to enter into a professional employer agreement with a prospective client unless the following notice is printed in not less than 12-point bold type on the first page of the proposal: "This proposal is intended to provide information about the general terms and conditions under which the above named firm will enter into an agreement to provide professional employer services. Information contained in this proposal does not constitute advice on legal, tax, or insurance matters. For advice on these matters, you should consult with the appropriate licensed professional."; (3) Enter into a professional employer agreement without a written provision signed by the client stating that the client is responsible for ensuring with the assistance of a licensed insurance producer that any subcontractor of the client has workers' compensation coverage as required by law; (4) Transact insurance, as defined under § 23-60-102 , except through a licensed resident or nonresident insurance producer; (5) Use the name or title "licensed employee leasing company", "employee leasing company", "employee leasing company group", "professional employer", "professional employer organization", "PEO", "controlling person", or words that would tend to lead one to believe that the person or entity is licensed under this subchapter when the person or entity has not been licensed under this subchapter; (6) Attempt to use a license that has lapsed or has been suspended or revoked; (7) Fail to maintain workers' compensation insurance as required by this subchapter; (8) Conduct business without an active license; (9) Transfer or attempt to transfer a license issued under this subchapter; (10) Violate or fail to conform to any provision of this subchapter or any lawful order or rule issued under this subchapter; (11) Fail to notify the Insurance Commissioner in writing of any change of the primary business address or the addresses of any of the licensee's offices in the state; (12) Have an adverse material final action taken by any state or federal regulatory agency for violations within the scope or control of the licensee; (13) Fail to inform the commissioner in writing within thirty (30) days after any adverse material final action by a state or federal regulatory agency; (14) Fail to meet or maintain the requirements for licensure as a professional employer organization; or (15) Attempt to obtain or renew a license to provide professional employment services by bribery, misrepresentation, or fraud.

(1) Evade or attempt to evade the provisions of this subchapter by purporting to be the sole employer of the covered employees;

(2) Present a proposal to enter into a professional employer agreement with a prospective client unless the following notice is printed in not less than 12-point bold type on the first page of the proposal: "This proposal is intended to provide information about the general terms and conditions under which the above named firm will enter into an agreement to provide professional employer services. Information contained in this proposal does not constitute advice on legal, tax, or insurance matters. For advice on these matters, you should consult with the appropriate licensed professional.";

"This proposal is intended to provide information about the general terms and conditions under which the above named firm will enter into an agreement to provide professional employer services. Information contained in this proposal does not constitute advice on legal, tax, or insurance matters. For advice on these matters, you should consult with the appropriate licensed professional.";

(3) Enter into a professional employer agreement without a written provision signed by the client stating that the client is responsible for ensuring with the assistance of a licensed insurance producer that any subcontractor of the client has workers' compensation coverage as required by law;

(4) Transact insurance, as defined under § 23-60-102 , except through a licensed resident or nonresident insurance producer;

(5) Use the name or title "licensed employee leasing company", "employee leasing company", "employee leasing company group", "professional employer", "professional employer organization", "PEO", "controlling person", or words that would tend to lead one to believe that the person or entity is licensed under this subchapter when the person or entity has not been licensed under this subchapter;

(6) Attempt to use a license that has lapsed or has been suspended or revoked;

(7) Fail to maintain workers' compensation insurance as required by this subchapter;

(8) Conduct business without an active license;

(9) Transfer or attempt to transfer a license issued under this subchapter;

(10) Violate or fail to conform to any provision of this subchapter or any lawful order or rule issued under this subchapter;

(11) Fail to notify the Insurance Commissioner in writing of any change of the primary business address or the addresses of any of the licensee's offices in the state;

(12) Have an adverse material final action taken by any state or federal regulatory agency for violations within the scope or control of the licensee;

(13) Fail to inform the commissioner in writing within thirty (30) days after any adverse material final action by a state or federal regulatory agency;

(14) Fail to meet or maintain the requirements for licensure as a professional employer organization; or

(15) Attempt to obtain or renew a license to provide professional employment services by bribery, misrepresentation, or fraud.

(b) The commissioner may prescribe by regulation additional acts or omissions that shall be deemed to constitute deceptive practices under this subchapter.

