reglab/housing_qa huggingface dataset:
AR Code § 23-51-174 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-174. Out-of-state offices

 (a) A state bank, a state trust company, or a savings association chartered under the laws of this state may establish and maintain a new trust office or acquire and maintain an office in a state other than this state. Such a trust institution desiring to establish or acquire and maintain an office in another state under this section shall file a notice on a form prescribed by the Bank Commissioner, which shall set forth the name of the trust institution, the location of the proposed office, and a general description of the surrounding area, whether the location will be owned or leased, and whether the laws of the jurisdiction where the office will be located permit the office to be maintained by the trust institution, furnish a copy of the resolution adopted by the board authorizing the out-of-state office, and pay the filing fee, if any, prescribed by the commissioner.  (b) The notificant may commence business at the additional office thirty (30) days after the date the commissioner receives the notice, unless the commissioner specifies another date.  (c) The thirty-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the trust institution may establish the additional office only on prior written approval by the commissioner.  (d) The commissioner may deny approval of the additional office if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest. In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies.
AR Code § 23-51-175 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-175. Trust business at a branch or trust office

 An out-of-state trust institution may act as a fiduciary in this state or engage in a trust business at an office in this state only if it maintains a trust office in this state as permitted by this chapter or a branch in this state.
AR Code § 23-51-176 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-176. Establishing an interstate trust office

 (a) An out-of-state trust institution that does not operate a trust office in this state and that meets the requirements of this chapter may establish and maintain a new trust office in this state.  (b) An out-of-state trust institution may not establish a new trust office in this state unless a similar institution chartered under the laws of this state to act as a fiduciary, is permitted to establish a new trust office that may engage in activities substantially similar to those permitted to trust offices of out-of-state trust institutions under § 23-51-175, in the state where the out-of-state trust institution has its principal office.
AR Code § 23-51-177 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-177. Acquiring an interstate trust office

 (a) An out-of-state trust institution that does not operate a trust office in this state and that meets the requirements of this chapter may acquire and maintain a trust office in this state.  (b) No out-of-state trust institution may maintain a trust office in this state unless a similar institution chartered under the laws of this state to act as a fiduciary is permitted to acquire and maintain a trust office through an acquisition of a trust office in the state where the out-of-state trust institution has its principal office and may engage in activities substantially similar to those permitted to trust offices of out-of-state trust institutions under § 23-51-175, in the state where the out-of-state trust institution has its principal office.
AR Code § 23-51-178 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-178. Requirement of notice

 An out-of-state trust institution desiring to establish and maintain a new trust office or acquire and maintain a trust office in this state pursuant to this chapter shall provide, or cause its home state regulator to provide, written notice of the proposed transaction to the Bank Commissioner on or after the date on which the out-of-state trust institution applies to the home state regulator for approval to establish and maintain or acquire the trust office. The filing of the notice shall be preceded or accompanied by a copy of the resolution adopted by the board authorizing the additional office and the filing fee, if any, prescribed by the commissioner.
AR Code § 23-51-179 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-179. Conditions for approval

 (a) No trust office of an out-of-state trust institution may be acquired or established in this state under this chapter unless:  (1) The out-of-state trust institution shall have confirmed in writing to the Bank Commissioner that for as long as it maintains a trust office in this state, it will comply with all applicable laws of this state;  (2) The notificant shall have provided satisfactory evidence to the commissioner of compliance with any applicable requirements of § 4-27-1501 et seq. and the applicable requirements of its home state regulator for acquiring or establishing and maintaining the office;  (3) The commissioner, acting within sixty (60) days after receiving notice under § 23-51-178, shall have certified to the home state regulator that the requirements of this chapter have been met and the notice has been approved or, if applicable, that any conditions imposed by the commissioner pursuant to subsection (b) of this section have been satisfied.    (b) The out-of-state trust institution may commence business at the trust office sixty (60) days after the date the commissioner receives the notice unless the commissioner specifies another date, provided, with respect to an out-of-state trust institution that is not a depository institution and for which the commissioner shall have conditioned such approval on the satisfaction by the notificant of any requirement applicable to a state trust company pursuant to § 23-51-106(b) or § 23-51-110, the institution shall have satisfied such conditions and provided to the commissioner satisfactory evidence thereof.  (c) The sixty-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the out-of-state trust institution may establish the office only on prior written approval by the commissioner.  (d) The commissioner may deny approval of the office if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office is contrary to the public interest. In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies.
AR Code § 23-51-180 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-180. Additional trust offices

 An out-of-state trust institution that maintains a trust office in this state under this chapter may establish or acquire additional trust offices or representative trust offices in this state to the same extent that a state trust institution may establish or acquire additional offices in this state pursuant to the procedures for establishing or acquiring such offices set forth in § 23-51-173.
AR Code § 23-51-182 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-182. Enforcement

