Ark. Code Ann. § 4-38-302 — AR Code / Title 4 / Chapter 38 / Subchapter 3 / Section 4-38-302
Statement of limited liability company authority
Status: in_force

(a) A limited liability company may deliver to the Secretary of State for filing a statement of authority. The statement: (1) must include the name of the company and the name and street and mailing addresses of its registered agent; (2) with respect to any position that exists in or with respect to the company, may state the authority, or limitations on the authority, of all persons holding the position to: (A) sign an instrument transferring real property held in the name of the company; or (B) enter into other transactions on behalf of, or otherwise act for or bind, the company; and (3) may state the authority, or limitations on the authority, of a specific person to: (A) sign an instrument transferring real property held in the name of the company; or (B) enter into other transactions on behalf of, or otherwise act for or bind, the company. (b) To amend or cancel a statement of authority filed by the Secretary of State, a limited liability company must deliver to the Secretary of State for filing an amendment or cancellation stating: (1) the name of the company; (2) the name and street and mailing addresses of the company's registered agent; (3) the date the statement being affected became effective; and (4) the contents of the amendment or a declaration that the statement is canceled. (c) A statement of authority affects only the power of a person to bind a limited liability company to persons that are not members. (d) Subject to subsection (c) and § 4-38-103(d) , and except as otherwise provided in subsections (f), (g), and (h), a limitation on the authority of a person or a position contained in an effective statement of authority is not by itself evidence of any person's knowledge or notice of the limitation. (e) Subject to subsection (c), a grant of authority not pertaining to transfers of real property and contained in an effective statement of authority is conclusive in favor of a person that gives value in reliance on the grant, except to the extent that when the person gives value: (1) the person has knowledge to the contrary; (2) the statement has been canceled or restrictively amended under subsection (b); or (3) a limitation on the grant is contained in another statement of authority that became effective after the statement containing the grant became effective. (f) Subject to subsection (c), an effective statement of authority that grants authority to transfer real property held in the name of the limited liability company, a certified copy of which statement is recorded in the office for recording transfers of the real property, is conclusive in favor of a person that gives value in reliance on the grant without knowledge to the contrary, except to the extent that when the person gives value: (1) the statement has been canceled or restrictively amended under subsection (b), and a certified copy of the cancellation or restrictive amendment has been recorded in the office for recording transfers of the real property; or (2) a limitation on the grant is contained in another statement of authority that became effective after the statement containing the grant became effective, and a certified copy of the later-effective statement is recorded in the office for recording transfers of the real property. (g) Subject to subsection (c), if a certified copy of an effective statement containing a limitation on the authority to transfer real property held in the name of a limited liability company is recorded in the office for recording transfers of that real property, all persons are deemed to know of the limitation. (h) Subject to subsection (i), an effective statement of dissolution or termination is a cancellation of any filed statement of authority for the purposes of subsection (f) and is a limitation on authority for the purposes of subsection (g). (i) After a statement of dissolution becomes effective, a limited liability company may deliver to the Secretary of State for filing and, if appropriate, may record a statement of authority that is designated as a post-dissolution statement of authority. The statement operates as provided in subsections (f) and (g). (j) Unless earlier canceled, an effective statement of authority is canceled by operation of law five years after the date on which the statement, or its most recent amendment, becomes effective. This cancellation operates without need for any recording under subsection (f) or (g). (k) An effective statement of denial operates as a restrictive amendment under this section and may be recorded by certified copy for purposes of subsection (f)(1). Added by Act 2021, No. 1041,§ 26, eff. 7/28/2021.

(a) A limited liability company may deliver to the Secretary of State for filing a statement of authority. The statement: (1) must include the name of the company and the name and street and mailing addresses of its registered agent; (2) with respect to any position that exists in or with respect to the company, may state the authority, or limitations on the authority, of all persons holding the position to: (A) sign an instrument transferring real property held in the name of the company; or (B) enter into other transactions on behalf of, or otherwise act for or bind, the company; and (3) may state the authority, or limitations on the authority, of a specific person to: (A) sign an instrument transferring real property held in the name of the company; or (B) enter into other transactions on behalf of, or otherwise act for or bind, the company.

(1) must include the name of the company and the name and street and mailing addresses of its registered agent;

(2) with respect to any position that exists in or with respect to the company, may state the authority, or limitations on the authority, of all persons holding the position to: (A) sign an instrument transferring real property held in the name of the company; or (B) enter into other transactions on behalf of, or otherwise act for or bind, the company; and

(A) sign an instrument transferring real property held in the name of the company; or

(B) enter into other transactions on behalf of, or otherwise act for or bind, the company; and

(3) may state the authority, or limitations on the authority, of a specific person to: (A) sign an instrument transferring real property held in the name of the company; or (B) enter into other transactions on behalf of, or otherwise act for or bind, the company.

(A) sign an instrument transferring real property held in the name of the company; or

(B) enter into other transactions on behalf of, or otherwise act for or bind, the company.

(b) To amend or cancel a statement of authority filed by the Secretary of State, a limited liability company must deliver to the Secretary of State for filing an amendment or cancellation stating: (1) the name of the company; (2) the name and street and mailing addresses of the company's registered agent; (3) the date the statement being affected became effective; and (4) the contents of the amendment or a declaration that the statement is canceled.

(1) the name of the company;

(2) the name and street and mailing addresses of the company's registered agent;

(3) the date the statement being affected became effective; and

(4) the contents of the amendment or a declaration that the statement is canceled.

(c) A statement of authority affects only the power of a person to bind a limited liability company to persons that are not members.

(d) Subject to subsection (c) and § 4-38-103(d) , and except as otherwise provided in subsections (f), (g), and (h), a limitation on the authority of a person or a position contained in an effective statement of authority is not by itself evidence of any person's knowledge or notice of the limitation.

(e) Subject to subsection (c), a grant of authority not pertaining to transfers of real property and contained in an effective statement of authority is conclusive in favor of a person that gives value in reliance on the grant, except to the extent that when the person gives value: (1) the person has knowledge to the contrary; (2) the statement has been canceled or restrictively amended under subsection (b); or (3) a limitation on the grant is contained in another statement of authority that became effective after the statement containing the grant became effective.

(1) the person has knowledge to the contrary;

(2) the statement has been canceled or restrictively amended under subsection (b); or

(3) a limitation on the grant is contained in another statement of authority that became effective after the statement containing the grant became effective.

(f) Subject to subsection (c), an effective statement of authority that grants authority to transfer real property held in the name of the limited liability company, a certified copy of which statement is recorded in the office for recording transfers of the real property, is conclusive in favor of a person that gives value in reliance on the grant without knowledge to the contrary, except to the extent that when the person gives value: (1) the statement has been canceled or restrictively amended under subsection (b), and a certified copy of the cancellation or restrictive amendment has been recorded in the office for recording transfers of the real property; or (2) a limitation on the grant is contained in another statement of authority that became effective after the statement containing the grant became effective, and a certified copy of the later-effective statement is recorded in the office for recording transfers of the real property.

(1) the statement has been canceled or restrictively amended under subsection (b), and a certified copy of the cancellation or restrictive amendment has been recorded in the office for recording transfers of the real property; or

(2) a limitation on the grant is contained in another statement of authority that became effective after the statement containing the grant became effective, and a certified copy of the later-effective statement is recorded in the office for recording transfers of the real property.

(g) Subject to subsection (c), if a certified copy of an effective statement containing a limitation on the authority to transfer real property held in the name of a limited liability company is recorded in the office for recording transfers of that real property, all persons are deemed to know of the limitation.

(h) Subject to subsection (i), an effective statement of dissolution or termination is a cancellation of any filed statement of authority for the purposes of subsection (f) and is a limitation on authority for the purposes of subsection (g).

(i) After a statement of dissolution becomes effective, a limited liability company may deliver to the Secretary of State for filing and, if appropriate, may record a statement of authority that is designated as a post-dissolution statement of authority. The statement operates as provided in subsections (f) and (g).

(j) Unless earlier canceled, an effective statement of authority is canceled by operation of law five years after the date on which the statement, or its most recent amendment, becomes effective. This cancellation operates without need for any recording under subsection (f) or (g).

(k) An effective statement of denial operates as a restrictive amendment under this section and may be recorded by certified copy for purposes of subsection (f)(1).

Added by Act 2021, No. 1041,§ 26, eff. 7/28/2021.
Ark. Code Ann. § 4-26-612 — AR Code / Title 4 / Chapter 26 / Subchapter 6 / Section 4-26-612
Treasury shares - Cancellation
Status: in_force

(a) A corporation may at any time, by resolution of its board of directors, cancel all or any part of its treasury shares; and in such event, a statement of cancellation shall be filed as provided in this section. (b) The statement of cancellation shall be executed and filed in accordance with § 4-26-1201 and verified by one (1) of the officers signing such statement and shall set forth: (1) The name of the corporation; (2) The number of treasury shares cancelled by resolution duly adopted by the board of directors, itemized by classes and series, and the date of its adoption; (3) The aggregate number of issued shares, itemized by classes and series, after giving effect to such cancellation; (4) The amount, expressed in dollars, of the stated capital of the corporation after giving effect to such cancellation; (5) A copy of the resolution effecting the cancellation. (c) When such statement of cancellation is filed in accordance with § 4-26-1201 , the stated capital of the corporation shall be deemed to be reduced by that part of the stated capital which was, at the time of the cancellation, represented by the shares so cancelled, and the shares so cancelled shall be restored to the status of authorized but unissued shares. (d) Nothing contained in this section shall be construed to forbid a cancellation of shares or a reduction of stated capital in any other manner permitted by this chapter. Acts 1965, No. 576, § 68; A.S.A. 1947, § 64-603.

(a) A corporation may at any time, by resolution of its board of directors, cancel all or any part of its treasury shares; and in such event, a statement of cancellation shall be filed as provided in this section.

(b) The statement of cancellation shall be executed and filed in accordance with § 4-26-1201 and verified by one (1) of the officers signing such statement and shall set forth: (1) The name of the corporation; (2) The number of treasury shares cancelled by resolution duly adopted by the board of directors, itemized by classes and series, and the date of its adoption; (3) The aggregate number of issued shares, itemized by classes and series, after giving effect to such cancellation; (4) The amount, expressed in dollars, of the stated capital of the corporation after giving effect to such cancellation; (5) A copy of the resolution effecting the cancellation.

(1) The name of the corporation;

(2) The number of treasury shares cancelled by resolution duly adopted by the board of directors, itemized by classes and series, and the date of its adoption;

(3) The aggregate number of issued shares, itemized by classes and series, after giving effect to such cancellation;

(4) The amount, expressed in dollars, of the stated capital of the corporation after giving effect to such cancellation;

(5) A copy of the resolution effecting the cancellation.

(c) When such statement of cancellation is filed in accordance with § 4-26-1201 , the stated capital of the corporation shall be deemed to be reduced by that part of the stated capital which was, at the time of the cancellation, represented by the shares so cancelled, and the shares so cancelled shall be restored to the status of authorized but unissued shares.

(d) Nothing contained in this section shall be construed to forbid a cancellation of shares or a reduction of stated capital in any other manner permitted by this chapter.

Acts 1965, No. 576, § 68; A.S.A. 1947, § 64-603.
Ark. Code Ann. § 4-37-605 — AR Code / Title 4 / Chapter 37 / Subchapter 6 / Section 4-37-605
Plan of merger
Status: in_force

In a merger under § 4-37-604 , the plan of merger must: (1) comply with § 4-38-1021 ; and (2) state in a record: (A) for any protected series of a non-surviving company, whether after the merger the protected series will be a relocated protected series or be dissolved, wound up, and terminated; (B) for any protected series of the surviving company which exists before the merger, whether after the merger the protected series will be a continuing protected series or be dissolved, wound up, and terminated; (C) for each relocated protected series or continuing protected series: (i) the name of any person that becomes an associated member or protected-series transferee of the protected series after the merger, any consideration to be paid by, on behalf of, or in respect of the person, the name of the payor, and the name of the payee; (ii) the name of any person whose rights or obligations in the person's capacity as an associated member or protected-series transferee will change after the merger; (iii) any consideration to be paid to a person who before the merger was an associated member or protected-series transferee of the protected series and the name of the payor; and (iv) if after the merger the protected series will be a relocated protected series, its new name; (D) for any protected series to be established by the surviving company as a result of the merger: (i) the name of the protected series; (ii) any protected-series transferable interest to be owned by the surviving company when the protected series is established; and (iii) the name of and any protected-series transferable interest owned by any person that will be an associated member of the protected series when the protected series is established; and (E) for any person that is an associated member of a relocated protected series and will remain a member after the merger, any amendment to the operating agreement of the surviving company which: (1) is or is proposed to be in a record; and (2) is necessary or appropriate to state the rights and obligations of the person as a member of the surviving company. Amended by Act 2021, No. 1041,§ 21, eff. 7/28/2021. Added by Act 2019, No. 665,§ 1, eff. 7/24/2019.

In a merger under § 4-37-604 , the plan of merger must:

(1) comply with § 4-38-1021 ; and

(2) state in a record: (A) for any protected series of a non-surviving company, whether after the merger the protected series will be a relocated protected series or be dissolved, wound up, and terminated; (B) for any protected series of the surviving company which exists before the merger, whether after the merger the protected series will be a continuing protected series or be dissolved, wound up, and terminated; (C) for each relocated protected series or continuing protected series: (i) the name of any person that becomes an associated member or protected-series transferee of the protected series after the merger, any consideration to be paid by, on behalf of, or in respect of the person, the name of the payor, and the name of the payee; (ii) the name of any person whose rights or obligations in the person's capacity as an associated member or protected-series transferee will change after the merger; (iii) any consideration to be paid to a person who before the merger was an associated member or protected-series transferee of the protected series and the name of the payor; and (iv) if after the merger the protected series will be a relocated protected series, its new name; (D) for any protected series to be established by the surviving company as a result of the merger: (i) the name of the protected series; (ii) any protected-series transferable interest to be owned by the surviving company when the protected series is established; and (iii) the name of and any protected-series transferable interest owned by any person that will be an associated member of the protected series when the protected series is established; and (E) for any person that is an associated member of a relocated protected series and will remain a member after the merger, any amendment to the operating agreement of the surviving company which: (1) is or is proposed to be in a record; and (2) is necessary or appropriate to state the rights and obligations of the person as a member of the surviving company.

(A) for any protected series of a non-surviving company, whether after the merger the protected series will be a relocated protected series or be dissolved, wound up, and terminated;

(B) for any protected series of the surviving company which exists before the merger, whether after the merger the protected series will be a continuing protected series or be dissolved, wound up, and terminated;

(C) for each relocated protected series or continuing protected series: (i) the name of any person that becomes an associated member or protected-series transferee of the protected series after the merger, any consideration to be paid by, on behalf of, or in respect of the person, the name of the payor, and the name of the payee; (ii) the name of any person whose rights or obligations in the person's capacity as an associated member or protected-series transferee will change after the merger; (iii) any consideration to be paid to a person who before the merger was an associated member or protected-series transferee of the protected series and the name of the payor; and (iv) if after the merger the protected series will be a relocated protected series, its new name;

(i) the name of any person that becomes an associated member or protected-series transferee of the protected series after the merger, any consideration to be paid by, on behalf of, or in respect of the person, the name of the payor, and the name of the payee;

(ii) the name of any person whose rights or obligations in the person's capacity as an associated member or protected-series transferee will change after the merger;

(iii) any consideration to be paid to a person who before the merger was an associated member or protected-series transferee of the protected series and the name of the payor; and

(iv) if after the merger the protected series will be a relocated protected series, its new name;

(D) for any protected series to be established by the surviving company as a result of the merger: (i) the name of the protected series; (ii) any protected-series transferable interest to be owned by the surviving company when the protected series is established; and (iii) the name of and any protected-series transferable interest owned by any person that will be an associated member of the protected series when the protected series is established; and

(i) the name of the protected series;

(ii) any protected-series transferable interest to be owned by the surviving company when the protected series is established; and

(iii) the name of and any protected-series transferable interest owned by any person that will be an associated member of the protected series when the protected series is established; and

(E) for any person that is an associated member of a relocated protected series and will remain a member after the merger, any amendment to the operating agreement of the surviving company which: (1) is or is proposed to be in a record; and (2) is necessary or appropriate to state the rights and obligations of the person as a member of the surviving company.

(1) is or is proposed to be in a record; and

(2) is necessary or appropriate to state the rights and obligations of the person as a member of the surviving company.

Amended by Act 2021, No. 1041,§ 21, eff. 7/28/2021.

