reglab/housing_qa huggingface dataset:
AR Code § 23-42-501 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 5 - Regulation of Transactions|§ 23-42-501. Sale of unregistered nonexempt securities

 It is unlawful for any person to offer or sell any security in this state unless:   (1) It is registered under this chapter;  (2) The security or transaction is exempted under § 23-42-503 or § 23-42-504; or  (3) It is a covered security.
AR Code § 23-42-502 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 5 - Regulation of Transactions|§ 23-42-502. Filing of prospectus, sales literature, etc

 The Securities Commissioner, by rule or order, may require the filing of any prospectus, pamphlet, circular, form letter, advertisement, television, radio, or other sales literature or advertising communication addressed or intended for distribution to prospective investors, including clients or prospective clients of an investment adviser, as part of a registered offering or as part of an exempt offering required to be filed under § 23-42-503(d) or § 23-42-504(b).
AR Code § 23-42-505 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 5 - Regulation of Transactions|§ 23-42-505. Denial or revocation of exemption

 (a) The Securities Commissioner may, by order, deny or revoke any exemption specified in § 23-42-503(a)(7) or (8), (b), or (c) or § 23-42-504(a) with respect to a specific security or transaction.  (b)  (1) No such order may be entered without appropriate prior notice to all interested parties, opportunity for hearing, and written findings of fact and conclusions of law, except that the commissioner may by order summarily deny or revoke any of the specified exemptions pending final determination of any proceeding under this section.  (2) Upon the entry of a summary order, the commissioner shall promptly notify all interested parties that it has been entered and of the reasons therefor and that within fifteen (15) days of the receipt of a written request the matter will be set down for hearing.    (c)  (1) If no hearing is requested and none is ordered by the commissioner, the order will remain in effect until it is modified or vacated by the commissioner.  (2) If a hearing is requested or ordered, the commissioner, after notice of and opportunity for hearing to all interested persons, may modify or vacate the order or extend it until final determination.    (d) No order under this section may operate retroactively.  (e) No person may be considered to have violated § 23-42-501 or § 23-42-502 by reason of any offer or sale effected after the entry of an order under this section if he or she sustains the burden of proof that he or she did not know and, in the exercise of reasonable care, could not have known of the order.
AR Code § 23-42-506 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 5 - Regulation of Transactions|§ 23-42-506. Burden of proof of exemption

 In any proceeding under this chapter, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
AR Code § 23-42-507 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 5 - Regulation of Transactions|§ 23-42-507. Fraud or deceit in connection with offer, sale, or purchase of securities

 It is unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly:   (1) To employ any device, scheme, or artifice to defraud;  (2) To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or  (3) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.
AR Code § 23-42-508 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 5 - Regulation of Transactions|§ 23-42-508. Market manipulation

 It is unlawful for any person, directly or indirectly, in this state:   (1) To effect any transaction in a security which involves no change in the beneficial ownership thereof, or to enter any orders for the purchase or sale of any security with the knowledge that orders of substantially the same size, at substantially the same time, and at substantially the same price, for the sale or purchase of the security, have been or will be entered by or for the same or affiliated persons, for the purpose of creating a false or misleading appearance of active trading in the security or a false or misleading appearance with respect to the market for the security;  (2) To effect, alone or with one (1) or more other persons, a series of transactions in any security creating actual or apparent active trading in the security or raising or depressing the price of the security, for the purpose of inducing the purchase or sale of the security by others; or  (3) To induce the purchase or sale of any security by the circulation or dissemination of information to the effect that the price of the security will, or is likely to, rise or fall because of market operations of any one (1) or more persons conducted for the purpose of raising or depressing the price of the security, if he or she is selling or offering to sell or purchasing or offering to purchase the security or is receiving a consideration, directly or indirectly, from that person.
AR Code § 23-46-101 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 46 - State Bank Department and State Banking Board|Subchapter 1 - General Provisions|§ 23-46-101. Confidential records

 (a) Notwithstanding the Freedom of Information Act of 1967, § 25-19-101 et seq., 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 financial institution or the customers of a financial institution; 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 be disclosed, in the Bank Commissioner's discretion, as follows:  (1) Under a validly issued subpoena and in the interest of justice, the commissioner may waive the privilege created in this section 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 financial institution; and  (3) To state and federal regulatory agencies with jurisdiction over financial institutions or entities engaging in financial activities, including, but not limited to, insurance and securities brokerage and underwriting.    (c) The commissioner shall have the power to promulgate rules with regard to disclosure of confidential information.
AR Code § 23-46-201 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 46 - State Bank Department and State Banking Board|Subchapter 2 - State Bank Department|§ 23-46-201. Creation of State Bank Department