Acts 2003, No. 1750, § 1.
Ark. Code Ann. § 23-4-637 — AR Code / Title 23 / Chapter 4 / Subchapter 6 / Section 23-4-637
Discriminatory interterritorial freight rates
Status: in_force

(a) The Arkansas Department of Transportation is vested with authority to formulate and adopt plans for a complete and thorough study of and attack on interterritorial freight rates adversely affecting Arkansas. However, the plans shall be subject to approval by the Governor. (b) The department is authorized to enter into contracts with rate experts, accountants, counsel, and others, taking into consideration the integrity, honesty, experience, training, and general fitness of those selected. (c) The department is authorized and directed, on behalf of the State of Arkansas and with approval by the Governor, to enter into agreements with other states, or associations of states or of governors or other authorized representatives of states, to institute, prosecute, or intervene in proceedings before the Interstate Commerce Commission [abolished] to remove freight rate discriminations against Arkansas and the southern and southwestern territories. Amended by Act 2017, No. 707,§ 133, eff. 8/1/2017. Acts 1939, No. 107, §§ 1-3.

(a) The Arkansas Department of Transportation is vested with authority to formulate and adopt plans for a complete and thorough study of and attack on interterritorial freight rates adversely affecting Arkansas. However, the plans shall be subject to approval by the Governor.

(b) The department is authorized to enter into contracts with rate experts, accountants, counsel, and others, taking into consideration the integrity, honesty, experience, training, and general fitness of those selected.

(c) The department is authorized and directed, on behalf of the State of Arkansas and with approval by the Governor, to enter into agreements with other states, or associations of states or of governors or other authorized representatives of states, to institute, prosecute, or intervene in proceedings before the Interstate Commerce Commission [abolished] to remove freight rate discriminations against Arkansas and the southern and southwestern territories.

Amended by Act 2017, No. 707,§ 133, eff. 8/1/2017.

Acts 1939, No. 107, §§ 1-3.
Ark. Code Ann. § 23-99-1118 — AR Code / Title 23 / Chapter 99 / Subchapter 11 / Section 23-99-1118
Rules
Status: in_force

The State Insurance Department may promulgate rules for the implementation of this subchapter. Added by Act 2017, No. 815,§ 12, eff. 8/1/2017.

The State Insurance Department may promulgate rules for the implementation of this subchapter.

Added by Act 2017, No. 815,§ 12, eff. 8/1/2017.
Ark. Code Ann. § 23-42-508 — AR Code / Title 23 / Chapter 42 / Subchapter 5 / Section 23-42-508
Market manipulation
Status: in_force

It is unlawful for any person, directly or indirectly, in this state: (1) To effect any transaction in a security which involves no change in the beneficial ownership thereof, or to enter any orders for the purchase or sale of any security with the knowledge that orders of substantially the same size, at substantially the same time, and at substantially the same price, for the sale or purchase of the security, have been or will be entered by or for the same or affiliated persons, for the purpose of creating a false or misleading appearance of active trading in the security or a false or misleading appearance with respect to the market for the security; (2) To effect, alone or with one (1) or more other persons, a series of transactions in any security creating actual or apparent active trading in the security or raising or depressing the price of the security, for the purpose of inducing the purchase or sale of the security by others; or (3) To induce the purchase or sale of any security by the circulation or dissemination of information to the effect that the price of the security will, or is likely to, rise or fall because of market operations of any one (1) or more persons conducted for the purpose of raising or depressing the price of the security, if he or she is selling or offering to sell or purchasing or offering to purchase the security or is receiving a consideration, directly or indirectly, from that person. Acts 1971, No. 131, § 7; A.S.A. 1947, § 67-1263.

It is unlawful for any person, directly or indirectly, in this state:

(1) To effect any transaction in a security which involves no change in the beneficial ownership thereof, or to enter any orders for the purchase or sale of any security with the knowledge that orders of substantially the same size, at substantially the same time, and at substantially the same price, for the sale or purchase of the security, have been or will be entered by or for the same or affiliated persons, for the purpose of creating a false or misleading appearance of active trading in the security or a false or misleading appearance with respect to the market for the security;

(2) To effect, alone or with one (1) or more other persons, a series of transactions in any security creating actual or apparent active trading in the security or raising or depressing the price of the security, for the purpose of inducing the purchase or sale of the security by others; or

(3) To induce the purchase or sale of any security by the circulation or dissemination of information to the effect that the price of the security will, or is likely to, rise or fall because of market operations of any one (1) or more persons conducted for the purpose of raising or depressing the price of the security, if he or she is selling or offering to sell or purchasing or offering to purchase the security or is receiving a consideration, directly or indirectly, from that person.