Added by Act 2019, No. 665,§ 1, eff. 7/24/2019.
Ark. Code Ann. § 4-75-103 — AR Code / Title 4 / Chapter 75 / Subchapter 1 / Section 4-75-103
Posting incorrect background information about person - Definitions
Status: in_force

(a) As used in this section: (1) "Background and criminal history information" means a record for an individual consisting of names, identification data, notations of arrests, detentions, any indictments, any filed criminal informations, or other formal criminal charges obtained from criminal justice agencies, including any dispositions of the charges, as well as notations on correctional supervision and release; and (2) (A) "Commercial website" means a for-profit website that as part of its operations posts background information of a person. (B) "Commercial website" does not include a: (i) Legitimate news-gathering organization, publication, or aggregator; or (ii) Consumer reporting agency as defined under § 4-93-102 . (b) (1) A person may request the removal of his or her background and criminal history information from a commercial website by submitting to the owner or operator of the commercial website a written request to remove his or her background and criminal history information from the commercial website. (2) The written request submitted under subdivision (b)(1) of this section shall include the full name, date of birth, and state of residence of the person submitting the request for the removal of his or her background and criminal history information from the commercial website. (c) (1) A commercial website that is publicly accessible within this state is subject to this section. (2) (A) A commercial website that displays a person's background and criminal history information shall have displayed prominently on the home page of the commercial website the name, mailing address, email address, and any other contact information for the owner or operator of the commercial website. (B) The owner or operator of the commercial website shall also, at no cost, provide for a readily accessible means by which a person may have verified by the owner or operator of the commercial website receipt of his or her request submitted under subdivision (b)(1) of this section. (3) The person responsible for removing the background and criminal history information of the person from the commercial website shall: (A) Remove the background and criminal history information of the arrested or convicted individual from the commercial website within five (5) business days of receipt of a request submitted under subdivision (b)(1) of this section; and (B) Not require payment of a fee or other consideration for removing the background or criminal history information from the commercial website. (d) (1) A person who is adversely affected, is denied employment, or is terminated from employment by an entity due in whole or in part to information provided by a commercial website that posts or posted the person's background and criminal history information may request in writing from the entity that took adverse action against, denied employment to, or terminated employment with the person the name and contact information of the commercial website that provided the person's background and criminal history information to the entity. (2) The written request submitted under subdivision (d)(1) of this section shall be complied with no later than five (5) business days after receipt of the written request. (e) (1) An owner or operator of a commercial website that knowingly fails or refuses to remove the background and criminal history information upon the person's request is liable to the person if the person shows by a preponderance of the evidence that the owner or operator of the commercial website knew or should have known that the background and criminal history information about the person was either incorrect or inaccurate. (2) A civil action under this section is separate and distinct from a defamation or common law false light claim. (3) Remedies available to the person bringing a civil action under this section include compensatory damages, attorney's fees, costs of litigation, and punitive damages. (4) Punitive damages under this subsection shall be set at a minimum of one thousand dollars ($1,000) per day for each day that the owner or operator of a commercial website fails to remove the background or criminal history information after the five-day period described in subdivision (c)(3)(A) of this section. (f) The owner or operator of a commercial website that displays a person's background and criminal history information may disclose only that background and criminal history information subject to disclosure under Arkansas law. Added by Act 2021, No. 1045,§ 1, eff. 7/28/2021.

(a) As used in this section: (1) "Background and criminal history information" means a record for an individual consisting of names, identification data, notations of arrests, detentions, any indictments, any filed criminal informations, or other formal criminal charges obtained from criminal justice agencies, including any dispositions of the charges, as well as notations on correctional supervision and release; and (2) (A) "Commercial website" means a for-profit website that as part of its operations posts background information of a person. (B) "Commercial website" does not include a: (i) Legitimate news-gathering organization, publication, or aggregator; or (ii) Consumer reporting agency as defined under § 4-93-102 .

(1) "Background and criminal history information" means a record for an individual consisting of names, identification data, notations of arrests, detentions, any indictments, any filed criminal informations, or other formal criminal charges obtained from criminal justice agencies, including any dispositions of the charges, as well as notations on correctional supervision and release; and

(2) (A) "Commercial website" means a for-profit website that as part of its operations posts background information of a person. (B) "Commercial website" does not include a: (i) Legitimate news-gathering organization, publication, or aggregator; or (ii) Consumer reporting agency as defined under § 4-93-102 .

(A) "Commercial website" means a for-profit website that as part of its operations posts background information of a person.

(B) "Commercial website" does not include a: (i) Legitimate news-gathering organization, publication, or aggregator; or (ii) Consumer reporting agency as defined under § 4-93-102 .

(i) Legitimate news-gathering organization, publication, or aggregator; or

(ii) Consumer reporting agency as defined under § 4-93-102 .

(b) (1) A person may request the removal of his or her background and criminal history information from a commercial website by submitting to the owner or operator of the commercial website a written request to remove his or her background and criminal history information from the commercial website. (2) The written request submitted under subdivision (b)(1) of this section shall include the full name, date of birth, and state of residence of the person submitting the request for the removal of his or her background and criminal history information from the commercial website.

(1) A person may request the removal of his or her background and criminal history information from a commercial website by submitting to the owner or operator of the commercial website a written request to remove his or her background and criminal history information from the commercial website.

(2) The written request submitted under subdivision (b)(1) of this section shall include the full name, date of birth, and state of residence of the person submitting the request for the removal of his or her background and criminal history information from the commercial website.

(c) (1) A commercial website that is publicly accessible within this state is subject to this section. (2) (A) A commercial website that displays a person's background and criminal history information shall have displayed prominently on the home page of the commercial website the name, mailing address, email address, and any other contact information for the owner or operator of the commercial website. (B) The owner or operator of the commercial website shall also, at no cost, provide for a readily accessible means by which a person may have verified by the owner or operator of the commercial website receipt of his or her request submitted under subdivision (b)(1) of this section. (3) The person responsible for removing the background and criminal history information of the person from the commercial website shall: (A) Remove the background and criminal history information of the arrested or convicted individual from the commercial website within five (5) business days of receipt of a request submitted under subdivision (b)(1) of this section; and (B) Not require payment of a fee or other consideration for removing the background or criminal history information from the commercial website.

(1) A commercial website that is publicly accessible within this state is subject to this section.

(2) (A) A commercial website that displays a person's background and criminal history information shall have displayed prominently on the home page of the commercial website the name, mailing address, email address, and any other contact information for the owner or operator of the commercial website. (B) The owner or operator of the commercial website shall also, at no cost, provide for a readily accessible means by which a person may have verified by the owner or operator of the commercial website receipt of his or her request submitted under subdivision (b)(1) of this section.

(A) A commercial website that displays a person's background and criminal history information shall have displayed prominently on the home page of the commercial website the name, mailing address, email address, and any other contact information for the owner or operator of the commercial website.

(B) The owner or operator of the commercial website shall also, at no cost, provide for a readily accessible means by which a person may have verified by the owner or operator of the commercial website receipt of his or her request submitted under subdivision (b)(1) of this section.

(3) The person responsible for removing the background and criminal history information of the person from the commercial website shall: (A) Remove the background and criminal history information of the arrested or convicted individual from the commercial website within five (5) business days of receipt of a request submitted under subdivision (b)(1) of this section; and (B) Not require payment of a fee or other consideration for removing the background or criminal history information from the commercial website.

(A) Remove the background and criminal history information of the arrested or convicted individual from the commercial website within five (5) business days of receipt of a request submitted under subdivision (b)(1) of this section; and

(B) Not require payment of a fee or other consideration for removing the background or criminal history information from the commercial website.

(d) (1) A person who is adversely affected, is denied employment, or is terminated from employment by an entity due in whole or in part to information provided by a commercial website that posts or posted the person's background and criminal history information may request in writing from the entity that took adverse action against, denied employment to, or terminated employment with the person the name and contact information of the commercial website that provided the person's background and criminal history information to the entity. (2) The written request submitted under subdivision (d)(1) of this section shall be complied with no later than five (5) business days after receipt of the written request.

(1) A person who is adversely affected, is denied employment, or is terminated from employment by an entity due in whole or in part to information provided by a commercial website that posts or posted the person's background and criminal history information may request in writing from the entity that took adverse action against, denied employment to, or terminated employment with the person the name and contact information of the commercial website that provided the person's background and criminal history information to the entity.

(2) The written request submitted under subdivision (d)(1) of this section shall be complied with no later than five (5) business days after receipt of the written request.

(e) (1) An owner or operator of a commercial website that knowingly fails or refuses to remove the background and criminal history information upon the person's request is liable to the person if the person shows by a preponderance of the evidence that the owner or operator of the commercial website knew or should have known that the background and criminal history information about the person was either incorrect or inaccurate. (2) A civil action under this section is separate and distinct from a defamation or common law false light claim. (3) Remedies available to the person bringing a civil action under this section include compensatory damages, attorney's fees, costs of litigation, and punitive damages. (4) Punitive damages under this subsection shall be set at a minimum of one thousand dollars ($1,000) per day for each day that the owner or operator of a commercial website fails to remove the background or criminal history information after the five-day period described in subdivision (c)(3)(A) of this section.

(1) An owner or operator of a commercial website that knowingly fails or refuses to remove the background and criminal history information upon the person's request is liable to the person if the person shows by a preponderance of the evidence that the owner or operator of the commercial website knew or should have known that the background and criminal history information about the person was either incorrect or inaccurate.

(2) A civil action under this section is separate and distinct from a defamation or common law false light claim.

(3) Remedies available to the person bringing a civil action under this section include compensatory damages, attorney's fees, costs of litigation, and punitive damages.

(4) Punitive damages under this subsection shall be set at a minimum of one thousand dollars ($1,000) per day for each day that the owner or operator of a commercial website fails to remove the background or criminal history information after the five-day period described in subdivision (c)(3)(A) of this section.

(f) The owner or operator of a commercial website that displays a person's background and criminal history information may disclose only that background and criminal history information subject to disclosure under Arkansas law.

Added by Act 2021, No. 1045,§ 1, eff. 7/28/2021.
Ark. Code Ann. § 4-27-1108 — AR Code / Title 4 / Chapter 27 / Subchapter 11 / Section 4-27-1108
Merger of subsidiary
Status: in_force

(a) A parent corporation owning at least ninety percent (90%) of the outstanding shares of each class of a subsidiary corporation may merge the subsidiary corporation into itself without approval of the shareholders of the parent corporation or subsidiary corporation. (b) The board of directors of the parent corporation shall adopt a plan of merger that sets forth: (1) The names of the parent corporation and the subsidiary corporation; and (2) The manner and basis of converting the shares of the subsidiary corporation into: (A) Shares, obligations, or other securities of the parent corporation or any other corporation; or (B) Cash or other property. (c) The parent corporation shall mail a copy or summary of the plan of merger to each shareholder of the subsidiary who does not waive the mailing requirement in writing. (d) The parent corporation may not deliver articles of merger to the Secretary of State for filing until at least thirty (30) days after the date the parent corporation mailed a copy of the plan of merger to each shareholder of the subsidiary corporation who did not waive the mailing requirement. (e) Articles of merger under this section may not contain amendments to the articles of incorporation of the parent corporation except for amendments enumerated in § 4-27-1002 . Acts 2009, No. 408, § 2.

(a) A parent corporation owning at least ninety percent (90%) of the outstanding shares of each class of a subsidiary corporation may merge the subsidiary corporation into itself without approval of the shareholders of the parent corporation or subsidiary corporation.

(b) The board of directors of the parent corporation shall adopt a plan of merger that sets forth: (1) The names of the parent corporation and the subsidiary corporation; and (2) The manner and basis of converting the shares of the subsidiary corporation into: (A) Shares, obligations, or other securities of the parent corporation or any other corporation; or (B) Cash or other property.

(1) The names of the parent corporation and the subsidiary corporation; and

(2) The manner and basis of converting the shares of the subsidiary corporation into: (A) Shares, obligations, or other securities of the parent corporation or any other corporation; or (B) Cash or other property.

(A) Shares, obligations, or other securities of the parent corporation or any other corporation; or

(B) Cash or other property.

(c) The parent corporation shall mail a copy or summary of the plan of merger to each shareholder of the subsidiary who does not waive the mailing requirement in writing.

(d) The parent corporation may not deliver articles of merger to the Secretary of State for filing until at least thirty (30) days after the date the parent corporation mailed a copy of the plan of merger to each shareholder of the subsidiary corporation who did not waive the mailing requirement.

(e) Articles of merger under this section may not contain amendments to the articles of incorporation of the parent corporation except for amendments enumerated in § 4-27-1002 .

Acts 2009, No. 408, § 2.
Ark. Code Ann. § 4-88-117 — AR Code / Title 4 / Chapter 88 / Subchapter 1 / Section 4-88-117
Durable medical equipment - Definition
Status: in_force

(a) As used in this section, "durable medical equipment" means a good that qualifies for insurance reimbursement and requires a referral or prescription of a licensed physician or a licensed advanced practice registered nurse. (b) A person shall not represent or advertise that a consumer's health insurance, health benefit plan, Medicare, or Medicaid will cover any portion of the cost of durable medical equipment unless a licensed physician or a licensed advanced practice registered nurse has made a referral for or prescribed the durable medical equipment for the consumer before an agreement to purchase durable medical equipment is executed between a consumer and seller of the durable medical equipment. (c) Notwithstanding any provision of this section, a provision in an agreement to purchase durable medical equipment does not violate this section if the consumer has signed a conspicuous waiver that contains no other information or agreements and clearly states that the consumer understands that Medicare, Medicaid, a health benefit plan, a health insurance plan, or any other insurance plan may only cover the cost of the durable medical equipment upon approval by the consumer's licensed physician or licensed advanced practice registered nurse. (d) (1) If an agreement to purchase durable medical equipment contains a provision that violates this section, the agreement to purchase durable medical equipment is void. (2) If an agreement to purchase durable medical equipment is voided under subdivision (d)(1) of this section, a consumer may receive full reimbursement for the durable medical equipment. (3) If a consumer seeks reimbursement for a transaction, the consumer shall return the durable medical equipment upon the request of the seller of the durable medical equipment and at the expense of the seller of the durable medical equipment. (e) (1) A transaction for durable medical equipment shall have a thirty-day return policy. (2) Durable medical equipment may be returned for any reason. (3) Notification of a return of durable medical equipment: (A) Shall be given by the consumer within thirty (30) days of the agreement to purchase durable medical equipment; and (B) May be given to the seller of the durable medical equipment in writing or over the telephone. (4) (A) A seller of durable medical equipment shall not deny a reimbursement for durable medical equipment because the durable medical equipment has not been returned. (B) However, a consumer shall be permitted to return the durable medical equipment at the expense of the seller of the durable medical equipment within a reasonable amount of time after notification of the return. Added by Act 2019, No. 1065,§ 1, eff. 7/24/2019.

(a) As used in this section, "durable medical equipment" means a good that qualifies for insurance reimbursement and requires a referral or prescription of a licensed physician or a licensed advanced practice registered nurse.

(b) A person shall not represent or advertise that a consumer's health insurance, health benefit plan, Medicare, or Medicaid will cover any portion of the cost of durable medical equipment unless a licensed physician or a licensed advanced practice registered nurse has made a referral for or prescribed the durable medical equipment for the consumer before an agreement to purchase durable medical equipment is executed between a consumer and seller of the durable medical equipment.

(c) Notwithstanding any provision of this section, a provision in an agreement to purchase durable medical equipment does not violate this section if the consumer has signed a conspicuous waiver that contains no other information or agreements and clearly states that the consumer understands that Medicare, Medicaid, a health benefit plan, a health insurance plan, or any other insurance plan may only cover the cost of the durable medical equipment upon approval by the consumer's licensed physician or licensed advanced practice registered nurse.

(d) (1) If an agreement to purchase durable medical equipment contains a provision that violates this section, the agreement to purchase durable medical equipment is void. (2) If an agreement to purchase durable medical equipment is voided under subdivision (d)(1) of this section, a consumer may receive full reimbursement for the durable medical equipment. (3) If a consumer seeks reimbursement for a transaction, the consumer shall return the durable medical equipment upon the request of the seller of the durable medical equipment and at the expense of the seller of the durable medical equipment.

(1) If an agreement to purchase durable medical equipment contains a provision that violates this section, the agreement to purchase durable medical equipment is void.

(2) If an agreement to purchase durable medical equipment is voided under subdivision (d)(1) of this section, a consumer may receive full reimbursement for the durable medical equipment.

(3) If a consumer seeks reimbursement for a transaction, the consumer shall return the durable medical equipment upon the request of the seller of the durable medical equipment and at the expense of the seller of the durable medical equipment.