 (a)  (1) Consistent with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., after notice and opportunity for hearing, the Bank Commissioner may determine:  (A) That an office maintained by an out-of-state trust institution in this state is being operated in violation of any provision of the laws of this state or in an unsafe and unsound manner; or  (B) That a company is engaged in an unauthorized trust activity    (2) In either event, the commissioner shall have the authority to take all such enforcement actions as he or she would be empowered to take if the office or the company were a state trust company, including but not limited to issuing an order temporarily or permanently prohibiting the company from engaging in a trust business in this state.    (b) In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any action permitted by subsection (a) of this section without notice or opportunity for hearing, but shall promptly afford a subsequent hearing upon an application to rescind the action taken. The commissioner shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state trust institution and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action.
AR Code § 23-51-183 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-183. Notice of subsequent merger, closing, etc

 Each out-of-state trust institution that maintains an office in this state pursuant to this chapter, or the home state regulator of such a trust institution, shall give at least thirty (30) days prior written notice or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the Bank Commissioner of:   (1) Any merger, consolidation, or other transaction that would cause a change of control with respect to the out-of-state trust institution or any bank holding company that controls the trust institution, with the result that an application would be required to be filed pursuant to the Change in Bank Control Act of 1978, as amended, 12 U.S.C. § 1817(j), or the Bank Holding Company Act of 1956, as amended, 12 U.S.C. § 1841 et seq., or any successor statutes thereto;  (2) Any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person; or  (3) The closing or disposition of any office in this state.
AR Code § 23-51-184 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-184. Commissioner shall supervise and examine authorized trust institutions

 Every authorized trust institution shall be under the supervision of the Bank Commissioner. The commissioner shall execute and enforce through the State Bank Department and such other agents as are now or may hereafter be created or appointed, all laws which are now or may hereafter be enacted relating to authorized trust institutions. For the more complete and thorough enforcement of the provisions of this chapter, the commissioner is hereby empowered to promulgate such rules not inconsistent with the provisions of this chapter, as may, in his or her opinion, be necessary to carry out the provisions of the laws relating to authorized trust institutions and as may be further necessary to insure safe and conservative management of an authorized trust institution under his or her supervision taking into consideration the appropriate interest of the creditors, stockholders, and the public in their relations with the authorized trust institutions. All authorized trust institutions doing business under the provisions of this chapter shall conduct their business in a manner consistent with all laws relating to authorized trust institutions and all rules and instructions that may be promulgated or issued by the commissioner.
AR Code § 23-51-185 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-185. Examinations — Assessments

 (a) The Bank Commissioner may examine each state trust company every twenty-four (24) months or more often as he or she determines is necessary to safeguard the interests of the public and the safety and soundness of the institution.  (b) Each state-chartered trust company shall pay to the State Bank Department within ten (10) days after notice from the commissioner in January and July of each year an assessment fee to defray the costs of examination and the costs of operations of the department which will be charged in accordance with an assessment fee schedule approved by the commissioner.  (c) The commissioner may accept examinations of a state trust company by a federal or other governmental agency in lieu of an examination under this section or may conduct examinations of a state trust company jointly or concurrently with a federal or other governmental agency.
AR Code § 23-51-186 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-186. Statements of condition and income

 Each state trust company shall periodically file with the Bank Commissioner a copy of its statement of condition and income. The commissioner shall have the power to call for these reports whenever deemed necessary, in order to obtain a full and complete knowledge of the condition of the trust company.
AR Code § 23-51-187 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-187. Confidential records

 (a) The following records of the State Bank Department shall be confidential and shall not be exhibited or revealed to the public except as stated in this section or in accordance with department rules:  (1) All examination reports filed with the department;  (2) All records disclosing information obtained from examinations;  (3) Investigations and reports revealing facts concerning a state trust company or the customers of the organization; and  (4) All personal financial statements submitted to the department for any purpose.    (b) Notwithstanding any provision of this section to the contrary, records deemed confidential in accordance with this section may, in the Bank Commissioner's discretion, be disclosed as follows:  (1) Under a validly issued subpoena and, in the interest of justice, the commissioner may waive the privilege created herein and produce examination reports and other related documents under the provisions of a protective order entered by a court or administrative tribunal of competent jurisdiction when the order is designed to protect the confidential nature of the information so disclosed from public dissemination;  (2) Official orders of the department may be disclosed within the discretion of the commissioner if the commissioner makes a determination that such a disclosure would not give advantage to a competitor or adversely affect the safety and soundness of the state trust company; and  (3) To federal financial institutions' regulatory agencies and financial institutions' regulatory agencies of other states.    (c) The commissioner shall have the power to promulgate rules with regard to disclosure of confidential information.
AR Code § 23-51-188 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-188. Administrative orders — Penalties for violation