Acts 1971, No. 131, § 7; A.S.A. 1947, § 67-1263.
Ark. Code Ann. § 23-4-719 — AR Code / Title 23 / Chapter 4 / Subchapter 7 / Section 23-4-719
Enforcement of Acts 1899, No. 53 - Mandamus
Status: in_force

If any person or corporation operating any railroad or express company fails, refuses, or neglects, after notice by the Arkansas Department of Transportation, to put up its rate sheet, giving its tariff of charges in the manner, place, and time as provided in this act; to furnish the department with the rate sheet and tariff of charges as provided for in this act; to furnish cars and motive power for the prompt transportation of freight as provided in this act; to comply with any provision of this act; or to make returns as required by this act, then the person or corporation shall be subject to a writ of mandamus. The writ shall be issued by any circuit court of this state where the person or corporation has an office, agent, or place of business to compel a compliance with the provisions and requirements of this act. The writ shall issue in the name of the State of Arkansas at the relation of the department appointed under the provisions of this act, and failure to comply with the requirements shall be punishable as and for a contempt. Amended by Act 2017, No. 707,§ 143, eff. 8/1/2017. Acts 1899, No. 53, § 22, p. 82; C. & M. Dig., § 1694; Pope's Dig., § 1997; A.S.A. 1947, § 73-1521.

If any person or corporation operating any railroad or express company fails, refuses, or neglects, after notice by the Arkansas Department of Transportation, to put up its rate sheet, giving its tariff of charges in the manner, place, and time as provided in this act; to furnish the department with the rate sheet and tariff of charges as provided for in this act; to furnish cars and motive power for the prompt transportation of freight as provided in this act; to comply with any provision of this act; or to make returns as required by this act, then the person or corporation shall be subject to a writ of mandamus. The writ shall be issued by any circuit court of this state where the person or corporation has an office, agent, or place of business to compel a compliance with the provisions and requirements of this act. The writ shall issue in the name of the State of Arkansas at the relation of the department appointed under the provisions of this act, and failure to comply with the requirements shall be punishable as and for a contempt.

Amended by Act 2017, No. 707,§ 143, eff. 8/1/2017.

Acts 1899, No. 53, § 22, p. 82; C. & M. Dig., § 1694; Pope's Dig., § 1997; A.S.A. 1947, § 73-1521.
Ark. Code Ann. § 23-71-114 — AR Code / Title 23 / Chapter 71 / Section 23-71-114
Personal liability
Status: in_force

No officer, director, stockholder, or employee shall, as such, be personally liable for the losses or liability of any stipulated premium plan insurer. Acts 1959, No. 148, § 552; A.S.A. 1947, § 66-4413.

No officer, director, stockholder, or employee shall, as such, be personally liable for the losses or liability of any stipulated premium plan insurer.

Acts 1959, No. 148, § 552; A.S.A. 1947, § 66-4413.
Ark. Code Ann. § 23-39-503 — AR Code / Title 23 / Chapter 39 / Subchapter 5 / Section 23-39-503
License required - Licensee records
Status: in_force

(a) It is unlawful for any person located in Arkansas other than an exempt person to act or attempt to act, directly or indirectly, as a mortgage broker, mortgage banker, loan officer, transitional loan officer, or mortgage servicer without first obtaining a license from the Securities Commissioner under this subchapter. (b) It is unlawful for any person other than an exempt person to act or attempt to act, directly or indirectly, as a mortgage broker, mortgage banker, loan officer, transitional loan officer, or mortgage servicer with any person located in Arkansas without first obtaining a license from the commissioner under this subchapter. (c) It is unlawful for any person other than an exempt person to employ, to compensate, or to appoint as its agent any person to act as a loan officer unless the loan officer is licensed as a loan officer or a transitional loan officer under this subchapter. (d) (1) (A) If the employment of a loan officer or transitional loan officer is surrendered or canceled, then the sponsor shall terminate the sponsorship of the loan officer or transitional loan officer with the commissioner within thirty (30) days from the date that the loan officer or transitional loan officer ceased to be employed or ceased activities for the sponsor. (B) The termination of a sponsorship extinguishes the right of the loan officer or transitional loan officer to engage in any mortgage loan activity. (2) Upon receipt of a termination of sponsorship, the license of a loan officer shall be designated as approved-inactive until a licensed mortgage broker or mortgage banker files an application with the commissioner to sponsor the loan officer under § 23-39-506(c) . (3) (A) A licensee that does not comply with subdivision (d)(1)(A) of this section shall pay a late fee of two hundred fifty dollars ($250) for failure to timely notify the commissioner. (B) The late fee may be waived, in whole or in part, at the sole discretion of the commissioner and for good cause shown. (4) A loan officer or a transitional loan officer shall not be employed simultaneously by more than one (1) mortgage broker or mortgage banker licensed under this subchapter. (e) Each mortgage broker and mortgage banker licensed under this subchapter shall maintain a list of all loan officers and all transitional loan officers employed by the mortgage broker or mortgage banker and who engage or attempt to engage in business with any person in Arkansas. (f) No person other than an exempt person shall hold himself or herself out as a mortgage banker, mortgage broker, mortgage servicer, loan officer, or transitional loan officer unless the person is licensed in accordance with this subchapter. Amended by Act 2023, No. 325,§ 3, eff. 8/1/2023. Amended by Act 2021, No. 531,§ 4, eff. 7/28/2021. Amended by Act 2019, No. 200,§ 9, eff. 7/24/2019. Acts 2003, No. 554, § 1; 2003 (2nd Ex. Sess.), No. 26, § 1; 2005, No. 1679, § 1; 2007, No. 748, § 2; 2009, No. 731, § 6.