(e) (1) A transaction for durable medical equipment shall have a thirty-day return policy. (2) Durable medical equipment may be returned for any reason. (3) Notification of a return of durable medical equipment: (A) Shall be given by the consumer within thirty (30) days of the agreement to purchase durable medical equipment; and (B) May be given to the seller of the durable medical equipment in writing or over the telephone. (4) (A) A seller of durable medical equipment shall not deny a reimbursement for durable medical equipment because the durable medical equipment has not been returned. (B) However, a consumer shall be permitted to return the durable medical equipment at the expense of the seller of the durable medical equipment within a reasonable amount of time after notification of the return.

(1) A transaction for durable medical equipment shall have a thirty-day return policy.

(2) Durable medical equipment may be returned for any reason.

(3) Notification of a return of durable medical equipment: (A) Shall be given by the consumer within thirty (30) days of the agreement to purchase durable medical equipment; and (B) May be given to the seller of the durable medical equipment in writing or over the telephone.

(A) Shall be given by the consumer within thirty (30) days of the agreement to purchase durable medical equipment; and

(B) May be given to the seller of the durable medical equipment in writing or over the telephone.

(4) (A) A seller of durable medical equipment shall not deny a reimbursement for durable medical equipment because the durable medical equipment has not been returned. (B) However, a consumer shall be permitted to return the durable medical equipment at the expense of the seller of the durable medical equipment within a reasonable amount of time after notification of the return.

(A) A seller of durable medical equipment shall not deny a reimbursement for durable medical equipment because the durable medical equipment has not been returned.

(B) However, a consumer shall be permitted to return the durable medical equipment at the expense of the seller of the durable medical equipment within a reasonable amount of time after notification of the return.

Added by Act 2019, No. 1065,§ 1, eff. 7/24/2019.
Ark. Code Ann. § 4-47-805 — AR Code / Title 4 / Chapter 47 / Subchapter 8 / Section 4-47-805
Liability after dissolution of general partner and person dissociated as general partner to limited partnership, other general partners, and persons dissociated as general partner
Status: in_force

(a) If a general partner having knowledge of the dissolution causes a limited partnership to incur an obligation under § 4-47-804(a) by an act that is not appropriate for winding up the partnership's activities, the general partner is liable: (1) to the limited partnership for any damage caused to the limited partnership arising from the obligation; and (2) if another general partner or a person dissociated as a general partner is liable for the obligation, to that other general partner or person for any damage caused to that other general partner or person arising from the liability. (b) If a person dissociated as a general partner causes a limited partnership to incur an obligation under § 4-47-804(b) , the person is liable: (1) to the limited partnership for any damage caused to the limited partnership arising from the obligation; and (2) if a general partner or another person dissociated as a general partner is liable for the obligation, to the general partner or other person for any damage caused to the general partner or other person arising from the liability. Acts 2007, No. 15, § 1.

(a) If a general partner having knowledge of the dissolution causes a limited partnership to incur an obligation under § 4-47-804(a) by an act that is not appropriate for winding up the partnership's activities, the general partner is liable: (1) to the limited partnership for any damage caused to the limited partnership arising from the obligation; and (2) if another general partner or a person dissociated as a general partner is liable for the obligation, to that other general partner or person for any damage caused to that other general partner or person arising from the liability.

(1) to the limited partnership for any damage caused to the limited partnership arising from the obligation; and

(2) if another general partner or a person dissociated as a general partner is liable for the obligation, to that other general partner or person for any damage caused to that other general partner or person arising from the liability.

(b) If a person dissociated as a general partner causes a limited partnership to incur an obligation under § 4-47-804(b) , the person is liable: (1) to the limited partnership for any damage caused to the limited partnership arising from the obligation; and (2) if a general partner or another person dissociated as a general partner is liable for the obligation, to the general partner or other person for any damage caused to the general partner or other person arising from the liability.

(1) to the limited partnership for any damage caused to the limited partnership arising from the obligation; and

(2) if a general partner or another person dissociated as a general partner is liable for the obligation, to the general partner or other person for any damage caused to the general partner or other person arising from the liability.

Acts 2007, No. 15, § 1.
Ark. Code Ann. § 4-17-101 — AR Code / Title 4 / Chapter 17 / Section 4-17-101
Legal tender
Status: in_force

All accounts and other computations of money in the treasury and other public offices, whether state or local, and all accounts arising from proceedings in courts of justice, shall be kept and made out in the money account of the United States, that is to say, in dollars or units, dimes or tenths, cents or hundredths, mills or thousandths: a dime being the tenth part of a dollar; a cent, the hundredth part of a dollar; and a mill, the thousandth part of a dollar. Rev. Stat., ch. 100, § 1; C. & M. Dig., § 7350; Pope's Dig., § 9389; A.S.A. 1947, § 68-601.

All accounts and other computations of money in the treasury and other public offices, whether state or local, and all accounts arising from proceedings in courts of justice, shall be kept and made out in the money account of the United States, that is to say, in dollars or units, dimes or tenths, cents or hundredths, mills or thousandths: a dime being the tenth part of a dollar; a cent, the hundredth part of a dollar; and a mill, the thousandth part of a dollar.

Rev. Stat., ch. 100, § 1; C. & M. Dig., § 7350; Pope's Dig., § 9389; A.S.A. 1947, § 68-601.
Ark. Code Ann. § 4-90-406 — AR Code / Title 4 / Chapter 90 / Subchapter 4 / Section 4-90-406
Failure to make required repairs
Status: in_force

(a) (1) After three (3) attempts have been made to repair the same nonconformity that substantially impairs the motor vehicle, or after one (1) attempt to repair a nonconformity that is likely to cause death or serious bodily injury, the consumer shall give written notification, by certified or registered mail, to the manufacturer of the need to repair the nonconformity in order to allow the manufacturer a final attempt to cure the nonconformity. (2) The manufacturer shall, within ten (10) days after receipt of the notification, notify and provide the consumer with the opportunity to have the vehicle repaired at a reasonably accessible repair facility, and, after delivery of the vehicle to the designated repair facility by the consumer, the manufacturer shall, within ten (10) days, conform the motor vehicle to the warranty. (3) If the manufacturer fails to notify and provide the consumer with the opportunity to have the vehicle repaired at a reasonably accessible repair facility or fails to perform the repairs within the time periods prescribed in this subsection, the requirement that the manufacturer be given a final attempt to cure the nonconformity does not apply and a nonrebuttable presumption of a reasonable number of attempts to repair arises. (b) (1) (A) If the manufacturer, its agent, or authorized dealer has not conformed the motor vehicle to the warranty by repairing or correcting one (1) or more nonconformities that substantially impair the motor vehicle after a reasonable number of attempts, the manufacturer, within forty (40) days, shall: (i) At the time of its receipt of payment of a reasonable offset for use by the consumer, replace the motor vehicle with a replacement motor vehicle acceptable to the consumer; or (ii) Repurchase the motor vehicle from the consumer or lessor and refund to the consumer or lessor the full purchase price or lease price, less a reasonable offset for use and less a reasonable offset for physical damage sustained to the vehicle while under the ownership of the consumer. (B) The replacement or refund shall include payment of all collateral and reasonably incurred incidental charges. (2) (A) The consumer shall have an unconditional right to choose a refund rather than a replacement. (B) At the time of the refund or replacement, the consumer, lienholder, or lessor shall furnish to the manufacturer clear title to and possession of the motor vehicle. (3) The amount of reasonable offset for use by the consumer shall be determined by multiplying the actual price of the new motor vehicle paid or payable by the consumer, including any charges for transportation and manufacturer-installed or agent-installed options, by a fraction having as its denominator one hundred twenty thousand (120,000) and having as its numerator the number of miles traveled by the new motor vehicle prior to the time the buyer first delivered the vehicle to the manufacturer, its agent, or authorized dealer for correction of the problem that gave rise to the nonconformity. Acts 1993, No. 285, § 6; 1993, No. 297, § 6; 1995, No. 302, § 3.

(a) (1) After three (3) attempts have been made to repair the same nonconformity that substantially impairs the motor vehicle, or after one (1) attempt to repair a nonconformity that is likely to cause death or serious bodily injury, the consumer shall give written notification, by certified or registered mail, to the manufacturer of the need to repair the nonconformity in order to allow the manufacturer a final attempt to cure the nonconformity. (2) The manufacturer shall, within ten (10) days after receipt of the notification, notify and provide the consumer with the opportunity to have the vehicle repaired at a reasonably accessible repair facility, and, after delivery of the vehicle to the designated repair facility by the consumer, the manufacturer shall, within ten (10) days, conform the motor vehicle to the warranty. (3) If the manufacturer fails to notify and provide the consumer with the opportunity to have the vehicle repaired at a reasonably accessible repair facility or fails to perform the repairs within the time periods prescribed in this subsection, the requirement that the manufacturer be given a final attempt to cure the nonconformity does not apply and a nonrebuttable presumption of a reasonable number of attempts to repair arises.

(1) After three (3) attempts have been made to repair the same nonconformity that substantially impairs the motor vehicle, or after one (1) attempt to repair a nonconformity that is likely to cause death or serious bodily injury, the consumer shall give written notification, by certified or registered mail, to the manufacturer of the need to repair the nonconformity in order to allow the manufacturer a final attempt to cure the nonconformity.

(2) The manufacturer shall, within ten (10) days after receipt of the notification, notify and provide the consumer with the opportunity to have the vehicle repaired at a reasonably accessible repair facility, and, after delivery of the vehicle to the designated repair facility by the consumer, the manufacturer shall, within ten (10) days, conform the motor vehicle to the warranty.

(3) If the manufacturer fails to notify and provide the consumer with the opportunity to have the vehicle repaired at a reasonably accessible repair facility or fails to perform the repairs within the time periods prescribed in this subsection, the requirement that the manufacturer be given a final attempt to cure the nonconformity does not apply and a nonrebuttable presumption of a reasonable number of attempts to repair arises.

(b) (1) (A) If the manufacturer, its agent, or authorized dealer has not conformed the motor vehicle to the warranty by repairing or correcting one (1) or more nonconformities that substantially impair the motor vehicle after a reasonable number of attempts, the manufacturer, within forty (40) days, shall: (i) At the time of its receipt of payment of a reasonable offset for use by the consumer, replace the motor vehicle with a replacement motor vehicle acceptable to the consumer; or (ii) Repurchase the motor vehicle from the consumer or lessor and refund to the consumer or lessor the full purchase price or lease price, less a reasonable offset for use and less a reasonable offset for physical damage sustained to the vehicle while under the ownership of the consumer. (B) The replacement or refund shall include payment of all collateral and reasonably incurred incidental charges. (2) (A) The consumer shall have an unconditional right to choose a refund rather than a replacement. (B) At the time of the refund or replacement, the consumer, lienholder, or lessor shall furnish to the manufacturer clear title to and possession of the motor vehicle. (3) The amount of reasonable offset for use by the consumer shall be determined by multiplying the actual price of the new motor vehicle paid or payable by the consumer, including any charges for transportation and manufacturer-installed or agent-installed options, by a fraction having as its denominator one hundred twenty thousand (120,000) and having as its numerator the number of miles traveled by the new motor vehicle prior to the time the buyer first delivered the vehicle to the manufacturer, its agent, or authorized dealer for correction of the problem that gave rise to the nonconformity.

(1) (A) If the manufacturer, its agent, or authorized dealer has not conformed the motor vehicle to the warranty by repairing or correcting one (1) or more nonconformities that substantially impair the motor vehicle after a reasonable number of attempts, the manufacturer, within forty (40) days, shall: (i) At the time of its receipt of payment of a reasonable offset for use by the consumer, replace the motor vehicle with a replacement motor vehicle acceptable to the consumer; or (ii) Repurchase the motor vehicle from the consumer or lessor and refund to the consumer or lessor the full purchase price or lease price, less a reasonable offset for use and less a reasonable offset for physical damage sustained to the vehicle while under the ownership of the consumer. (B) The replacement or refund shall include payment of all collateral and reasonably incurred incidental charges.

(A) If the manufacturer, its agent, or authorized dealer has not conformed the motor vehicle to the warranty by repairing or correcting one (1) or more nonconformities that substantially impair the motor vehicle after a reasonable number of attempts, the manufacturer, within forty (40) days, shall: (i) At the time of its receipt of payment of a reasonable offset for use by the consumer, replace the motor vehicle with a replacement motor vehicle acceptable to the consumer; or (ii) Repurchase the motor vehicle from the consumer or lessor and refund to the consumer or lessor the full purchase price or lease price, less a reasonable offset for use and less a reasonable offset for physical damage sustained to the vehicle while under the ownership of the consumer.

(i) At the time of its receipt of payment of a reasonable offset for use by the consumer, replace the motor vehicle with a replacement motor vehicle acceptable to the consumer; or

(ii) Repurchase the motor vehicle from the consumer or lessor and refund to the consumer or lessor the full purchase price or lease price, less a reasonable offset for use and less a reasonable offset for physical damage sustained to the vehicle while under the ownership of the consumer.

(B) The replacement or refund shall include payment of all collateral and reasonably incurred incidental charges.

(2) (A) The consumer shall have an unconditional right to choose a refund rather than a replacement. (B) At the time of the refund or replacement, the consumer, lienholder, or lessor shall furnish to the manufacturer clear title to and possession of the motor vehicle.

(A) The consumer shall have an unconditional right to choose a refund rather than a replacement.

(B) At the time of the refund or replacement, the consumer, lienholder, or lessor shall furnish to the manufacturer clear title to and possession of the motor vehicle.

(3) The amount of reasonable offset for use by the consumer shall be determined by multiplying the actual price of the new motor vehicle paid or payable by the consumer, including any charges for transportation and manufacturer-installed or agent-installed options, by a fraction having as its denominator one hundred twenty thousand (120,000) and having as its numerator the number of miles traveled by the new motor vehicle prior to the time the buyer first delivered the vehicle to the manufacturer, its agent, or authorized dealer for correction of the problem that gave rise to the nonconformity.

Acts 1993, No. 285, § 6; 1993, No. 297, § 6; 1995, No. 302, § 3.
Ark. Code Ann. § 4-75-1202 — AR Code / Title 4 / Chapter 75 / Subchapter 12 / Section 4-75-1202
Purpose
Status: in_force

The purpose of this subchapter is to ensure that the express warranty provided by a manufacturer against defective asphalt roof shingles is available to a homeowner and any subsequent homeowner to prevent misleading and deceptive business practices in the sale of asphalt roof shingles. Added by Act 2017, No. 487,§ 1, eff. 8/1/2017.

The purpose of this subchapter is to ensure that the express warranty provided by a manufacturer against defective asphalt roof shingles is available to a homeowner and any subsequent homeowner to prevent misleading and deceptive business practices in the sale of asphalt roof shingles.

Added by Act 2017, No. 487,§ 1, eff. 8/1/2017.
Ark. Code Ann. § 4-90-401 — AR Code / Title 4 / Chapter 90 / Subchapter 4 / Section 4-90-401
Title
Status: in_force

This subchapter shall be known and may be cited as the "Arkansas New Motor Vehicle Quality Assurance Act". Acts 1993, No. 285, § 1; 1993, No. 297, § 1.

This subchapter shall be known and may be cited as the "Arkansas New Motor Vehicle Quality Assurance Act".

Acts 1993, No. 285, § 1; 1993, No. 297, § 1.
Ark. Code Ann. § 4-37-701 — AR Code / Title 4 / Chapter 37 / Subchapter 7 / Section 4-37-701
Governing law
Status: in_force

The law of the jurisdiction of formation of a foreign series limited liability company governs: (1) the internal affairs of a foreign protected series of the company, including: (A) relations among any associated members of the foreign protected series; (B) relations between the foreign protected series and: (i) any associated member; (ii) the protected-series manager; or (iii) any protected-series transferee; (C) relations between any associated member and: (i) the protected-series manager: (ii) any protected-series transferee; (D) the rights and duties of a protected-series manager; (E) governance decisions affecting the activities and affairs of the foreign protected series and the conduct of those activities and affairs; and (F) procedures and conditions for becoming an associated member or protected-series transferee; (2) relations between the foreign protected series and: (A) the company; (B) another foreign protected series of the company; (C) a member of the company which is not an associated member of the foreign protected series; (D) a foreign protected-series manager that is not a protected-series manager of the protected series; (E) a foreign protected-series transferee that is not a foreign protected-series transferee of the protected series; and (F) a transferee of a transferable interest of the company; (3) except as otherwise provided in § 4-37-402 and § 4-37-404 , the liability of a person for a debt, obligation, or other liability of a foreign protected series of a foreign series limited liability company if the debt, obligation, or liability is asserted solely by reason of the person being or acting as: (A) an associated member, protected-series transferee, or protected-series manager of the foreign protected series; (B) a member of the company which is not an associated member of the foreign protected series; (C) a protected-series manager of another foreign protected series of the company; (D) a protected-series transferee of another foreign protected series of the company; (E) a manager of the company; or (F) a transferee of a transferable interest of the company; and (4) except as otherwise provided in § 4-37-402 and § 4-37-404 : (A) the liability of the foreign series limited liability company for a debt, obligation, or other liability of a foreign protected series of the company if the debt, obligation, or liability is asserted solely by reason of the foreign protected series being a foreign protected series of the company or the company: (i) being or acting as a foreign protected-series manager of the foreign protected series; (ii) having the foreign protected series manage the company; or (iii) owning a protected-series transferable interest of the foreign protected series; and (B) the liability of a foreign protected series for a debt, obligation, or other liability of the company or another foreign protected series of the company if the debt, obligation, or liability is asserted solely by reason of the foreign protected series: (i) being a foreign protected series of the company or having the company or another foreign protected series of the company be or act as foreign protected-series manager of the foreign protected series; or (ii) managing the company or being or acting as a foreign protected-series manager of another foreign protected series of the company. Added by Act 2019, No. 665,§ 1, eff. 7/24/2019.