 (a) In addition to any other powers conferred by this chapter, the Bank Commissioner shall have the power to:  (1) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist violating any provision of this chapter or any lawful rule issued thereunder;  (2) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist from a course of conduct that is unsafe or unsound and which is likely to cause insolvency or dissipation of assets or is likely to jeopardize or otherwise seriously prejudice the interests of the public in their relationship with the authorized trust institution;  (3) Order any company to cease engaging in an unauthorized trust activity;  (4) Enter any order pursuant to § 23-51-182.    (b) The commissioner may impose a civil money penalty of not more than one thousand dollars ($1,000) for each violation by any authorized trust institution, or subsidiary thereof, or any director, officer, or employee of an order issued under subdivision (a)(1) of this section. Provided further, the commissioner may impose a civil money penalty of not more than five hundred dollars ($500) per day for each day that an authorized trust institution, or subsidiary thereof, or any director, officer, or employee violates a cease and desist order issued under subdivision (a)(2) or subdivision (a)(3) of this section.
AR Code § 23-51-189 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-189. Notice and opportunity for hearing

 Consistent with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., notice and opportunity for hearing shall be provided before any of the foregoing actions shall be undertaken by the Bank Commissioner. Provided, however, in cases involving extraordinary circumstances requiring immediate action, the commissioner may take such an action, but shall promptly afford a subsequent hearing upon application to rescind the action taken.
AR Code § 23-51-190 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-190. Subpoena power and examination under oath

 The Bank Commissioner shall have the power to subpoena witnesses, compel their attendance, require the production of evidence, administer oaths, and examine any person under oath in connection with any subject related to a duty imposed or a power vested in the commissioner.
AR Code § 23-51-191 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-191. Removal of directors, officers, and employees

 Consistent with § 23-51-189, the Bank Commissioner shall have the right, and is hereby empowered, to require the immediate removal from office of any officer, director, or employee of any authorized trust institution who shall be found to be dishonest, incompetent, or reckless in the management of the affairs of the authorized trust institution or who persistently violates the laws of this state or the lawful orders, instructions, and rules issued by the commissioner.
AR Code § 23-51-192 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-192. Delegation and fiduciary responsibility

 (a) Any person acting as a trustee or as any other fiduciary under the laws of this state may delegate any investment, management, or administrative function if the person exercises reasonable care, judgment, and caution in:  (1) Selecting the delegate, taking into account the delegate's financial standing and reputation;  (2) Establishing the scope and other terms of any delegation; and  (3) Reviewing periodically the delegate's actions in order to monitor overall performance and compliance with the scope and other terms of the delegation.    (b) Notwithstanding any delegation permitted by subsection (a) of this section, any person acting as a trustee, except as provided in § 28-73-807, or in any other fiduciary capacity under the laws of this state shall retain responsibility for the due performance of any delegated fiduciary function.
AR Code § 23-51-193 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-193. Affiliates

 (a) Any person acting as a trustee or in any other fiduciary capacity under § 23-51-192 may hire and compensate, as a delegate, an affiliate of the person if:  (1) Authorized by a trust or fiduciary instrument;  (2) Authorized by court order;  (3) Authorized in writing by each affected client; or  (4) The standards of § 23-51-192 are satisfied.    (b) Fees paid to an affiliate shall be competitive with fees charged by nonaffiliates that provide substantially similar services.
AR Code § 23-51-194 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-194. Fee determination

 The compensation arrangement between a client and any person acting as a trustee or as any other fiduciary pursuant to this chapter shall be at arm's length and any compensation pursuant to such an arrangement shall be a reasonable amount with respect to the services rendered.
AR Code § 23-51-195 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-195. Disclosure of potential conflicts of interest

 Any company, proposing to act as a trustee or in any other fiduciary capacity pursuant to a written agreement to be entered into with a prospective client after August 1, 1997, which company has any potential or actual conflict of interest which may reasonably be expected to have an impact on the independence or judgment of the trustee or fiduciary, shall disclose appropriate information concerning the actual or potential conflict of interest prior to entering into any written or oral trust or fiduciary agreement with the client or prospective client.
AR Code § 23-51-196 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 51 - Arkansas Trust Institutions Act|§ 23-51-196. Interests in trust institutions prohibited

 (a) Neither the Bank Commissioner nor any employee or officer of the State Bank Department who participates in the examination of a trust institution, or who may be called upon to make an official decision or determination affecting the operation of a trust institution, shall be an officer, director, attorney, owner, or holder of stock in any state trust company, or any company which owns or controls a state trust company, or receive, directly or indirectly, any payment or gratuity from any such organizations. A person subject to this section may not borrow money from a state trust company.  (b) A person subject to this section may:  (1) Be a depositor in any trust institution that the department regulates; and  (2) Purchase trust or fiduciary services, other than credit services, under rates and terms generally available to other customers of the trust institution.