 There is created and established, at the seat of government of this state, a department to be known as the “State Bank Department”. The State Bank Department shall be a division of the Department of Commerce.
AR Code § 23-46-203 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 46 - State Bank Department and State Banking Board|Subchapter 2 - State Bank Department|§ 23-46-203. Seal — Evidentiary effect — Fees

 (a) An appropriate seal shall be procured to be the official seal for the State Bank Department.  (b) Every paper executed by the Bank Commissioner in pursuance of the authority conferred upon him or her by law and sealed with the seal of the department or certified by the department shall be received in evidence and recorded in the proper recording offices in the same manner as deeds regularly acknowledged.  (c)  (1) Whenever it is necessary for the commissioner to approve any instrument and to affix the official seal thereto, the commissioner shall charge a fee as provided by rule for affixing his or her approval and the official seal to the instrument.  (2) Copies of all records and papers in the office of the department certified by the commissioner and authenticated by the seal shall be received in evidence in all cases equally and of like effect as the originals thereof.  (3) Whenever it is proper to furnish a copy of any paper filed in the department and to certify that paper, the commissioner may charge a fee as provided by department rule.
AR Code § 23-46-204 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 46 - State Bank Department and State Banking Board|Subchapter 2 - State Bank Department|§ 23-46-204. Bank Commissioner — Appointment and removal

 (a) The Governor, by and with the advice and consent of the Senate, shall appoint a Bank Commissioner who shall:  (1) Be a resident of this state;  (2) Be at least thirty (30) years of age; and  (3) Have not less than five (5) years' experience either in practical banking or in the bank department of a state.    (b) The commissioner shall be the head of the State Bank Department and shall hold his or her office for the term of four (4) years beginning from the date of actual appointment by the Governor and expiring four (4) years from that date and until a successor is appointed.  (c) The commissioner may be removed by the Governor from office for neglect of duty, malfeasance, misfeasance, extortion or corruption in office, incompetency, or mental or physical disability to such an extreme as to render the commissioner unable or unfit for the discharge of his or her duties, or for any offense involving moral turpitude while in office committed under color of or connected with such an office.  (d) In the event there shall be an inability to serve in the office caused by death, suspension, removal, disability, disqualification, or resignation of the commissioner, a deputy commissioner previously designated by the commissioner shall exercise the powers and perform the duties of the commissioner until a successor is appointed by the Governor, with the advice and consent of the Senate, who shall serve for the remainder of the unexpired term fixed by law.  (e) The commissioner shall report to the Secretary of the Department of Commerce.
AR Code § 23-46-206 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 46 - State Bank Department and State Banking Board|Subchapter 2 - State Bank Department|§ 23-46-206. Employment and duties of staff generally

 (a)  (1) The Bank Commissioner, in consultation with the Secretary of the Department of Commerce, shall employ from time to time the assistants, examiners, clerks, stenographers, counsel, and other personnel as he or she may find necessary to properly and efficiently discharge the duties of his or her office.  (2) The commissioner shall be authorized to set minimum qualifications for these persons and to fix their levels of compensation within the limitations of the numbers of employees and the appropriations for their salaries as provided from time to time by acts of the General Assembly, provided he or she shall incur no expense until an appropriation shall have been made therefor nor in excess of the revenues of the State Bank Department.    (b) Counsel employed by the commissioner shall advise the commissioner in all legal matters affecting the State Bank Department.  (c) Notwithstanding any other provisions of state law, and in order to maintain the confidentiality of information and the security of State Bank Department personnel in the performance of their duties, the commissioner shall be authorized to establish travel reimbursement guidelines for payment of expenses of State Bank Department personnel incurred in the performance of their duties.  (d) If the commissioner is not himself or herself at any time available for the transaction of any specific matter committed by law to his or her authority or discretion, any one of the deputy commissioners, or any other staff member so designated by the commissioner in writing, may transact such matter in the name and stead of the commissioner.  (e)  (1) The commissioner, each member of the State Banking Board, the deputy commissioners, chief examiners, counsel, each examiner, each accountant, each attorney, and each other officer, person, or employee, or both, of or for the State Bank Department shall not be personally liable for damages occasioned by his or her official acts or omissions, except when the acts or omissions are corrupt and malicious.  (2) The Attorney General shall defend any action brought against any of the above-mentioned persons by reason of his or her official acts or omissions, regardless of whether at the time of institution of the action the defendant has terminated his or her service with the State Bank Department.
AR Code § 23-46-207 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 46 - State Bank Department and State Banking Board|Subchapter 2 - State Bank Department|§ 23-46-207. Interests in financial institutions prohibited