The law of the jurisdiction of formation of a foreign series limited liability company governs:

(1) the internal affairs of a foreign protected series of the company, including: (A) relations among any associated members of the foreign protected series; (B) relations between the foreign protected series and: (i) any associated member; (ii) the protected-series manager; or (iii) any protected-series transferee; (C) relations between any associated member and: (i) the protected-series manager: (ii) any protected-series transferee; (D) the rights and duties of a protected-series manager; (E) governance decisions affecting the activities and affairs of the foreign protected series and the conduct of those activities and affairs; and (F) procedures and conditions for becoming an associated member or protected-series transferee;

(A) relations among any associated members of the foreign protected series;

(B) relations between the foreign protected series and: (i) any associated member; (ii) the protected-series manager; or (iii) any protected-series transferee;

(i) any associated member;

(ii) the protected-series manager; or

(iii) any protected-series transferee;

(C) relations between any associated member and: (i) the protected-series manager: (ii) any protected-series transferee;

(i) the protected-series manager:

(ii) any protected-series transferee;

(D) the rights and duties of a protected-series manager;

(E) governance decisions affecting the activities and affairs of the foreign protected series and the conduct of those activities and affairs; and

(F) procedures and conditions for becoming an associated member or protected-series transferee;

(2) relations between the foreign protected series and: (A) the company; (B) another foreign protected series of the company; (C) a member of the company which is not an associated member of the foreign protected series; (D) a foreign protected-series manager that is not a protected-series manager of the protected series; (E) a foreign protected-series transferee that is not a foreign protected-series transferee of the protected series; and (F) a transferee of a transferable interest of the company;

(A) the company;

(B) another foreign protected series of the company;

(C) a member of the company which is not an associated member of the foreign protected series;

(D) a foreign protected-series manager that is not a protected-series manager of the protected series;

(E) a foreign protected-series transferee that is not a foreign protected-series transferee of the protected series; and

(F) a transferee of a transferable interest of the company;

(3) except as otherwise provided in § 4-37-402 and § 4-37-404 , the liability of a person for a debt, obligation, or other liability of a foreign protected series of a foreign series limited liability company if the debt, obligation, or liability is asserted solely by reason of the person being or acting as: (A) an associated member, protected-series transferee, or protected-series manager of the foreign protected series; (B) a member of the company which is not an associated member of the foreign protected series; (C) a protected-series manager of another foreign protected series of the company; (D) a protected-series transferee of another foreign protected series of the company; (E) a manager of the company; or (F) a transferee of a transferable interest of the company; and

(A) an associated member, protected-series transferee, or protected-series manager of the foreign protected series;

(B) a member of the company which is not an associated member of the foreign protected series;

(C) a protected-series manager of another foreign protected series of the company;

(D) a protected-series transferee of another foreign protected series of the company;

(E) a manager of the company; or

(F) a transferee of a transferable interest of the company; and

(4) except as otherwise provided in § 4-37-402 and § 4-37-404 : (A) the liability of the foreign series limited liability company for a debt, obligation, or other liability of a foreign protected series of the company if the debt, obligation, or liability is asserted solely by reason of the foreign protected series being a foreign protected series of the company or the company: (i) being or acting as a foreign protected-series manager of the foreign protected series; (ii) having the foreign protected series manage the company; or (iii) owning a protected-series transferable interest of the foreign protected series; and (B) the liability of a foreign protected series for a debt, obligation, or other liability of the company or another foreign protected series of the company if the debt, obligation, or liability is asserted solely by reason of the foreign protected series: (i) being a foreign protected series of the company or having the company or another foreign protected series of the company be or act as foreign protected-series manager of the foreign protected series; or (ii) managing the company or being or acting as a foreign protected-series manager of another foreign protected series of the company.

(A) the liability of the foreign series limited liability company for a debt, obligation, or other liability of a foreign protected series of the company if the debt, obligation, or liability is asserted solely by reason of the foreign protected series being a foreign protected series of the company or the company: (i) being or acting as a foreign protected-series manager of the foreign protected series; (ii) having the foreign protected series manage the company; or (iii) owning a protected-series transferable interest of the foreign protected series; and

(i) being or acting as a foreign protected-series manager of the foreign protected series;

(ii) having the foreign protected series manage the company; or

(iii) owning a protected-series transferable interest of the foreign protected series; and

(B) the liability of a foreign protected series for a debt, obligation, or other liability of the company or another foreign protected series of the company if the debt, obligation, or liability is asserted solely by reason of the foreign protected series: (i) being a foreign protected series of the company or having the company or another foreign protected series of the company be or act as foreign protected-series manager of the foreign protected series; or (ii) managing the company or being or acting as a foreign protected-series manager of another foreign protected series of the company.

(i) being a foreign protected series of the company or having the company or another foreign protected series of the company be or act as foreign protected-series manager of the foreign protected series; or

(ii) managing the company or being or acting as a foreign protected-series manager of another foreign protected series of the company.

Added by Act 2019, No. 665,§ 1, eff. 7/24/2019.
Ark. Code Ann. § 4-104-204 — AR Code / Title 4 / Chapter 104 / Subchapter 2 / Section 4-104-204
Violations - Penalties
Status: in_force

Any credit card issuer violating this subchapter shall be guilty of a violation and fined not less than five hundred dollars ($500) nor more than one thousand dollars ($1,000) for each violation. Acts 1999, No. 1328, § 4; 2005, No. 1994, § 43.

Any credit card issuer violating this subchapter shall be guilty of a violation and fined not less than five hundred dollars ($500) nor more than one thousand dollars ($1,000) for each violation.

Acts 1999, No. 1328, § 4; 2005, No. 1994, § 43.
Ark. Code Ann. § 4-114-104 — AR Code / Title 4 / Chapter 114 / Section 4-114-104
Requirements for doing business
Status: in_force

(a) A provider may appoint an administrator or other designee to be responsible for all or part of the administration of service contracts and compliance with this chapter. (b) Service contracts shall not be issued, sold, or offered for sale in this state unless the provider or its designee has: (1) Provided a receipt or other written evidence of the purchase of the service contract to the contract holder; (2) Provided a copy of the service contract to the service contract holder within a reasonable period of time from the date of purchase; and (3) Complied with this chapter. (c) (1) Each provider of service contracts sold in this state shall file a registration with the Insurance Commissioner consisting of its name, full corporate address, telephone number and contact person, evidence of compliance with subsection (d) of this section, a designation of a person in this state for service of process, and any other information required to be submitted by rule of the Insurance Commissioner. (2) Each provider shall pay to the commissioner a fee in the amount of two hundred dollars ($200) upon initial registration and every year thereafter. (3) The registration shall be updated by written notification to the commissioner if material changes occur in the registration. (d) In order to assure the faithful performance of a provider's obligations to its contract holders, each provider that is contractually obligated to provide service under a service contract shall: (1) Insure all service contracts under a reimbursement insurance policy issued by an insurer licensed, registered, or authorized to transact insurance in this state or a surplus lines insurer that is authorized under § 23-65-310 and maintains statutory capital and surplus of at least fifteen million dollars ($15,000,000) at all times while the reimbursement insurance policy is in force; (2) Do both of the following: (A) (i) Maintain a funded reserve account for its obligations under its contracts issued and outstanding in this state. (ii) The reserves shall not be less than forty percent (40%) of gross consideration received less claims paid on the sale of all unexpired service contracts. (iii) The reserve account shall be subject to examination and review by the commissioner; and (B) Place in trust with the commissioner a financial security deposit having a value of not less than five percent (5%) of the gross consideration received less claims paid on the sale of all unexpired service contracts, but not less than twenty-five thousand dollars ($25,000), consisting of a surety bond issued by an authorized surety; or (3) (A) Maintain a net worth of one hundred million dollars ($100,000,000) on its own or together with its parent company if the parent company executes a parental guarantee in a form acceptable to the commissioner. (B) Upon request, the provider shall provide the commissioner with a copy of the provider's financial statements or, if the provider's financial statements are consolidated with those of its parent company, the provider's parent company's most recent Form 10-K or Form 20-F filed with the United States Securities and Exchange Commission within the last calendar year, or if the company does not file with the United States Securities and Exchange Commission, a copy of the company's audited financial statements, which shows an independent net worth of the provider or its parent company of at least one hundred million dollars ($100,000,000). (C) If the provider's parent company's Form 10-K, Form 20-F, or audited financial statements are filed to meet the provider's financial stability requirement, then the parent company shall agree to guarantee the obligations of the obligor relating to service contracts sold by the provider in this state. (e) Except for the requirements specified in subsection (d) of this section, no other financial security requirements shall be required by the commissioner for a provider. (f) (1) Provider fees collected on service contracts shall not be subject to premium taxes. (2) Premiums for reimbursement insurance policies shall be subject to applicable taxes. (g) Except for the registration requirements in subsection (c) of this section, persons marketing, selling, or offering to sell service contracts for providers that comply with this chapter are exempt from this state's licensing requirements. (h) Providers complying with this chapter are not required to comply with other provisions of the Arkansas Insurance Code. Acts 2007, No. 656, § 1; 2009, No. 726, § 2.

(a) A provider may appoint an administrator or other designee to be responsible for all or part of the administration of service contracts and compliance with this chapter.

(b) Service contracts shall not be issued, sold, or offered for sale in this state unless the provider or its designee has: (1) Provided a receipt or other written evidence of the purchase of the service contract to the contract holder; (2) Provided a copy of the service contract to the service contract holder within a reasonable period of time from the date of purchase; and (3) Complied with this chapter.

(1) Provided a receipt or other written evidence of the purchase of the service contract to the contract holder;

(2) Provided a copy of the service contract to the service contract holder within a reasonable period of time from the date of purchase; and

(3) Complied with this chapter.

(c) (1) Each provider of service contracts sold in this state shall file a registration with the Insurance Commissioner consisting of its name, full corporate address, telephone number and contact person, evidence of compliance with subsection (d) of this section, a designation of a person in this state for service of process, and any other information required to be submitted by rule of the Insurance Commissioner. (2) Each provider shall pay to the commissioner a fee in the amount of two hundred dollars ($200) upon initial registration and every year thereafter. (3) The registration shall be updated by written notification to the commissioner if material changes occur in the registration.

(1) Each provider of service contracts sold in this state shall file a registration with the Insurance Commissioner consisting of its name, full corporate address, telephone number and contact person, evidence of compliance with subsection (d) of this section, a designation of a person in this state for service of process, and any other information required to be submitted by rule of the Insurance Commissioner.

(2) Each provider shall pay to the commissioner a fee in the amount of two hundred dollars ($200) upon initial registration and every year thereafter.

(3) The registration shall be updated by written notification to the commissioner if material changes occur in the registration.

(d) In order to assure the faithful performance of a provider's obligations to its contract holders, each provider that is contractually obligated to provide service under a service contract shall: (1) Insure all service contracts under a reimbursement insurance policy issued by an insurer licensed, registered, or authorized to transact insurance in this state or a surplus lines insurer that is authorized under § 23-65-310 and maintains statutory capital and surplus of at least fifteen million dollars ($15,000,000) at all times while the reimbursement insurance policy is in force; (2) Do both of the following: (A) (i) Maintain a funded reserve account for its obligations under its contracts issued and outstanding in this state. (ii) The reserves shall not be less than forty percent (40%) of gross consideration received less claims paid on the sale of all unexpired service contracts. (iii) The reserve account shall be subject to examination and review by the commissioner; and (B) Place in trust with the commissioner a financial security deposit having a value of not less than five percent (5%) of the gross consideration received less claims paid on the sale of all unexpired service contracts, but not less than twenty-five thousand dollars ($25,000), consisting of a surety bond issued by an authorized surety; or (3) (A) Maintain a net worth of one hundred million dollars ($100,000,000) on its own or together with its parent company if the parent company executes a parental guarantee in a form acceptable to the commissioner. (B) Upon request, the provider shall provide the commissioner with a copy of the provider's financial statements or, if the provider's financial statements are consolidated with those of its parent company, the provider's parent company's most recent Form 10-K or Form 20-F filed with the United States Securities and Exchange Commission within the last calendar year, or if the company does not file with the United States Securities and Exchange Commission, a copy of the company's audited financial statements, which shows an independent net worth of the provider or its parent company of at least one hundred million dollars ($100,000,000). (C) If the provider's parent company's Form 10-K, Form 20-F, or audited financial statements are filed to meet the provider's financial stability requirement, then the parent company shall agree to guarantee the obligations of the obligor relating to service contracts sold by the provider in this state.

(1) Insure all service contracts under a reimbursement insurance policy issued by an insurer licensed, registered, or authorized to transact insurance in this state or a surplus lines insurer that is authorized under § 23-65-310 and maintains statutory capital and surplus of at least fifteen million dollars ($15,000,000) at all times while the reimbursement insurance policy is in force;

(2) Do both of the following: (A) (i) Maintain a funded reserve account for its obligations under its contracts issued and outstanding in this state. (ii) The reserves shall not be less than forty percent (40%) of gross consideration received less claims paid on the sale of all unexpired service contracts. (iii) The reserve account shall be subject to examination and review by the commissioner; and (B) Place in trust with the commissioner a financial security deposit having a value of not less than five percent (5%) of the gross consideration received less claims paid on the sale of all unexpired service contracts, but not less than twenty-five thousand dollars ($25,000), consisting of a surety bond issued by an authorized surety; or

(A) (i) Maintain a funded reserve account for its obligations under its contracts issued and outstanding in this state. (ii) The reserves shall not be less than forty percent (40%) of gross consideration received less claims paid on the sale of all unexpired service contracts. (iii) The reserve account shall be subject to examination and review by the commissioner; and

(i) Maintain a funded reserve account for its obligations under its contracts issued and outstanding in this state.

(ii) The reserves shall not be less than forty percent (40%) of gross consideration received less claims paid on the sale of all unexpired service contracts.

(iii) The reserve account shall be subject to examination and review by the commissioner; and

(B) Place in trust with the commissioner a financial security deposit having a value of not less than five percent (5%) of the gross consideration received less claims paid on the sale of all unexpired service contracts, but not less than twenty-five thousand dollars ($25,000), consisting of a surety bond issued by an authorized surety; or

(3) (A) Maintain a net worth of one hundred million dollars ($100,000,000) on its own or together with its parent company if the parent company executes a parental guarantee in a form acceptable to the commissioner. (B) Upon request, the provider shall provide the commissioner with a copy of the provider's financial statements or, if the provider's financial statements are consolidated with those of its parent company, the provider's parent company's most recent Form 10-K or Form 20-F filed with the United States Securities and Exchange Commission within the last calendar year, or if the company does not file with the United States Securities and Exchange Commission, a copy of the company's audited financial statements, which shows an independent net worth of the provider or its parent company of at least one hundred million dollars ($100,000,000). (C) If the provider's parent company's Form 10-K, Form 20-F, or audited financial statements are filed to meet the provider's financial stability requirement, then the parent company shall agree to guarantee the obligations of the obligor relating to service contracts sold by the provider in this state.

(A) Maintain a net worth of one hundred million dollars ($100,000,000) on its own or together with its parent company if the parent company executes a parental guarantee in a form acceptable to the commissioner.

(B) Upon request, the provider shall provide the commissioner with a copy of the provider's financial statements or, if the provider's financial statements are consolidated with those of its parent company, the provider's parent company's most recent Form 10-K or Form 20-F filed with the United States Securities and Exchange Commission within the last calendar year, or if the company does not file with the United States Securities and Exchange Commission, a copy of the company's audited financial statements, which shows an independent net worth of the provider or its parent company of at least one hundred million dollars ($100,000,000).