(a) It is unlawful for any person located in Arkansas other than an exempt person to act or attempt to act, directly or indirectly, as a mortgage broker, mortgage banker, loan officer, transitional loan officer, or mortgage servicer without first obtaining a license from the Securities Commissioner under this subchapter.

(b) It is unlawful for any person other than an exempt person to act or attempt to act, directly or indirectly, as a mortgage broker, mortgage banker, loan officer, transitional loan officer, or mortgage servicer with any person located in Arkansas without first obtaining a license from the commissioner under this subchapter.

(c) It is unlawful for any person other than an exempt person to employ, to compensate, or to appoint as its agent any person to act as a loan officer unless the loan officer is licensed as a loan officer or a transitional loan officer under this subchapter.

(d) (1) (A) If the employment of a loan officer or transitional loan officer is surrendered or canceled, then the sponsor shall terminate the sponsorship of the loan officer or transitional loan officer with the commissioner within thirty (30) days from the date that the loan officer or transitional loan officer ceased to be employed or ceased activities for the sponsor. (B) The termination of a sponsorship extinguishes the right of the loan officer or transitional loan officer to engage in any mortgage loan activity. (2) Upon receipt of a termination of sponsorship, the license of a loan officer shall be designated as approved-inactive until a licensed mortgage broker or mortgage banker files an application with the commissioner to sponsor the loan officer under § 23-39-506(c) . (3) (A) A licensee that does not comply with subdivision (d)(1)(A) of this section shall pay a late fee of two hundred fifty dollars ($250) for failure to timely notify the commissioner. (B) The late fee may be waived, in whole or in part, at the sole discretion of the commissioner and for good cause shown. (4) A loan officer or a transitional loan officer shall not be employed simultaneously by more than one (1) mortgage broker or mortgage banker licensed under this subchapter.

(1) (A) If the employment of a loan officer or transitional loan officer is surrendered or canceled, then the sponsor shall terminate the sponsorship of the loan officer or transitional loan officer with the commissioner within thirty (30) days from the date that the loan officer or transitional loan officer ceased to be employed or ceased activities for the sponsor. (B) The termination of a sponsorship extinguishes the right of the loan officer or transitional loan officer to engage in any mortgage loan activity.

(A) If the employment of a loan officer or transitional loan officer is surrendered or canceled, then the sponsor shall terminate the sponsorship of the loan officer or transitional loan officer with the commissioner within thirty (30) days from the date that the loan officer or transitional loan officer ceased to be employed or ceased activities for the sponsor.

(B) The termination of a sponsorship extinguishes the right of the loan officer or transitional loan officer to engage in any mortgage loan activity.

(2) Upon receipt of a termination of sponsorship, the license of a loan officer shall be designated as approved-inactive until a licensed mortgage broker or mortgage banker files an application with the commissioner to sponsor the loan officer under § 23-39-506(c) .

(3) (A) A licensee that does not comply with subdivision (d)(1)(A) of this section shall pay a late fee of two hundred fifty dollars ($250) for failure to timely notify the commissioner. (B) The late fee may be waived, in whole or in part, at the sole discretion of the commissioner and for good cause shown.

(A) A licensee that does not comply with subdivision (d)(1)(A) of this section shall pay a late fee of two hundred fifty dollars ($250) for failure to timely notify the commissioner.

(B) The late fee may be waived, in whole or in part, at the sole discretion of the commissioner and for good cause shown.