 (a)  (1) No employee or officer of the State Bank Department, or employee or officer of the Department of Commerce working within the State Bank Department, who participates in the examination of a financial institution, or who may be called upon to make an official decision or determination affecting the operation of a financial institution, shall be an officer, director, attorney, owner, or holder of stock in any state bank, registered out-of-state bank, or bank holding company which controls a state bank or a registered out-of-state bank, or receive, directly or indirectly, any payment or gratuity from any such organizations.  (2) A person subject to this section may not borrow money from a state bank or registered out-of-state bank which is an out-of-state state-chartered bank except as provided in subsection (b) of this section.    (b) A person subject to this section may:  (1) Be a depositor in any financial institution that the department regulates and participate in such overdraft programs associated with such deposit relationships as the commissioner may, by rule, allow; and  (2) Purchase banking services, other than credit services, under rates and terms generally available to other customers of the financial institution.
AR Code § 23-46-209 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 46 - State Bank Department and State Banking Board|Subchapter 2 - State Bank Department|§ 23-46-209. Records and financial reports — Disposition of funds

 (a) The Bank Commissioner shall keep a true and perfect record of all of the business of the State Bank Department and shall make monthly reports to the Auditor of State of all fees he or she collects.  (b) All fees and other revenues received by the department shall be deposited into the State Treasury as special revenues and credited to the Bank Department Fund to be used solely for the payment of the expenses of the department pursuant to the appropriations therefor.  (c) Upon proper voucher from the commissioner, the Auditor of State shall issue the Auditor of State's warrant on the Treasurer of State in payment of all salaries and other expenses incurred in the administration of the Arkansas Banking Code of 1997.
AR Code § 23-46-210 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 46 - State Bank Department and State Banking Board|Subchapter 2 - State Bank Department|§ 23-46-210. Annual and biennial reports of Bank Commissioner

 (a) The Bank Commissioner shall make an annual report to the Secretary of the Department of Commerce of the work and the business of the State Bank Department, which shall embrace a statement of all receipts and expenditures and the name, officers, directors, domicile, capital, surplus, net profits, and deposits of each state bank, in the state, and such other information as the commissioner deems advisable.  (b) The commissioner shall also, biennially, make a detailed estimate of the expenses of the State Bank Department for the two (2) succeeding fiscal years.
AR Code § 23-46-211 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 46 - State Bank Department and State Banking Board|Subchapter 2 - State Bank Department|§ 23-46-211. Retention of State Bank Department records

 (a) The State Bank Department shall retain its general records for at least ten (10) years, with the following exceptions:  (1) Transcripts of hearings before the State Banking Board or the Bank Commissioner shall be retained for at least three (3) years;  (2) Applications submitted to the department shall be retained for at least three (3) years; and  (3) Articles of incorporation and amendments thereto and stock transfer certificates and approvals shall be retained permanently, except in cases in which the records concern a bank which has been merged, sold, or liquidated, in which cases the records shall be retained for at least five (5) years.    (b)  (1) In lieu of retention of the original records thereof, the department may cause any or all of its records and records held at any time in its custody to be photographed or otherwise reproduced in permanent form.  (2) Any photograph or other reproduction shall have the same force and effect as the original thereof and be admitted into evidence equally as with the original.
AR Code § 23-46-302 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 46 - State Bank Department and State Banking Board|Subchapter 3 - State Banking Board|§ 23-46-302. Special State Banking Board members

 (a) When any member of the State Banking Board is disqualified for any reason to hear and participate in the determination of any matter pending before the board, the Governor shall appoint a qualified person to hear and participate in the decision on the particular matter.  (b) The special board member so appointed shall have all authority and responsibility of a regular board member with respect to the particular matter before the board but shall have no authority or responsibility with respect to any other matter before the board.
AR Code § 23-46-303 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 46 - State Bank Department and State Banking Board|Subchapter 3 - State Banking Board|§ 23-46-303. Study of banking statutes

 The State Banking Board is authorized, at such times as it deems appropriate, to request a review or study of state banking law and to recommend any changes that it may deem appropriate to the Secretary of the Department of Commerce.
AR Code § 23-46-305 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 46 - State Bank Department and State Banking Board|Subchapter 3 - State Banking Board|§ 23-46-305. Applications

 (a) All applications which the State Banking Board is empowered to consider for approval or disapproval shall, as soon as practicable, be submitted by the Bank Commissioner to the board for consideration at a regular meeting of the board or at a special meeting called for the purpose thereof.  (b) Applications of the types described in § 23-46-304(a)(1)-(4) must demonstrate that the applicant has the minimum amount of capital that the commissioner may require.
AR Code § 23-46-401 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 46 - State Bank Department and State Banking Board|Subchapter 4 - Proceedings Before State Banking Board and Bank Commissioner|§ 23-46-401. Applicability

 Nothing in this subchapter is intended to have any application to:   (1) A merger under which a state bank merges into a national bank which is an Arkansas bank;  (2) Any consolidation proceeding under which a state bank becomes consolidated into a national bank which is an Arkansas bank; or  (3) Any proceeding under which a state bank is converted into a national bank or a national bank is converted into a state bank.