(C) If the provider's parent company's Form 10-K, Form 20-F, or audited financial statements are filed to meet the provider's financial stability requirement, then the parent company shall agree to guarantee the obligations of the obligor relating to service contracts sold by the provider in this state.

(e) Except for the requirements specified in subsection (d) of this section, no other financial security requirements shall be required by the commissioner for a provider.

(f) (1) Provider fees collected on service contracts shall not be subject to premium taxes. (2) Premiums for reimbursement insurance policies shall be subject to applicable taxes.

(1) Provider fees collected on service contracts shall not be subject to premium taxes.

(2) Premiums for reimbursement insurance policies shall be subject to applicable taxes.

(g) Except for the registration requirements in subsection (c) of this section, persons marketing, selling, or offering to sell service contracts for providers that comply with this chapter are exempt from this state's licensing requirements.

(h) Providers complying with this chapter are not required to comply with other provisions of the Arkansas Insurance Code.

Acts 2007, No. 656, § 1; 2009, No. 726, § 2.
Ark. Code Ann. § 4-88-302 — AR Code / Title 4 / Chapter 88 / Subchapter 3 / Section 4-88-302
Definitions
Status: in_force

(a) "Building materials" means lumber, construction tools, windows, and anything else used in the building or rebuilding of property. (b) "Consumer food item" means any article that is used or intended for use for food, drink, confection, or condiment by a person or animal. (c) "Emergency supplies" includes, but is not limited to, water, flashlights, radios, batteries, candles, blankets, soap, diapers, temporary shelters, tape, toiletries, plywood, nails, and hammers. (d) "Gasoline" means any fuel used to power any motor vehicle or power tool. (e) "Goods" has the same meaning as defined in § 4-88-102 . (f) "Housing" means any rental housing and includes any housing provided by a hotel or motel. (g) "Local emergency" means a natural or man-made disaster or emergency resulting from a tornado, earthquake, flood, fire, riot, or storm for which a local emergency has been declared by the executive officer or governing body of any city or county in Arkansas. (h) "Medical supplies" includes, but is not limited to, prescription and nonprescription medications, bandages, gauze, isopropyl alcohol, and antibacterial products. (i) "Person" means a natural person, individual, partnership, corporation, trust, estate, incorporated or unincorporated association, and any other legal or commercial entity however organized. (j) "Repair or reconstruction services" means services performed by any person for repairs to residential or commercial property of any type that is damaged as a result of a disaster or terrorist attack. (k) "Services" means any work, labor, or services including services furnished in connection with the sale or repair of goods or real property or improvements thereto. (l) (1) "State of emergency" means a natural or man-made disaster or emergency resulting from a tornado, earthquake, flood, fire, riot, storm, act of war, threat of war, military action, or the time of instability following a terrorist attack for which a state of emergency has been declared by the President of the United States or the Governor. (2) "State of emergency" also includes the declaration of a red condition in the National Terrorism Advisory System by either the United States Department of Homeland Security or the Division of Emergency Management. (m) "Transportation, freight, and storage services" means any service that is performed by any person or company that contracts to move, store, or transport personal or business property or rents equipment for those purposes. Acts 1997, No. 376, § 1; 2003, No. 1082, § 1; 2003, No. 1448, § 2.

(a) "Building materials" means lumber, construction tools, windows, and anything else used in the building or rebuilding of property.

(b) "Consumer food item" means any article that is used or intended for use for food, drink, confection, or condiment by a person or animal.

(c) "Emergency supplies" includes, but is not limited to, water, flashlights, radios, batteries, candles, blankets, soap, diapers, temporary shelters, tape, toiletries, plywood, nails, and hammers.

(d) "Gasoline" means any fuel used to power any motor vehicle or power tool.

(e) "Goods" has the same meaning as defined in § 4-88-102 .

(f) "Housing" means any rental housing and includes any housing provided by a hotel or motel.

(g) "Local emergency" means a natural or man-made disaster or emergency resulting from a tornado, earthquake, flood, fire, riot, or storm for which a local emergency has been declared by the executive officer or governing body of any city or county in Arkansas.

(h) "Medical supplies" includes, but is not limited to, prescription and nonprescription medications, bandages, gauze, isopropyl alcohol, and antibacterial products.

(i) "Person" means a natural person, individual, partnership, corporation, trust, estate, incorporated or unincorporated association, and any other legal or commercial entity however organized.

(j) "Repair or reconstruction services" means services performed by any person for repairs to residential or commercial property of any type that is damaged as a result of a disaster or terrorist attack.

(k) "Services" means any work, labor, or services including services furnished in connection with the sale or repair of goods or real property or improvements thereto.

(l) (1) "State of emergency" means a natural or man-made disaster or emergency resulting from a tornado, earthquake, flood, fire, riot, storm, act of war, threat of war, military action, or the time of instability following a terrorist attack for which a state of emergency has been declared by the President of the United States or the Governor. (2) "State of emergency" also includes the declaration of a red condition in the National Terrorism Advisory System by either the United States Department of Homeland Security or the Division of Emergency Management.

(1) "State of emergency" means a natural or man-made disaster or emergency resulting from a tornado, earthquake, flood, fire, riot, storm, act of war, threat of war, military action, or the time of instability following a terrorist attack for which a state of emergency has been declared by the President of the United States or the Governor.

(2) "State of emergency" also includes the declaration of a red condition in the National Terrorism Advisory System by either the United States Department of Homeland Security or the Division of Emergency Management.

(m) "Transportation, freight, and storage services" means any service that is performed by any person or company that contracts to move, store, or transport personal or business property or rents equipment for those purposes.

Acts 1997, No. 376, § 1; 2003, No. 1082, § 1; 2003, No. 1448, § 2.
Ark. Code Ann. § 4-88-208 — AR Code / Title 4 / Chapter 88 / Subchapter 2 / Section 4-88-208
Financial services provider - Refusal or delay of financial transactions - Temporary hold on financial transactions
Status: in_force

(a) (1) If a financial services provider has reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, the financial services provider may refuse or delay the execution of a financial transaction of an elder person or a person with a disability, on an account: (A) Of which the elder person or person with a disability is the owner or co-owner; (B) Of which the elder person or person with a disability is a beneficiary, including a trust, guardianship, or conservatorship account; or (C) Of a person suspected of perpetrating the financial exploitation. (2) A financial services provider may also refuse or delay the execution of a financial transaction under this section if the Attorney General, a state agency, or a law enforcement agency provides information to the financial services provider demonstrating that it is reasonable to believe that financial exploitation may have occurred, may have been attempted, or is being attempted. (b) Except as ordered by a court, a financial services provider is not required to refuse or delay the execution of a financial transaction under this section and may use its discretion to determine whether to refuse or delay the execution of a financial transaction based on the information available to the financial services provider. (c) A financial services provider that refuses to execute a financial transaction or places a hold on a financial transaction based on reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted may: (1) Except with regard to an account administered by a bank or trust company in a fiduciary capacity, make a reasonable effort to notify one (1) or more parties authorized to transact business on the account orally or in writing; (2) If the incident involves financial exploitation, report the incident to the Department of Human Services under § 4-88-206(b) ; and (3) If the incident is reported to the department under § 4-88-206(b) , make reasonable effort to notify a third party reasonably associated with the elder person or person with a disability of the suspected financial exploitation, regardless of whether or not the third party is authorized to transact business on the account orally or in writing. (d) Notwithstanding subsection (c) of this section, a financial services provider may elect not to provide notice to any party authorized to conduct business on the account or reasonably associated with the elder person or person with a disability if the party is the suspected perpetrator of financial exploitation. (e) A refusal by a financial services provider to execute a financial transaction or place a hold on a financial transaction as authorized by this section, based on the financial services provider's reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, expires when the financial services provider reasonably believes that the financial transaction will not result in financial exploitation unless terminated earlier by an order of a court of competent jurisdiction. (f) A financial services provider or an officer, director, employee, agent, or other representative of a financial services provider, acting in a reasonable manner, is immune from all criminal, civil, and administrative liability for the following: (1) Refusing or not refusing to execute a financial transaction or holding or not holding a financial transaction under this section; and (2) An action taken in furtherance of the determination made under subdivision (f)(1) of this section if the determination was based upon a reasonable belief. Added by Act 2021, No. 1015,§ 6, eff. 7/28/2021.

(a) (1) If a financial services provider has reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, the financial services provider may refuse or delay the execution of a financial transaction of an elder person or a person with a disability, on an account: (A) Of which the elder person or person with a disability is the owner or co-owner; (B) Of which the elder person or person with a disability is a beneficiary, including a trust, guardianship, or conservatorship account; or (C) Of a person suspected of perpetrating the financial exploitation. (2) A financial services provider may also refuse or delay the execution of a financial transaction under this section if the Attorney General, a state agency, or a law enforcement agency provides information to the financial services provider demonstrating that it is reasonable to believe that financial exploitation may have occurred, may have been attempted, or is being attempted.

(1) If a financial services provider has reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, the financial services provider may refuse or delay the execution of a financial transaction of an elder person or a person with a disability, on an account: (A) Of which the elder person or person with a disability is the owner or co-owner; (B) Of which the elder person or person with a disability is a beneficiary, including a trust, guardianship, or conservatorship account; or (C) Of a person suspected of perpetrating the financial exploitation.

(A) Of which the elder person or person with a disability is the owner or co-owner;

(B) Of which the elder person or person with a disability is a beneficiary, including a trust, guardianship, or conservatorship account; or

(C) Of a person suspected of perpetrating the financial exploitation.

(2) A financial services provider may also refuse or delay the execution of a financial transaction under this section if the Attorney General, a state agency, or a law enforcement agency provides information to the financial services provider demonstrating that it is reasonable to believe that financial exploitation may have occurred, may have been attempted, or is being attempted.

(b) Except as ordered by a court, a financial services provider is not required to refuse or delay the execution of a financial transaction under this section and may use its discretion to determine whether to refuse or delay the execution of a financial transaction based on the information available to the financial services provider.

(c) A financial services provider that refuses to execute a financial transaction or places a hold on a financial transaction based on reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted may: (1) Except with regard to an account administered by a bank or trust company in a fiduciary capacity, make a reasonable effort to notify one (1) or more parties authorized to transact business on the account orally or in writing; (2) If the incident involves financial exploitation, report the incident to the Department of Human Services under § 4-88-206(b) ; and (3) If the incident is reported to the department under § 4-88-206(b) , make reasonable effort to notify a third party reasonably associated with the elder person or person with a disability of the suspected financial exploitation, regardless of whether or not the third party is authorized to transact business on the account orally or in writing.

(1) Except with regard to an account administered by a bank or trust company in a fiduciary capacity, make a reasonable effort to notify one (1) or more parties authorized to transact business on the account orally or in writing;

(2) If the incident involves financial exploitation, report the incident to the Department of Human Services under § 4-88-206(b) ; and

(3) If the incident is reported to the department under § 4-88-206(b) , make reasonable effort to notify a third party reasonably associated with the elder person or person with a disability of the suspected financial exploitation, regardless of whether or not the third party is authorized to transact business on the account orally or in writing.

(d) Notwithstanding subsection (c) of this section, a financial services provider may elect not to provide notice to any party authorized to conduct business on the account or reasonably associated with the elder person or person with a disability if the party is the suspected perpetrator of financial exploitation.

(e) A refusal by a financial services provider to execute a financial transaction or place a hold on a financial transaction as authorized by this section, based on the financial services provider's reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, expires when the financial services provider reasonably believes that the financial transaction will not result in financial exploitation unless terminated earlier by an order of a court of competent jurisdiction.

(f) A financial services provider or an officer, director, employee, agent, or other representative of a financial services provider, acting in a reasonable manner, is immune from all criminal, civil, and administrative liability for the following: (1) Refusing or not refusing to execute a financial transaction or holding or not holding a financial transaction under this section; and (2) An action taken in furtherance of the determination made under subdivision (f)(1) of this section if the determination was based upon a reasonable belief.

(1) Refusing or not refusing to execute a financial transaction or holding or not holding a financial transaction under this section; and

(2) An action taken in furtherance of the determination made under subdivision (f)(1) of this section if the determination was based upon a reasonable belief.

Added by Act 2021, No. 1015,§ 6, eff. 7/28/2021.
Ark. Code Ann. § 4-89-109 — AR Code / Title 4 / Chapter 89 / Section 4-89-109
Return of payments and goods by seller
Status: in_force

(a) Within ten (10) days after a home solicitation contract or offer has been cancelled, the seller must tender to the buyer any payments made by the buyer and any note or other evidence of indebtedness. (b) If the down payment includes goods traded in, the goods must be tendered in substantially as good condition as when received. If the seller fails to tender the goods as provided by this section, the buyer may elect to recover an amount equal to the trade-in allowance stated in the agreement. (c) Until the seller has complied with the obligations imposed by this section, the buyer may retain possession of goods delivered to him or her by the seller and has a lien on the goods for any recovery to which he or she is entitled. Acts 1973, No. 462, § 5; A.S.A. 1947, § 70-918.

(a) Within ten (10) days after a home solicitation contract or offer has been cancelled, the seller must tender to the buyer any payments made by the buyer and any note or other evidence of indebtedness.

(b) If the down payment includes goods traded in, the goods must be tendered in substantially as good condition as when received. If the seller fails to tender the goods as provided by this section, the buyer may elect to recover an amount equal to the trade-in allowance stated in the agreement.

(c) Until the seller has complied with the obligations imposed by this section, the buyer may retain possession of goods delivered to him or her by the seller and has a lien on the goods for any recovery to which he or she is entitled.

Acts 1973, No. 462, § 5; A.S.A. 1947, § 70-918.
Ark. Code Ann. § 4-33-202 — AR Code / Title 4 / Chapter 33 / Subchapter 2 / Section 4-33-202
Articles of incorporation
Status: in_force

(a) The articles of incorporation must set forth: (1) a corporate name for the corporation that satisfies the requirements of § 4-33-401 ; (2) one (1) of the following statements: (i) this corporation is a public benefit corporation; (ii) this corporation is a mutual benefit corporation; or (iii) this corporation is a religious corporation. (3) the information required by § 4-20-105(a) ; (4) the name and address of each incorporator; (5) whether or not the corporation will have members; (6) provisions not inconsistent with law regarding the distribution of assets on dissolution; and (7) if converting to a nonprofit corporation from another form of entity, then the articles of incorporation shall include: (A) a statement that the corporation: (i) is a nonprofit corporation; and (ii) has converted under the Arkansas Nonprofit Corporation Act of 1993, § 4-33-101 et seq.; (B) (i) a description of the treatment of shares of stock. (ii) the description of the treatment of shares of stock: (a) may provide for the repurchase or exchange of shares of stock for certificates of membership if the corporation has members, and if the shares are repurchased, then the nonprofit corporation shall cancel the shares; or (b) shall provide that the shares of stock be canceled by the board of directors if the corporation does not have members; and (C) a statement that the Internal Revenue Service has been notified or will be notified within a reasonable time of the conversion and federal regulations were followed regarding the conversion. (b) The articles of incorporation may set forth: (1) the purpose or purposes for which the corporation is organized, which may be, either alone or in combination with other purposes, the transaction of any lawful activity; (2) the names and addresses of the individuals who are to serve as the initial directors; (3) provisions not inconsistent with law regarding: (i) managing and regulating the affairs of the corporation; (ii) defining, limiting, and regulating the powers of the corporation, its board of directors and members (or any class of members); and (iii) the characteristics, qualifications, rights, limitations and obligations attaching to each or any class of members. (4) any provision that under this chapter is required or permitted to be set forth in the bylaws. (c) (1) Each incorporator named in the articles must sign the articles. (2) If an entity is a for-profit corporation that is converting to a nonprofit corporation, the conversion shall be approved by a three-fourths (¾) vote of the shareholders of the business corporation. (d) The articles of incorporation need not set forth any of the corporate powers enumerated in this chapter. (e) A for-profit corporation may convert to a nonprofit corporation under the Arkansas Nonprofit Corporation Act, §§ 4-28-201 - 4-28-206 and 4-28-209 - 4-28-224 , or the Arkansas Nonprofit Corporation Act of 1993, § 4-33-101 et seq., upon the filing of an amendment to the corporation's articles of incorporation with the information required under this section. (f) A conversion to a nonprofit corporation under this chapter is effective when an amendment to the articles of incorporation is filed with the Secretary of State and the Secretary of State has collected the filing fees, service fees, and copying fees required under § 4-33-122 . Amended by Act 2019, No. 108,§ 5, eff. 2/13/2019. Amended by Act 2019, No. 108,§ 4, eff. 2/13/2019. Amended by Act 2019, No. 108,§ 3, eff. 2/13/2019. Acts 1993, No. 1147, § 202; 2007, No. 638, § 39.