(4) A loan officer or a transitional loan officer shall not be employed simultaneously by more than one (1) mortgage broker or mortgage banker licensed under this subchapter.

(e) Each mortgage broker and mortgage banker licensed under this subchapter shall maintain a list of all loan officers and all transitional loan officers employed by the mortgage broker or mortgage banker and who engage or attempt to engage in business with any person in Arkansas.

(f) No person other than an exempt person shall hold himself or herself out as a mortgage banker, mortgage broker, mortgage servicer, loan officer, or transitional loan officer unless the person is licensed in accordance with this subchapter.

Amended by Act 2023, No. 325,§ 3, eff. 8/1/2023.

Amended by Act 2021, No. 531,§ 4, eff. 7/28/2021.

Amended by Act 2019, No. 200,§ 9, eff. 7/24/2019.

Acts 2003, No. 554, § 1; 2003 (2nd Ex. Sess.), No. 26, § 1; 2005, No. 1679, § 1; 2007, No. 748, § 2; 2009, No. 731, § 6.
Ark. Code Ann. § 23-92-701 — AR Code / Title 23 / Chapter 92 / Subchapter 7 / Section 23-92-701
Title
Status: in_force

This subchapter shall be known and may be cited as the "Arkansas Pharmacy Benefits Manager Share the Savings Act". Added by Act 2023, No. 333,§ 2, eff. 8/1/2023.

This subchapter shall be known and may be cited as the "Arkansas Pharmacy Benefits Manager Share the Savings Act".

Added by Act 2023, No. 333,§ 2, eff. 8/1/2023.
Ark. Code Ann. § 23-13-258 — AR Code / Title 23 / Chapter 13 / Subchapter 2 / Section 23-13-258
Operation of motor vehicle while in possession of, consuming, or under influence of any controlled substance or intoxicating liquor prohibited - Definition
Status: in_force

(a) (1) Any person operating or being in physical control of a motor vehicle, which motor vehicle is susceptible at the time of such operation or physical control to any rules of the State Highway Commission regarding the safety of operation and equipment of that motor vehicle, who commits any of the following acts shall be guilty of a violation and upon conviction for the first offense shall be subject to a fine of not less than two hundred dollars ($200) nor more than one thousand dollars ($1,000): (A) Operating or being in physical control of such a motor vehicle if he or she possesses, is under the influence of, or is using any controlled substance; (B) Operating or being in physical control of such a motor vehicle if he or she possesses, is under the influence of, or is using any other substance that renders him or her incapable of safely operating a motor vehicle; or (C) (i) Consumption of or possession of an intoxicating liquor, regardless of its alcoholic content, or being under the influence of an intoxicating liquor while in physical control of such a motor vehicle. (ii) However, no person shall be considered in possession of an intoxicating liquor solely on the basis that an intoxicating liquor or beverage is manifested and being transported as part of a shipment. (2) Upon the second and subsequent convictions, that person shall be subject to a fine of not less than five hundred dollars ($500) nor more than one thousand dollars ($1,000). (b) As used in this section, "controlled substance" shall have the same meaning ascribed to that term in the Uniform Controlled Substances Act, § 5-64-101 et seq., and the rules issued pursuant to the Uniform Controlled Substances Act, § 5-64-101 et seq. (c) This section does not abrogate any of the provisions of the Omnibus DWI or BWI Act, § 5-65-101 et seq., and any person violating subsection (a) of this section who may be charged with a violation of the Omnibus DWI or BWI Act, § 5-65-101 et seq., shall be charged with a violation of the Omnibus DWI or BWI Act, § 5-65-101 et seq., rather than with a violation of this section. Amended by Act 2019, No. 315,§ 2447, eff. 7/24/2019. Amended by Act 2015, No. 299,§ 32, eff. 7/22/2015. Acts 1955, No. 397, § 22; 1971, No. 532, § 1; A.S.A. 1947, § 73-1775; Acts 1993, No. 1022, § 1; 2005, No. 1994, § 149.