(a) The articles of incorporation must set forth: (1) a corporate name for the corporation that satisfies the requirements of § 4-33-401 ; (2) one (1) of the following statements: (i) this corporation is a public benefit corporation; (ii) this corporation is a mutual benefit corporation; or (iii) this corporation is a religious corporation. (3) the information required by § 4-20-105(a) ; (4) the name and address of each incorporator; (5) whether or not the corporation will have members; (6) provisions not inconsistent with law regarding the distribution of assets on dissolution; and (7) if converting to a nonprofit corporation from another form of entity, then the articles of incorporation shall include: (A) a statement that the corporation: (i) is a nonprofit corporation; and (ii) has converted under the Arkansas Nonprofit Corporation Act of 1993, § 4-33-101 et seq.; (B) (i) a description of the treatment of shares of stock. (ii) the description of the treatment of shares of stock: (a) may provide for the repurchase or exchange of shares of stock for certificates of membership if the corporation has members, and if the shares are repurchased, then the nonprofit corporation shall cancel the shares; or (b) shall provide that the shares of stock be canceled by the board of directors if the corporation does not have members; and (C) a statement that the Internal Revenue Service has been notified or will be notified within a reasonable time of the conversion and federal regulations were followed regarding the conversion.

(1) a corporate name for the corporation that satisfies the requirements of § 4-33-401 ;

(2) one (1) of the following statements: (i) this corporation is a public benefit corporation; (ii) this corporation is a mutual benefit corporation; or (iii) this corporation is a religious corporation.

(i) this corporation is a public benefit corporation;

(ii) this corporation is a mutual benefit corporation; or

(iii) this corporation is a religious corporation.

(3) the information required by § 4-20-105(a) ;

(4) the name and address of each incorporator;

(5) whether or not the corporation will have members;

(6) provisions not inconsistent with law regarding the distribution of assets on dissolution; and

(7) if converting to a nonprofit corporation from another form of entity, then the articles of incorporation shall include: (A) a statement that the corporation: (i) is a nonprofit corporation; and (ii) has converted under the Arkansas Nonprofit Corporation Act of 1993, § 4-33-101 et seq.; (B) (i) a description of the treatment of shares of stock. (ii) the description of the treatment of shares of stock: (a) may provide for the repurchase or exchange of shares of stock for certificates of membership if the corporation has members, and if the shares are repurchased, then the nonprofit corporation shall cancel the shares; or (b) shall provide that the shares of stock be canceled by the board of directors if the corporation does not have members; and (C) a statement that the Internal Revenue Service has been notified or will be notified within a reasonable time of the conversion and federal regulations were followed regarding the conversion.

(A) a statement that the corporation: (i) is a nonprofit corporation; and (ii) has converted under the Arkansas Nonprofit Corporation Act of 1993, § 4-33-101 et seq.;

(i) is a nonprofit corporation; and

(ii) has converted under the Arkansas Nonprofit Corporation Act of 1993, § 4-33-101 et seq.;

(B) (i) a description of the treatment of shares of stock. (ii) the description of the treatment of shares of stock: (a) may provide for the repurchase or exchange of shares of stock for certificates of membership if the corporation has members, and if the shares are repurchased, then the nonprofit corporation shall cancel the shares; or (b) shall provide that the shares of stock be canceled by the board of directors if the corporation does not have members; and

(i) a description of the treatment of shares of stock.

(ii) the description of the treatment of shares of stock: (a) may provide for the repurchase or exchange of shares of stock for certificates of membership if the corporation has members, and if the shares are repurchased, then the nonprofit corporation shall cancel the shares; or (b) shall provide that the shares of stock be canceled by the board of directors if the corporation does not have members; and

(a) may provide for the repurchase or exchange of shares of stock for certificates of membership if the corporation has members, and if the shares are repurchased, then the nonprofit corporation shall cancel the shares; or

(b) shall provide that the shares of stock be canceled by the board of directors if the corporation does not have members; and

(C) a statement that the Internal Revenue Service has been notified or will be notified within a reasonable time of the conversion and federal regulations were followed regarding the conversion.

(b) The articles of incorporation may set forth: (1) the purpose or purposes for which the corporation is organized, which may be, either alone or in combination with other purposes, the transaction of any lawful activity; (2) the names and addresses of the individuals who are to serve as the initial directors; (3) provisions not inconsistent with law regarding: (i) managing and regulating the affairs of the corporation; (ii) defining, limiting, and regulating the powers of the corporation, its board of directors and members (or any class of members); and (iii) the characteristics, qualifications, rights, limitations and obligations attaching to each or any class of members. (4) any provision that under this chapter is required or permitted to be set forth in the bylaws.

(1) the purpose or purposes for which the corporation is organized, which may be, either alone or in combination with other purposes, the transaction of any lawful activity;

(2) the names and addresses of the individuals who are to serve as the initial directors;

(3) provisions not inconsistent with law regarding: (i) managing and regulating the affairs of the corporation; (ii) defining, limiting, and regulating the powers of the corporation, its board of directors and members (or any class of members); and (iii) the characteristics, qualifications, rights, limitations and obligations attaching to each or any class of members.

(i) managing and regulating the affairs of the corporation;

(ii) defining, limiting, and regulating the powers of the corporation, its board of directors and members (or any class of members); and

(iii) the characteristics, qualifications, rights, limitations and obligations attaching to each or any class of members.

(4) any provision that under this chapter is required or permitted to be set forth in the bylaws.

(c) (1) Each incorporator named in the articles must sign the articles. (2) If an entity is a for-profit corporation that is converting to a nonprofit corporation, the conversion shall be approved by a three-fourths (¾) vote of the shareholders of the business corporation.

(1) Each incorporator named in the articles must sign the articles.

(2) If an entity is a for-profit corporation that is converting to a nonprofit corporation, the conversion shall be approved by a three-fourths (¾) vote of the shareholders of the business corporation.

(d) The articles of incorporation need not set forth any of the corporate powers enumerated in this chapter.

(e) A for-profit corporation may convert to a nonprofit corporation under the Arkansas Nonprofit Corporation Act, §§ 4-28-201 - 4-28-206 and 4-28-209 - 4-28-224 , or the Arkansas Nonprofit Corporation Act of 1993, § 4-33-101 et seq., upon the filing of an amendment to the corporation's articles of incorporation with the information required under this section.

(f) A conversion to a nonprofit corporation under this chapter is effective when an amendment to the articles of incorporation is filed with the Secretary of State and the Secretary of State has collected the filing fees, service fees, and copying fees required under § 4-33-122 .

Amended by Act 2019, No. 108,§ 5, eff. 2/13/2019.

Amended by Act 2019, No. 108,§ 4, eff. 2/13/2019.

Amended by Act 2019, No. 108,§ 3, eff. 2/13/2019.

Acts 1993, No. 1147, § 202; 2007, No. 638, § 39.
Ark. Code Ann. § 4-29-210 — AR Code / Title 4 / Chapter 29 / Subchapter 2 / Section 4-29-210
Certificate of registration - Issuance, renewal, etc
Status: in_force

(a) No corporation shall open, operate, or maintain an establishment for any of the purposes set forth in §§ 4-29-202 and 4-29-206 without a certificate of registration from the state board, department, or agency, as the case may be, authorized by law to license individuals to engage in the profession concerned. (b) Applications for registration shall be made in writing and shall contain the name and address of the corporation and such other information as may be required by the board, department, or agency. (c) (1) Upon receipt of the application, the board, department, or agency shall make an investigation of the corporation. (2) If it finds that the incorporators, officers, directors, and shareholders are each licensed pursuant to the laws of Arkansas to engage in the particular profession involved, and if no disciplinary action is pending before it against any of them, and if it appears that the corporation will be conducted in compliance with the law and the rules of the board, department, or agency, it shall issue, upon payment of a registration fee of twenty-five dollars ($25.00), a certificate of registration which shall remain effective until January 1 following the date of the registration. (d) Upon written application of the holder, accompanied by a fee of ten dollars ($10.00), the board, department, or agency which originally issued the certificate of registration shall annually renew the certificate of registration if it finds that the corporation has complied with its rules and the provisions of this subchapter. (e) The certificate of registration shall be conspicuously posted upon the premises to which it is applicable. (f) In the event of a change of location of the registered establishment, the board, department, or agency, in accordance with its rules, shall amend the certificate of registration so that it shall apply to the new location. (g) No certificate of registration shall be assignable. Amended by Act 2019, No. 315,§ 115, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 114, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 113, eff. 7/24/2019. Acts 1963, No. 155, §§ 5-9; A.S.A. 1947, §§ 64-2005 -- 64-2009.

(a) No corporation shall open, operate, or maintain an establishment for any of the purposes set forth in §§ 4-29-202 and 4-29-206 without a certificate of registration from the state board, department, or agency, as the case may be, authorized by law to license individuals to engage in the profession concerned.

(b) Applications for registration shall be made in writing and shall contain the name and address of the corporation and such other information as may be required by the board, department, or agency.

(c) (1) Upon receipt of the application, the board, department, or agency shall make an investigation of the corporation. (2) If it finds that the incorporators, officers, directors, and shareholders are each licensed pursuant to the laws of Arkansas to engage in the particular profession involved, and if no disciplinary action is pending before it against any of them, and if it appears that the corporation will be conducted in compliance with the law and the rules of the board, department, or agency, it shall issue, upon payment of a registration fee of twenty-five dollars ($25.00), a certificate of registration which shall remain effective until January 1 following the date of the registration.

(1) Upon receipt of the application, the board, department, or agency shall make an investigation of the corporation.

(2) If it finds that the incorporators, officers, directors, and shareholders are each licensed pursuant to the laws of Arkansas to engage in the particular profession involved, and if no disciplinary action is pending before it against any of them, and if it appears that the corporation will be conducted in compliance with the law and the rules of the board, department, or agency, it shall issue, upon payment of a registration fee of twenty-five dollars ($25.00), a certificate of registration which shall remain effective until January 1 following the date of the registration.

(d) Upon written application of the holder, accompanied by a fee of ten dollars ($10.00), the board, department, or agency which originally issued the certificate of registration shall annually renew the certificate of registration if it finds that the corporation has complied with its rules and the provisions of this subchapter.

(e) The certificate of registration shall be conspicuously posted upon the premises to which it is applicable.

(f) In the event of a change of location of the registered establishment, the board, department, or agency, in accordance with its rules, shall amend the certificate of registration so that it shall apply to the new location.

(g) No certificate of registration shall be assignable.

Amended by Act 2019, No. 315,§ 115, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 114, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 113, eff. 7/24/2019.

Acts 1963, No. 155, §§ 5-9; A.S.A. 1947, §§ 64-2005 -- 64-2009.
Ark. Code Ann. § 4-46-908 — AR Code / Title 4 / Chapter 46 / Subchapter 9 / Section 4-46-908
Filings required for merger - Effective date
Status: in_force

(a) After each constituent organization has approved a merger, articles of merger must be signed by an authorized representative of each constituent organization and filed with the Secretary of State. (b) The articles of merger shall include: (1) The name and form of each constituent organization and the jurisdiction of its governing statute; (2) The name and form of the surviving organization and the jurisdiction of its governing statute; (3) The date the merger is effective under the governing statute of the surviving organization; (4) Any amendments provided for in the plan of merger for the organizational document of the surviving organization if the organizational document is required to be filed by the governing statute of the surviving organization; (5) A statement as to each constituent organization that the merger was approved as required by the organization's governing statute; (6) A statement confirming that the surviving organization has filed a statement appointing an agent for service of process under § 4-20-112 if the surviving organization is a foreign organization not authorized to transact business in this state; and (7) (A) A copy of the plan of merger; or (B) A statement that: (i) Contains the address of an office of the organization where the plan of merger is on file; and (ii) A copy of the plan of merger will be furnished by the surviving organization on request and without cost to any shareholder, member, partner, or other owner of any constituent organization; and (8) Any additional information required by the governing statute of any constituent organization. (c) A merger becomes effective under this subchapter: (1) If the surviving organization is a partnership, upon the later of: (A) Compliance with subsection (a) of this section; or (B) As specified in the articles of merger; or (2) If the surviving organization is not a partnership, as provided by the governing statute of the surviving organization. Acts 2009, No. 408, § 6.

(a) After each constituent organization has approved a merger, articles of merger must be signed by an authorized representative of each constituent organization and filed with the Secretary of State.

(b) The articles of merger shall include: (1) The name and form of each constituent organization and the jurisdiction of its governing statute; (2) The name and form of the surviving organization and the jurisdiction of its governing statute; (3) The date the merger is effective under the governing statute of the surviving organization; (4) Any amendments provided for in the plan of merger for the organizational document of the surviving organization if the organizational document is required to be filed by the governing statute of the surviving organization; (5) A statement as to each constituent organization that the merger was approved as required by the organization's governing statute; (6) A statement confirming that the surviving organization has filed a statement appointing an agent for service of process under § 4-20-112 if the surviving organization is a foreign organization not authorized to transact business in this state; and (7) (A) A copy of the plan of merger; or (B) A statement that: (i) Contains the address of an office of the organization where the plan of merger is on file; and (ii) A copy of the plan of merger will be furnished by the surviving organization on request and without cost to any shareholder, member, partner, or other owner of any constituent organization; and (8) Any additional information required by the governing statute of any constituent organization.

(1) The name and form of each constituent organization and the jurisdiction of its governing statute;

(2) The name and form of the surviving organization and the jurisdiction of its governing statute;

(3) The date the merger is effective under the governing statute of the surviving organization;

(4) Any amendments provided for in the plan of merger for the organizational document of the surviving organization if the organizational document is required to be filed by the governing statute of the surviving organization;

(5) A statement as to each constituent organization that the merger was approved as required by the organization's governing statute;

(6) A statement confirming that the surviving organization has filed a statement appointing an agent for service of process under § 4-20-112 if the surviving organization is a foreign organization not authorized to transact business in this state; and

(7) (A) A copy of the plan of merger; or (B) A statement that: (i) Contains the address of an office of the organization where the plan of merger is on file; and (ii) A copy of the plan of merger will be furnished by the surviving organization on request and without cost to any shareholder, member, partner, or other owner of any constituent organization; and

(A) A copy of the plan of merger; or

(B) A statement that: (i) Contains the address of an office of the organization where the plan of merger is on file; and (ii) A copy of the plan of merger will be furnished by the surviving organization on request and without cost to any shareholder, member, partner, or other owner of any constituent organization; and

(i) Contains the address of an office of the organization where the plan of merger is on file; and

(ii) A copy of the plan of merger will be furnished by the surviving organization on request and without cost to any shareholder, member, partner, or other owner of any constituent organization; and

(8) Any additional information required by the governing statute of any constituent organization.

(c) A merger becomes effective under this subchapter: (1) If the surviving organization is a partnership, upon the later of: (A) Compliance with subsection (a) of this section; or (B) As specified in the articles of merger; or (2) If the surviving organization is not a partnership, as provided by the governing statute of the surviving organization.

(1) If the surviving organization is a partnership, upon the later of: (A) Compliance with subsection (a) of this section; or (B) As specified in the articles of merger; or

(A) Compliance with subsection (a) of this section; or

(B) As specified in the articles of merger; or

(2) If the surviving organization is not a partnership, as provided by the governing statute of the surviving organization.