(a) (1) Any person operating or being in physical control of a motor vehicle, which motor vehicle is susceptible at the time of such operation or physical control to any rules of the State Highway Commission regarding the safety of operation and equipment of that motor vehicle, who commits any of the following acts shall be guilty of a violation and upon conviction for the first offense shall be subject to a fine of not less than two hundred dollars ($200) nor more than one thousand dollars ($1,000): (A) Operating or being in physical control of such a motor vehicle if he or she possesses, is under the influence of, or is using any controlled substance; (B) Operating or being in physical control of such a motor vehicle if he or she possesses, is under the influence of, or is using any other substance that renders him or her incapable of safely operating a motor vehicle; or (C) (i) Consumption of or possession of an intoxicating liquor, regardless of its alcoholic content, or being under the influence of an intoxicating liquor while in physical control of such a motor vehicle. (ii) However, no person shall be considered in possession of an intoxicating liquor solely on the basis that an intoxicating liquor or beverage is manifested and being transported as part of a shipment. (2) Upon the second and subsequent convictions, that person shall be subject to a fine of not less than five hundred dollars ($500) nor more than one thousand dollars ($1,000).

(1) Any person operating or being in physical control of a motor vehicle, which motor vehicle is susceptible at the time of such operation or physical control to any rules of the State Highway Commission regarding the safety of operation and equipment of that motor vehicle, who commits any of the following acts shall be guilty of a violation and upon conviction for the first offense shall be subject to a fine of not less than two hundred dollars ($200) nor more than one thousand dollars ($1,000): (A) Operating or being in physical control of such a motor vehicle if he or she possesses, is under the influence of, or is using any controlled substance; (B) Operating or being in physical control of such a motor vehicle if he or she possesses, is under the influence of, or is using any other substance that renders him or her incapable of safely operating a motor vehicle; or (C) (i) Consumption of or possession of an intoxicating liquor, regardless of its alcoholic content, or being under the influence of an intoxicating liquor while in physical control of such a motor vehicle. (ii) However, no person shall be considered in possession of an intoxicating liquor solely on the basis that an intoxicating liquor or beverage is manifested and being transported as part of a shipment.

(A) Operating or being in physical control of such a motor vehicle if he or she possesses, is under the influence of, or is using any controlled substance;

(B) Operating or being in physical control of such a motor vehicle if he or she possesses, is under the influence of, or is using any other substance that renders him or her incapable of safely operating a motor vehicle; or

(C) (i) Consumption of or possession of an intoxicating liquor, regardless of its alcoholic content, or being under the influence of an intoxicating liquor while in physical control of such a motor vehicle. (ii) However, no person shall be considered in possession of an intoxicating liquor solely on the basis that an intoxicating liquor or beverage is manifested and being transported as part of a shipment.

(i) Consumption of or possession of an intoxicating liquor, regardless of its alcoholic content, or being under the influence of an intoxicating liquor while in physical control of such a motor vehicle.

(ii) However, no person shall be considered in possession of an intoxicating liquor solely on the basis that an intoxicating liquor or beverage is manifested and being transported as part of a shipment.

(2) Upon the second and subsequent convictions, that person shall be subject to a fine of not less than five hundred dollars ($500) nor more than one thousand dollars ($1,000).

(b) As used in this section, "controlled substance" shall have the same meaning ascribed to that term in the Uniform Controlled Substances Act, § 5-64-101 et seq., and the rules issued pursuant to the Uniform Controlled Substances Act, § 5-64-101 et seq.

(c) This section does not abrogate any of the provisions of the Omnibus DWI or BWI Act, § 5-65-101 et seq., and any person violating subsection (a) of this section who may be charged with a violation of the Omnibus DWI or BWI Act, § 5-65-101 et seq., shall be charged with a violation of the Omnibus DWI or BWI Act, § 5-65-101 et seq., rather than with a violation of this section.

Amended by Act 2019, No. 315,§ 2447, eff. 7/24/2019.

Amended by Act 2015, No. 299,§ 32, eff. 7/22/2015.

Acts 1955, No. 397, § 22; 1971, No. 532, § 1; A.S.A. 1947, § 73-1775; Acts 1993, No. 1022, § 1; 2005, No. 1994, § 149.
Ark. Code Ann. § 23-16-207 — AR Code / Title 23 / Chapter 16 / Subchapter 2 / Section 23-16-207
Cancellation of bond
Status: in_force

(a) No such bond or undertaking shall be cancelled without the consent of all parties thereto, except for a breach of one (1) or more of the conditions thereof. (b) (1) Any such employee who has given a bond or undertaking and upon the breach of any of the conditions thereof by the other party or parties thereto shall have the power to cancel the bond or undertaking by giving the surety or sureties thereon and the common carrier for the benefit of whom the bond or undertaking has been made at least ten (10) days' notice in writing, setting out in full the reason for cancelling the bond or undertaking. (2) The notice is to be signed by the employee and sworn to by him or her in this state before any officer authorized to administer oaths. (3) Any such notice to a company, corporation, or association may be served by leaving the notice with any person upon whom service of legal process upon such a company, corporation, or association may be had. (c) (1) Any surety on any such bond or undertaking, upon the breach of any of the conditions thereof by the common carrier employee for whom the bond or undertaking has been made, shall have power to cancel the bond or undertaking by giving the employee at least ten (10) days' notice in writing setting out in full the reason for cancelling the bond or undertaking. (2) The notice is to be signed by an agent or manager of the surety, then a resident of this state and then authorized to approve or disapprove similar bonds or undertakings for the surety, and is to be sworn to by the person signing the notice in this state before an officer authorized to administer oaths. (d) Nothing in the cancellation of the bond shall affect any right of action accruing to any person upon the breach of a contract. Acts 1911, No. 166, § 3; C. & M. Dig., § 7123; Pope's Dig., § 9109; A.S.A. 1947, § 73-2103.

(a) No such bond or undertaking shall be cancelled without the consent of all parties thereto, except for a breach of one (1) or more of the conditions thereof.

(b) (1) Any such employee who has given a bond or undertaking and upon the breach of any of the conditions thereof by the other party or parties thereto shall have the power to cancel the bond or undertaking by giving the surety or sureties thereon and the common carrier for the benefit of whom the bond or undertaking has been made at least ten (10) days' notice in writing, setting out in full the reason for cancelling the bond or undertaking. (2) The notice is to be signed by the employee and sworn to by him or her in this state before any officer authorized to administer oaths. (3) Any such notice to a company, corporation, or association may be served by leaving the notice with any person upon whom service of legal process upon such a company, corporation, or association may be had.

(1) Any such employee who has given a bond or undertaking and upon the breach of any of the conditions thereof by the other party or parties thereto shall have the power to cancel the bond or undertaking by giving the surety or sureties thereon and the common carrier for the benefit of whom the bond or undertaking has been made at least ten (10) days' notice in writing, setting out in full the reason for cancelling the bond or undertaking.

(2) The notice is to be signed by the employee and sworn to by him or her in this state before any officer authorized to administer oaths.

(3) Any such notice to a company, corporation, or association may be served by leaving the notice with any person upon whom service of legal process upon such a company, corporation, or association may be had.

(c) (1) Any surety on any such bond or undertaking, upon the breach of any of the conditions thereof by the common carrier employee for whom the bond or undertaking has been made, shall have power to cancel the bond or undertaking by giving the employee at least ten (10) days' notice in writing setting out in full the reason for cancelling the bond or undertaking. (2) The notice is to be signed by an agent or manager of the surety, then a resident of this state and then authorized to approve or disapprove similar bonds or undertakings for the surety, and is to be sworn to by the person signing the notice in this state before an officer authorized to administer oaths.

(1) Any surety on any such bond or undertaking, upon the breach of any of the conditions thereof by the common carrier employee for whom the bond or undertaking has been made, shall have power to cancel the bond or undertaking by giving the employee at least ten (10) days' notice in writing setting out in full the reason for cancelling the bond or undertaking.

(2) The notice is to be signed by an agent or manager of the surety, then a resident of this state and then authorized to approve or disapprove similar bonds or undertakings for the surety, and is to be sworn to by the person signing the notice in this state before an officer authorized to administer oaths.

(d) Nothing in the cancellation of the bond shall affect any right of action accruing to any person upon the breach of a contract.

Acts 1911, No. 166, § 3; C. & M. Dig., § 7123; Pope's Dig., § 9109; A.S.A. 1947, § 73-2103.
Ark. Code Ann. § 23-47-902 — AR Code / Title 23 / Chapter 47 / Subchapter 9 / Section 23-47-902
Multiple-party leases
Status: in_force

(a) If a safe-deposit box is held in the name of two (2) or more persons, any one (1) of such persons shall be entitled to access the safe-deposit box and shall be permitted to remove the contents thereof, and the bank shall not be responsible for any damage arising by reason of such access or removal by one (1) of the persons. (b) The death of one (1) holder of a safe-deposit box held in the name of two (2) or more persons does not affect the right of any other holder of the safe-deposit box to have access to and to remove contents from the safe-deposit box. Acts 1997, No. 89, § 1.

(a) If a safe-deposit box is held in the name of two (2) or more persons, any one (1) of such persons shall be entitled to access the safe-deposit box and shall be permitted to remove the contents thereof, and the bank shall not be responsible for any damage arising by reason of such access or removal by one (1) of the persons.