Acts 2009, No. 408, § 6.
Ark. Code Ann. § 4-102-106 — AR Code / Title 4 / Chapter 102 / Section 4-102-106
Disclosures required
Status: in_force

(a) No sponsor shall offer a prize nor shall a sponsor use any solicitation, whether written or oral, and however communicated, that offers a prize, unless the person to whom such offer is made has first received a written prize notice containing the information required in subsections (b) and (c) of this section. (b) A written prize notice must contain each of the following: (1) The true name or names of the sponsor and the address of the sponsor's actual principal place of business; (2) The retail value of each prize the person receiving the notice has been selected to receive or may be eligible to receive; (3) A statement of the person's odds of receiving each prize identified in the notice; (4) Any requirement that the person pay shipping or handling fees or any other charges in order to obtain or use a prize, or any fees required to obtain information about a prize, including the nature and amount of such charges; (5) If the receipt of the prize is subject to a restriction, a statement that a restriction applies, and a description of the restrictions; (6) Any limitations on eligibility for the prize; and (7) If a sponsor represents that the person is a "winner", is a "finalist", has been "specially selected", is in "first place", or is otherwise among a limited group of persons with an enhanced likelihood of receiving a prize, the written prize notice must contain a statement of the maximum number of persons in the group or purported group with this enhanced likelihood of receiving a prize. (c) The information required by subsection (b) of this section must be presented in the following form: (1) The retail value and statement of odds required under subdivisions (b)(2) and (3) of this section must be stated in immediate proximity to each identification of a prize on the written notice, and must be in the same size and boldness of type as the reference to the prize; (2) The statement of odds must include, for each prize, the total number of prizes to be given away and the total number of written prizes to be distributed; (3) The number of prizes and written prize notices must be stated in arabic numerals; (4) The statement of odds must be in the following form: "............... (number of prizes) out of ............... (notices distributed)"; (5) If a person is required to pay shipping or handling fees or any other charges in order to obtain a prize, to be eligible to obtain a prize, to obtain information about a prize, or to otherwise participate in the contest, the following statement must appear in immediate proximity to each listing of the prize in the written prize notice, in not less than 10-point bold face type: "YOU MUST PAY $ ............... TO RECEIVE THIS ITEM" or "YOU MUST PAY $ ............... TO COMPETE FOR THIS ITEM" or "YOU MUST PAY $ ............... TO OBTAIN INFORMATION ABOUT THIS ITEM", whichever is applicable; and (6) A statement required under subdivision (b)(7) of this section must appear in immediate proximity to each representation that the person is among a group of persons with an enhanced likelihood of receiving a prize and must be in the same size and boldness of type as the representation. Acts 1995, No. 736, § 2.

(a) No sponsor shall offer a prize nor shall a sponsor use any solicitation, whether written or oral, and however communicated, that offers a prize, unless the person to whom such offer is made has first received a written prize notice containing the information required in subsections (b) and (c) of this section.

(b) A written prize notice must contain each of the following: (1) The true name or names of the sponsor and the address of the sponsor's actual principal place of business; (2) The retail value of each prize the person receiving the notice has been selected to receive or may be eligible to receive; (3) A statement of the person's odds of receiving each prize identified in the notice; (4) Any requirement that the person pay shipping or handling fees or any other charges in order to obtain or use a prize, or any fees required to obtain information about a prize, including the nature and amount of such charges; (5) If the receipt of the prize is subject to a restriction, a statement that a restriction applies, and a description of the restrictions; (6) Any limitations on eligibility for the prize; and (7) If a sponsor represents that the person is a "winner", is a "finalist", has been "specially selected", is in "first place", or is otherwise among a limited group of persons with an enhanced likelihood of receiving a prize, the written prize notice must contain a statement of the maximum number of persons in the group or purported group with this enhanced likelihood of receiving a prize.

(1) The true name or names of the sponsor and the address of the sponsor's actual principal place of business;

(2) The retail value of each prize the person receiving the notice has been selected to receive or may be eligible to receive;

(3) A statement of the person's odds of receiving each prize identified in the notice;

(4) Any requirement that the person pay shipping or handling fees or any other charges in order to obtain or use a prize, or any fees required to obtain information about a prize, including the nature and amount of such charges;

(5) If the receipt of the prize is subject to a restriction, a statement that a restriction applies, and a description of the restrictions;

(6) Any limitations on eligibility for the prize; and

(7) If a sponsor represents that the person is a "winner", is a "finalist", has been "specially selected", is in "first place", or is otherwise among a limited group of persons with an enhanced likelihood of receiving a prize, the written prize notice must contain a statement of the maximum number of persons in the group or purported group with this enhanced likelihood of receiving a prize.

(c) The information required by subsection (b) of this section must be presented in the following form: (1) The retail value and statement of odds required under subdivisions (b)(2) and (3) of this section must be stated in immediate proximity to each identification of a prize on the written notice, and must be in the same size and boldness of type as the reference to the prize; (2) The statement of odds must include, for each prize, the total number of prizes to be given away and the total number of written prizes to be distributed; (3) The number of prizes and written prize notices must be stated in arabic numerals; (4) The statement of odds must be in the following form: "............... (number of prizes) out of ............... (notices distributed)"; (5) If a person is required to pay shipping or handling fees or any other charges in order to obtain a prize, to be eligible to obtain a prize, to obtain information about a prize, or to otherwise participate in the contest, the following statement must appear in immediate proximity to each listing of the prize in the written prize notice, in not less than 10-point bold face type: "YOU MUST PAY $ ............... TO RECEIVE THIS ITEM" or "YOU MUST PAY $ ............... TO COMPETE FOR THIS ITEM" or "YOU MUST PAY $ ............... TO OBTAIN INFORMATION ABOUT THIS ITEM", whichever is applicable; and (6) A statement required under subdivision (b)(7) of this section must appear in immediate proximity to each representation that the person is among a group of persons with an enhanced likelihood of receiving a prize and must be in the same size and boldness of type as the representation.

(1) The retail value and statement of odds required under subdivisions (b)(2) and (3) of this section must be stated in immediate proximity to each identification of a prize on the written notice, and must be in the same size and boldness of type as the reference to the prize;

(2) The statement of odds must include, for each prize, the total number of prizes to be given away and the total number of written prizes to be distributed;

(3) The number of prizes and written prize notices must be stated in arabic numerals;

(4) The statement of odds must be in the following form: "............... (number of prizes) out of ............... (notices distributed)";

(5) If a person is required to pay shipping or handling fees or any other charges in order to obtain a prize, to be eligible to obtain a prize, to obtain information about a prize, or to otherwise participate in the contest, the following statement must appear in immediate proximity to each listing of the prize in the written prize notice, in not less than 10-point bold face type: "YOU MUST PAY $ ............... TO RECEIVE THIS ITEM" or "YOU MUST PAY $ ............... TO COMPETE FOR THIS ITEM" or "YOU MUST PAY $ ............... TO OBTAIN INFORMATION ABOUT THIS ITEM", whichever is applicable; and

(6) A statement required under subdivision (b)(7) of this section must appear in immediate proximity to each representation that the person is among a group of persons with an enhanced likelihood of receiving a prize and must be in the same size and boldness of type as the representation.

Acts 1995, No. 736, § 2.
Ark. Code Ann. § 4-47-1109 — AR Code / Title 4 / Chapter 47 / Subchapter 11 / Section 4-47-1109
Effect of merger
Status: in_force

(a) When a merger becomes effective: (1) the surviving organization continues or comes into existence; (2) each constituent organization that merges into the surviving organization ceases to exist as a separate entity; (3) all property owned by each constituent organization that ceases to exist vests in the surviving organization; (4) all debts, liabilities, and other obligations of each constituent organization that ceases to exist continue as obligations of the surviving organization; (5) an action or proceeding pending by or against any constituent organization that ceases to exist may be continued as if the merger had not occurred; (6) except as prohibited by other law, all of the rights, privileges, immunities, powers, and purposes of each constituent organization that ceases to exist vest in the surviving organization; (7) except as otherwise provided in the plan of merger, the terms and conditions of the plan of merger take effect; (8) except as otherwise agreed, if a constituent limited partnership ceases to exist, the merger does not dissolve the limited partnership for the purposes of subchapter 8; (9) if the surviving organization is created by the merger: (A) if it is a limited partnership, the certificate of limited partnership becomes effective; or (B) if it is an organization other than a limited partnership, the organizational document that creates the organization becomes effective; and (10) if the surviving organization preexists the merger, any amendments provided for in the articles of merger for the organizational document that created the organization become effective. (b) A surviving organization that is a foreign organization consents to the jurisdiction of the courts of this State to enforce any obligation owed by a constituent organization, if before the merger the constituent organization was subject to suit in this State on the obligation. A surviving organization that is a foreign organization and not authorized to transact business in this State may be served with process under § 4-20-113 if the surviving organization: (1) Fails to appoint an agent for service of process under § 4-20-112 ; (2) No longer has an agent for service of process; or (3) Has an agent for service of process that cannot with reasonable diligence be served. Acts 2007, No. 15, § 1; 2007, No. 638, § 68; 2009, No. 814, § 19.

(a) When a merger becomes effective: (1) the surviving organization continues or comes into existence; (2) each constituent organization that merges into the surviving organization ceases to exist as a separate entity; (3) all property owned by each constituent organization that ceases to exist vests in the surviving organization; (4) all debts, liabilities, and other obligations of each constituent organization that ceases to exist continue as obligations of the surviving organization; (5) an action or proceeding pending by or against any constituent organization that ceases to exist may be continued as if the merger had not occurred; (6) except as prohibited by other law, all of the rights, privileges, immunities, powers, and purposes of each constituent organization that ceases to exist vest in the surviving organization; (7) except as otherwise provided in the plan of merger, the terms and conditions of the plan of merger take effect; (8) except as otherwise agreed, if a constituent limited partnership ceases to exist, the merger does not dissolve the limited partnership for the purposes of subchapter 8; (9) if the surviving organization is created by the merger: (A) if it is a limited partnership, the certificate of limited partnership becomes effective; or (B) if it is an organization other than a limited partnership, the organizational document that creates the organization becomes effective; and (10) if the surviving organization preexists the merger, any amendments provided for in the articles of merger for the organizational document that created the organization become effective.

(1) the surviving organization continues or comes into existence;

(2) each constituent organization that merges into the surviving organization ceases to exist as a separate entity;

(3) all property owned by each constituent organization that ceases to exist vests in the surviving organization;

(4) all debts, liabilities, and other obligations of each constituent organization that ceases to exist continue as obligations of the surviving organization;

(5) an action or proceeding pending by or against any constituent organization that ceases to exist may be continued as if the merger had not occurred;

(6) except as prohibited by other law, all of the rights, privileges, immunities, powers, and purposes of each constituent organization that ceases to exist vest in the surviving organization;

(7) except as otherwise provided in the plan of merger, the terms and conditions of the plan of merger take effect;

(8) except as otherwise agreed, if a constituent limited partnership ceases to exist, the merger does not dissolve the limited partnership for the purposes of subchapter 8;

(9) if the surviving organization is created by the merger: (A) if it is a limited partnership, the certificate of limited partnership becomes effective; or (B) if it is an organization other than a limited partnership, the organizational document that creates the organization becomes effective; and

(A) if it is a limited partnership, the certificate of limited partnership becomes effective; or

(B) if it is an organization other than a limited partnership, the organizational document that creates the organization becomes effective; and

(10) if the surviving organization preexists the merger, any amendments provided for in the articles of merger for the organizational document that created the organization become effective.

(b) A surviving organization that is a foreign organization consents to the jurisdiction of the courts of this State to enforce any obligation owed by a constituent organization, if before the merger the constituent organization was subject to suit in this State on the obligation. A surviving organization that is a foreign organization and not authorized to transact business in this State may be served with process under § 4-20-113 if the surviving organization: (1) Fails to appoint an agent for service of process under § 4-20-112 ; (2) No longer has an agent for service of process; or (3) Has an agent for service of process that cannot with reasonable diligence be served.

(1) Fails to appoint an agent for service of process under § 4-20-112 ;

(2) No longer has an agent for service of process; or

(3) Has an agent for service of process that cannot with reasonable diligence be served.

Acts 2007, No. 15, § 1; 2007, No. 638, § 68; 2009, No. 814, § 19.
Ark. Code Ann. § 4-38-405 — AR Code / Title 4 / Chapter 38 / Subchapter 4 / Section 4-38-405
Limitations on distributions
Status: in_force

(a) A limited liability company may not make a distribution, including a distribution under § 4-38-707 , if after the distribution: (1) the company would not be able to pay its debts as they become due in the ordinary course of the company's activities and affairs; or (2) the company's total assets would be less than the sum of its total liabilities plus the amount that would be needed, if the company were to be dissolved and wound up at the time of the distribution, to satisfy the preferential rights upon dissolution and winding up of members and transferees whose preferential rights are superior to the rights of persons receiving the distribution. (b) A limited liability company may base a determination that a distribution is not prohibited under subsection (a) on: (1) financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances; or (2) a fair valuation or other method that is reasonable under the circumstances. (c) Except as otherwise provided in subsection (e), the effect of a distribution under subsection (a) is measured: (1) in the case of a distribution as defined in § 4-38-102(4)(A) , as of the earlier of: (A) the date money or other property is transferred or debt is incurred by the limited liability company; or (B) the date the person entitled to the distribution ceases to own the interest or right being acquired by the company in return for the distribution; (2) in the case of any other distribution of indebtedness, as of the date the indebtedness is distributed; and (3) in all other cases, as of the date: (A) the distribution is authorized, if the payment occurs not later than 120 days after that date; or (B) the payment is made, if the payment occurs more than 120 days after the distribution is authorized. (d) A limited liability company's indebtedness to a member or transferee incurred by reason of a distribution made in accordance with this section is at parity with the company's indebtedness to its general, unsecured creditors, except to the extent subordinated by agreement. (e) A limited liability company's indebtedness, including indebtedness issued as a distribution, is not a liability for purposes of subsection (a) if the terms of the indebtedness provide that payment of principal and interest is made only if and to the extent that payment of a distribution could then be made under this section. If the indebtedness is issued as a distribution, each payment of principal or interest is treated as a distribution, the effect of which is measured on the date the payment is made. (f) In measuring the effect of a distribution under § 4-38-707 , the liabilities of a dissolved limited liability company do not include any claim that has been disposed of under § 4-38-704 , § 4-38-705 , or § 4-38-706 . Added by Act 2021, No. 1041,§ 26, eff. 7/28/2021.

(a) A limited liability company may not make a distribution, including a distribution under § 4-38-707 , if after the distribution: (1) the company would not be able to pay its debts as they become due in the ordinary course of the company's activities and affairs; or (2) the company's total assets would be less than the sum of its total liabilities plus the amount that would be needed, if the company were to be dissolved and wound up at the time of the distribution, to satisfy the preferential rights upon dissolution and winding up of members and transferees whose preferential rights are superior to the rights of persons receiving the distribution.

(1) the company would not be able to pay its debts as they become due in the ordinary course of the company's activities and affairs; or

(2) the company's total assets would be less than the sum of its total liabilities plus the amount that would be needed, if the company were to be dissolved and wound up at the time of the distribution, to satisfy the preferential rights upon dissolution and winding up of members and transferees whose preferential rights are superior to the rights of persons receiving the distribution.

(b) A limited liability company may base a determination that a distribution is not prohibited under subsection (a) on: (1) financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances; or (2) a fair valuation or other method that is reasonable under the circumstances.

(1) financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances; or

(2) a fair valuation or other method that is reasonable under the circumstances.

(c) Except as otherwise provided in subsection (e), the effect of a distribution under subsection (a) is measured: (1) in the case of a distribution as defined in § 4-38-102(4)(A) , as of the earlier of: (A) the date money or other property is transferred or debt is incurred by the limited liability company; or (B) the date the person entitled to the distribution ceases to own the interest or right being acquired by the company in return for the distribution; (2) in the case of any other distribution of indebtedness, as of the date the indebtedness is distributed; and (3) in all other cases, as of the date: (A) the distribution is authorized, if the payment occurs not later than 120 days after that date; or (B) the payment is made, if the payment occurs more than 120 days after the distribution is authorized.

(1) in the case of a distribution as defined in § 4-38-102(4)(A) , as of the earlier of: (A) the date money or other property is transferred or debt is incurred by the limited liability company; or (B) the date the person entitled to the distribution ceases to own the interest or right being acquired by the company in return for the distribution;

(A) the date money or other property is transferred or debt is incurred by the limited liability company; or

(B) the date the person entitled to the distribution ceases to own the interest or right being acquired by the company in return for the distribution;

(2) in the case of any other distribution of indebtedness, as of the date the indebtedness is distributed; and

(3) in all other cases, as of the date: (A) the distribution is authorized, if the payment occurs not later than 120 days after that date; or (B) the payment is made, if the payment occurs more than 120 days after the distribution is authorized.

(A) the distribution is authorized, if the payment occurs not later than 120 days after that date; or

(B) the payment is made, if the payment occurs more than 120 days after the distribution is authorized.

(d) A limited liability company's indebtedness to a member or transferee incurred by reason of a distribution made in accordance with this section is at parity with the company's indebtedness to its general, unsecured creditors, except to the extent subordinated by agreement.

(e) A limited liability company's indebtedness, including indebtedness issued as a distribution, is not a liability for purposes of subsection (a) if the terms of the indebtedness provide that payment of principal and interest is made only if and to the extent that payment of a distribution could then be made under this section. If the indebtedness is issued as a distribution, each payment of principal or interest is treated as a distribution, the effect of which is measured on the date the payment is made.

(f) In measuring the effect of a distribution under § 4-38-707 , the liabilities of a dissolved limited liability company do not include any claim that has been disposed of under § 4-38-704 , § 4-38-705 , or § 4-38-706 .