(b) The death of one (1) holder of a safe-deposit box held in the name of two (2) or more persons does not affect the right of any other holder of the safe-deposit box to have access to and to remove contents from the safe-deposit box.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-63-1709 — AR Code / Title 23 / Chapter 63 / Subchapter 17 / Section 23-63-1709
Authority to adopt rules
Status: in_force

The Insurance Commissioner may promulgate rules necessary to carry out the purpose and intent of this subchapter. Amended by Act 2019, No. 315,§ 2645, eff. 7/24/2019. Acts 2001, No. 1428, § 9.

The Insurance Commissioner may promulgate rules necessary to carry out the purpose and intent of this subchapter.

Amended by Act 2019, No. 315,§ 2645, eff. 7/24/2019.

Acts 2001, No. 1428, § 9.
Ark. Code Ann. § 23-49-107 — AR Code / Title 23 / Chapter 49 / Section 23-49-107
Powers of receiver
Status: in_force

The receiver of a closed institution may do the following: (1) Take possession of all books, records, and assets of the institution; (2) Collect all debts, claims, and judgments belonging to the institution and do such other acts as are necessary to preserve and liquidate its assets; (3) Execute in the name of the institution any instrument necessary or proper to effectuate its powers or perform its duties as receiver; (4) Initiate, pursue, and defend litigation involving any right, claim, interest, or liability of the institution; (5) Exercise any and all existing fiduciary functions of the institution as of the date of appointment as receiver; (6) Borrow money as necessary in the liquidation of the institution and secure the borrowings by the pledge or mortgage of assets. The repayment of money borrowed under this subsection and interest thereon shall be considered an expense of administration under § 23-49-111 ; (7) Abandon or convey title to any holder of a mortgage, deed of trust, security interest, or lien against property in which the institution has an interest whenever the receiver determines that to continue to claim the interest is burdensome and of no advantage to the institution, its depositors, creditors, or shareholders; (8) Repudiate any leases or executory contracts to which the institution is a party in accordance with § 23-49-112 ; and (9) Subject to the approval of the court: (A) Sell any and all real and personal property to compromise any debt, claim, or judgment due from the institution and discontinue any action or other proceedings pending; (B) Pay off all mortgages, deeds of trust, security agreements, and liens upon any real or personal property belonging to the institution and purchase at judicial sale or at sale authorized by court order, any real or personal property in order to protect the institution's equity in that property; and (C) Sell in bulk the assets and liabilities of the institution. Acts 1997, No. 89, § 1.

The receiver of a closed institution may do the following:

(1) Take possession of all books, records, and assets of the institution;

(2) Collect all debts, claims, and judgments belonging to the institution and do such other acts as are necessary to preserve and liquidate its assets;

(3) Execute in the name of the institution any instrument necessary or proper to effectuate its powers or perform its duties as receiver;

(4) Initiate, pursue, and defend litigation involving any right, claim, interest, or liability of the institution;

(5) Exercise any and all existing fiduciary functions of the institution as of the date of appointment as receiver;

(6) Borrow money as necessary in the liquidation of the institution and secure the borrowings by the pledge or mortgage of assets. The repayment of money borrowed under this subsection and interest thereon shall be considered an expense of administration under § 23-49-111 ;

(7) Abandon or convey title to any holder of a mortgage, deed of trust, security interest, or lien against property in which the institution has an interest whenever the receiver determines that to continue to claim the interest is burdensome and of no advantage to the institution, its depositors, creditors, or shareholders;

(8) Repudiate any leases or executory contracts to which the institution is a party in accordance with § 23-49-112 ; and

(9) Subject to the approval of the court: (A) Sell any and all real and personal property to compromise any debt, claim, or judgment due from the institution and discontinue any action or other proceedings pending; (B) Pay off all mortgages, deeds of trust, security agreements, and liens upon any real or personal property belonging to the institution and purchase at judicial sale or at sale authorized by court order, any real or personal property in order to protect the institution's equity in that property; and (C) Sell in bulk the assets and liabilities of the institution.

(A) Sell any and all real and personal property to compromise any debt, claim, or judgment due from the institution and discontinue any action or other proceedings pending;

(B) Pay off all mortgages, deeds of trust, security agreements, and liens upon any real or personal property belonging to the institution and purchase at judicial sale or at sale authorized by court order, any real or personal property in order to protect the institution's equity in that property; and

(C) Sell in bulk the assets and liabilities of the institution.

Acts 1997, No. 89, § 1.