Added by Act 2021, No. 1041,§ 26, eff. 7/28/2021.
Ark. Code Ann. § 4-57-101 — AR Code / Title 4 / Chapter 57 / Section 4-57-101
Calculation of interest - Definition
Status: in_force

(a) Whenever in any statute, deed, written or verbal contract, or in any public or private instrument whatever, any certain interest is or may be mentioned, and no period of time is stated for the rate of interest to be calculated, interest shall be calculated at the rate mentioned by the year, in the same manner as if the words "per annum" or "by the year" had been added to the rate. (b) (1) For the purpose of calculating interest, a month shall be considered the twelfth part of a year, and as consisting of thirty (30) days. (2) Interest for any number of days less than a month shall be estimated by the proportion which the number of days shall bear to thirty (30). (c) (1) (A) (i) In calculating interest for a partial payment that is made on a consumer loan, the interest shall be calculated to the time when the partial payment was made, and the partial payment shall first be applied to the payment of the interest. (ii) If the partial payment exceeds the interest due on a consumer loan, the balance of the partial payment shall be applied to reduce the principal of the debt. (B) The method for calculating interest and applying payments under subdivision (c)(1)(A) of this section shall apply to all subsequent payments. (2) Interest shall not be added to the principal balance of a consumer loan if a payment falls short of paying the interest due. (3) Subdivisions (c)(1) and (2) of this section do not apply to commercial credit, including without limitation commercial real estate financing transactions. (4) As used in this subsection, "consumer loan" means an extension of credit for personal, family, or household purposes but does not include credit card debt, open account debt, or installment loans. (d) The rate of interest under a contract in which a rate of interest is not specified is six percent (6%) per annum. Amended by Act 2013, No. 1223,§ 1, eff. 8/16/2013. Amended by Act 2013, No. 1214,§ 1, eff. 8/16/2013. Rev. Stat., ch. 80, §§ 10-12; C. & M. Dig., §§ 7357-7359; Pope's Dig., §§ 9396-9398; A.S.A. 1947, §§ 68-605 -- 68-607.

(a) Whenever in any statute, deed, written or verbal contract, or in any public or private instrument whatever, any certain interest is or may be mentioned, and no period of time is stated for the rate of interest to be calculated, interest shall be calculated at the rate mentioned by the year, in the same manner as if the words "per annum" or "by the year" had been added to the rate.

(b) (1) For the purpose of calculating interest, a month shall be considered the twelfth part of a year, and as consisting of thirty (30) days. (2) Interest for any number of days less than a month shall be estimated by the proportion which the number of days shall bear to thirty (30).

(1) For the purpose of calculating interest, a month shall be considered the twelfth part of a year, and as consisting of thirty (30) days.

(2) Interest for any number of days less than a month shall be estimated by the proportion which the number of days shall bear to thirty (30).

(c) (1) (A) (i) In calculating interest for a partial payment that is made on a consumer loan, the interest shall be calculated to the time when the partial payment was made, and the partial payment shall first be applied to the payment of the interest. (ii) If the partial payment exceeds the interest due on a consumer loan, the balance of the partial payment shall be applied to reduce the principal of the debt. (B) The method for calculating interest and applying payments under subdivision (c)(1)(A) of this section shall apply to all subsequent payments. (2) Interest shall not be added to the principal balance of a consumer loan if a payment falls short of paying the interest due. (3) Subdivisions (c)(1) and (2) of this section do not apply to commercial credit, including without limitation commercial real estate financing transactions. (4) As used in this subsection, "consumer loan" means an extension of credit for personal, family, or household purposes but does not include credit card debt, open account debt, or installment loans.

(1) (A) (i) In calculating interest for a partial payment that is made on a consumer loan, the interest shall be calculated to the time when the partial payment was made, and the partial payment shall first be applied to the payment of the interest. (ii) If the partial payment exceeds the interest due on a consumer loan, the balance of the partial payment shall be applied to reduce the principal of the debt. (B) The method for calculating interest and applying payments under subdivision (c)(1)(A) of this section shall apply to all subsequent payments.

(A) (i) In calculating interest for a partial payment that is made on a consumer loan, the interest shall be calculated to the time when the partial payment was made, and the partial payment shall first be applied to the payment of the interest. (ii) If the partial payment exceeds the interest due on a consumer loan, the balance of the partial payment shall be applied to reduce the principal of the debt.

(i) In calculating interest for a partial payment that is made on a consumer loan, the interest shall be calculated to the time when the partial payment was made, and the partial payment shall first be applied to the payment of the interest.

(ii) If the partial payment exceeds the interest due on a consumer loan, the balance of the partial payment shall be applied to reduce the principal of the debt.

(B) The method for calculating interest and applying payments under subdivision (c)(1)(A) of this section shall apply to all subsequent payments.

(2) Interest shall not be added to the principal balance of a consumer loan if a payment falls short of paying the interest due.

(3) Subdivisions (c)(1) and (2) of this section do not apply to commercial credit, including without limitation commercial real estate financing transactions.

(4) As used in this subsection, "consumer loan" means an extension of credit for personal, family, or household purposes but does not include credit card debt, open account debt, or installment loans.

(d) The rate of interest under a contract in which a rate of interest is not specified is six percent (6%) per annum.

Amended by Act 2013, No. 1223,§ 1, eff. 8/16/2013.

Amended by Act 2013, No. 1214,§ 1, eff. 8/16/2013.

Rev. Stat., ch. 80, §§ 10-12; C. & M. Dig., §§ 7357-7359; Pope's Dig., §§ 9396-9398; A.S.A. 1947, §§ 68-605 -- 68-607.
Ark. Code Ann. § 4-46-101 — AR Code / Title 4 / Chapter 46 / Subchapter 1 / Section 4-46-101
Definitions
Status: in_force

(1) "Business" includes every trade, occupation, and profession. (2) "Debtor in bankruptcy" means a person who is the subject of: (i) an order for relief under Title 11 of the United States Code or a comparable order under a successor statute of general application; or (ii) a comparable order under federal, state, or foreign law governing insolvency. (3) "Distribution" means a transfer of money or other property from a partnership to a partner in the partner's capacity as a partner or to the partner's transferee. (4) "Foreign limited liability partnership" means a partnership that: (i) is formed under laws other than the laws of this state; and (ii) has the status of a limited liability partnership under those laws. (5) "Limited liability partnership" means a partnership that has filed a statement of qualification under § 4-46-1001 and does not have a similar statement in effect in any other jurisdiction. (6) "Partnership" means an association of two (2) or more persons to carry on as co-owners a business for profit formed under § 4-46-202 , predecessor law, or comparable law of another jurisdiction. (7) "Partnership agreement" means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement. (8) "Partnership at will" means a partnership in which the partners have not agreed to remain partners until the expiration of a definite term or the completion of a particular undertaking. (9) "Partnership interest" or "partner's interest in the partnership" means all of a partner's interests in the partnership, including the partner's transferable interest and all management and other rights. (10) "Person" means an individual, corporation, business trust, estate, trust, partnership, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. (11) "Property" means all property, real, personal, or mixed, tangible or intangible, or any interest therein. (12) "State" means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or insular possession subject to the jurisdiction of the United States. (13) "Statement" means a statement of partnership authority under § 4-46-303 , a statement of denial under § 4-46-304 , a statement of dissociation under § 4-46-704 , a statement of dissolution under § 4-46-805 , a statement of merger under § 4-46-908 , a statement of qualification under § 4-46-1001 , a statement of foreign qualification under § 4-46-1102 , or an amendment or cancellation of any of the foregoing. (14) "Transfer" includes an assignment, conveyance, lease, mortgage, deed, and encumbrance. Acts 1999, No. 1518, § 101; 2009, No. 408, § 10.

(1) "Business" includes every trade, occupation, and profession.

(2) "Debtor in bankruptcy" means a person who is the subject of: (i) an order for relief under Title 11 of the United States Code or a comparable order under a successor statute of general application; or (ii) a comparable order under federal, state, or foreign law governing insolvency.

(i) an order for relief under Title 11 of the United States Code or a comparable order under a successor statute of general application; or

(ii) a comparable order under federal, state, or foreign law governing insolvency.

(3) "Distribution" means a transfer of money or other property from a partnership to a partner in the partner's capacity as a partner or to the partner's transferee.

(4) "Foreign limited liability partnership" means a partnership that: (i) is formed under laws other than the laws of this state; and (ii) has the status of a limited liability partnership under those laws.

(i) is formed under laws other than the laws of this state; and

(ii) has the status of a limited liability partnership under those laws.

(5) "Limited liability partnership" means a partnership that has filed a statement of qualification under § 4-46-1001 and does not have a similar statement in effect in any other jurisdiction.

(6) "Partnership" means an association of two (2) or more persons to carry on as co-owners a business for profit formed under § 4-46-202 , predecessor law, or comparable law of another jurisdiction.

(7) "Partnership agreement" means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement.

(8) "Partnership at will" means a partnership in which the partners have not agreed to remain partners until the expiration of a definite term or the completion of a particular undertaking.

(9) "Partnership interest" or "partner's interest in the partnership" means all of a partner's interests in the partnership, including the partner's transferable interest and all management and other rights.

(10) "Person" means an individual, corporation, business trust, estate, trust, partnership, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.

(11) "Property" means all property, real, personal, or mixed, tangible or intangible, or any interest therein.

(12) "State" means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or insular possession subject to the jurisdiction of the United States.

(13) "Statement" means a statement of partnership authority under § 4-46-303 , a statement of denial under § 4-46-304 , a statement of dissociation under § 4-46-704 , a statement of dissolution under § 4-46-805 , a statement of merger under § 4-46-908 , a statement of qualification under § 4-46-1001 , a statement of foreign qualification under § 4-46-1102 , or an amendment or cancellation of any of the foregoing.

(14) "Transfer" includes an assignment, conveyance, lease, mortgage, deed, and encumbrance.

Acts 1999, No. 1518, § 101; 2009, No. 408, § 10.
Ark. Code Ann. § 4-99-406 — AR Code / Title 4 / Chapter 99 / Subchapter 4 / Section 4-99-406
Applicability of subchapter
Status: in_force

The provisions of this subchapter shall not apply to: (1) Any person who is a licensee, as defined by § 17-42-103(8)(A) , who is a resident of the State of Arkansas and whose telephone call to the consumer is for the sole purpose of selling, exchanging, purchasing, renting, listing for sale or rent, or leasing real estate in accordance with the provisions for which he or she was licensed and not in conjunction with any other offer; (2) Any motor vehicle dealer, as that term is defined in § 23-112-103 , who is a resident of the State of Arkansas, and who maintains a current motor vehicle dealer's license issued by the Arkansas Motor Vehicle Commission, whose call to the consumer is for the sole purpose of selling, offering to sell, soliciting, or advertising the sale of motor vehicles in accordance with the provisions for which they were licensed and not in conjunction with any other offer; (3) Any agent, as that term is defined in § 23-64-102(1) , who maintains a current license as an insurance agent whose call to the consumer is for the purpose of soliciting, consulting, advising, or adjusting in the business of insurance; (4) Any broker-dealer, agent, or investment advisor registered by the Securities Commissioner pursuant to the provisions of § 23-42-301 et seq., whose telephone call to the consumer is for the purpose of effecting or attempting to effect the purchase or sale of securities or has the purpose of providing or seeking to provide investment or financial advice; (5) Any person calling on behalf of a charitable organization as that term is defined in § 4-99-403 , whose call to the consumer is for the sole purpose of soliciting for the charitable organization and who receives no compensation as a result of his or her solicitation activities on behalf of the charitable organization; (6) Any person calling on behalf of a newspaper of general circulation whose call to the consumer is for the purpose of soliciting a subscription to the newspaper from the consumer or soliciting advertising from the consumer; (7) (A) Telephone calls made on behalf of any federally chartered or state-chartered bank if the call to the consumer relates to banking services other than credit card offers. (B) In no event shall the telephone calls made pursuant to this subdivision (7) of this section reference any form of credit card offer; and (8) Telephone calls made on behalf of a funeral establishment properly licensed pursuant to § 17-29-301 et seq., if the purpose of the telephone call relates to services provided by the funeral establishment in its ordinary course of business. Acts 1999, No. 1465, § 6.

The provisions of this subchapter shall not apply to:

(1) Any person who is a licensee, as defined by § 17-42-103(8)(A) , who is a resident of the State of Arkansas and whose telephone call to the consumer is for the sole purpose of selling, exchanging, purchasing, renting, listing for sale or rent, or leasing real estate in accordance with the provisions for which he or she was licensed and not in conjunction with any other offer;

(2) Any motor vehicle dealer, as that term is defined in § 23-112-103 , who is a resident of the State of Arkansas, and who maintains a current motor vehicle dealer's license issued by the Arkansas Motor Vehicle Commission, whose call to the consumer is for the sole purpose of selling, offering to sell, soliciting, or advertising the sale of motor vehicles in accordance with the provisions for which they were licensed and not in conjunction with any other offer;

(3) Any agent, as that term is defined in § 23-64-102(1) , who maintains a current license as an insurance agent whose call to the consumer is for the purpose of soliciting, consulting, advising, or adjusting in the business of insurance;

(4) Any broker-dealer, agent, or investment advisor registered by the Securities Commissioner pursuant to the provisions of § 23-42-301 et seq., whose telephone call to the consumer is for the purpose of effecting or attempting to effect the purchase or sale of securities or has the purpose of providing or seeking to provide investment or financial advice;

(5) Any person calling on behalf of a charitable organization as that term is defined in § 4-99-403 , whose call to the consumer is for the sole purpose of soliciting for the charitable organization and who receives no compensation as a result of his or her solicitation activities on behalf of the charitable organization;

(6) Any person calling on behalf of a newspaper of general circulation whose call to the consumer is for the purpose of soliciting a subscription to the newspaper from the consumer or soliciting advertising from the consumer;

(7) (A) Telephone calls made on behalf of any federally chartered or state-chartered bank if the call to the consumer relates to banking services other than credit card offers. (B) In no event shall the telephone calls made pursuant to this subdivision (7) of this section reference any form of credit card offer; and

(A) Telephone calls made on behalf of any federally chartered or state-chartered bank if the call to the consumer relates to banking services other than credit card offers.

(B) In no event shall the telephone calls made pursuant to this subdivision (7) of this section reference any form of credit card offer; and

(8) Telephone calls made on behalf of a funeral establishment properly licensed pursuant to § 17-29-301 et seq., if the purpose of the telephone call relates to services provided by the funeral establishment in its ordinary course of business.

Acts 1999, No. 1465, § 6.
Ark. Code Ann. § 4-28-634 — AR Code / Title 4 / Chapter 28 / Subchapter 6 / Section 4-28-634
Savings clause
Status: in_force

This subchapter does not affect an action or proceeding commenced or right accrued before this subchapter takes effect. Acts 2011, No. 202, § 2.

This subchapter does not affect an action or proceeding commenced or right accrued before this subchapter takes effect.

Acts 2011, No. 202, § 2.
Ark. Code Ann. § 4-90-307 — AR Code / Title 4 / Chapter 90 / Subchapter 3 / Section 4-90-307
Insurance
Status: in_force

Every insurer that writes motor vehicle insurance and that intends to require or specify the use of aftermarket parts must disclose to its policyholders in writing, either in the policy or on an attached sticker, the following information in no smaller than 10-point type: "IN THE REPAIR OF YOUR COVERED MOTOR VEHICLE UNDER THE PHYSICAL DAMAGE COVERAGE PROVISIONS OF THIS POLICY, WE MAY REQUIRE OR SPECIFY THE USE OF MOTOR VEHICLE PARTS NOT MADE BY THE ORIGINAL MANUFACTURER. THESE PARTS ARE REQUIRED TO BE AT LEAST EQUAL IN TERMS OF FIT, QUALITY, PERFORMANCE, AND WARRANTY TO THE ORIGINAL MANUFACTURER PARTS THEY REPLACE." Acts 1997, No. 835, § 1.

Every insurer that writes motor vehicle insurance and that intends to require or specify the use of aftermarket parts must disclose to its policyholders in writing, either in the policy or on an attached sticker, the following information in no smaller than 10-point type:

"IN THE REPAIR OF YOUR COVERED MOTOR VEHICLE UNDER THE PHYSICAL DAMAGE COVERAGE PROVISIONS OF THIS POLICY, WE MAY REQUIRE OR SPECIFY THE USE OF MOTOR VEHICLE PARTS NOT MADE BY THE ORIGINAL MANUFACTURER. THESE PARTS ARE REQUIRED TO BE AT LEAST EQUAL IN TERMS OF FIT, QUALITY, PERFORMANCE, AND WARRANTY TO THE ORIGINAL MANUFACTURER PARTS THEY REPLACE."

Acts 1997, No. 835, § 1.