reglab/housing_qa huggingface dataset:
AR Code § 23-32-402 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 32 - General Provisions|Subchapter 4 - Foreign Investor Companies|§ 23-32-402. Application

 No provision in this subchapter shall apply to any corporation except those corporations included in § 23-32-401.
AR Code § 23-32-403 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 32 - General Provisions|Subchapter 4 - Foreign Investor Companies|§ 23-32-403. Transactions not considered engaging in business

 Without excluding other activities which may not constitute transaction of, or engaging in, business in this state, investor companies which are engaged in investing in loans secured by real estate and which are not chartered or domesticated in this state and do not engage in a general banking business in this state shall not be considered to be transacting or engaging in business in this state under the law of this state by reason of carrying on in this state any one (1) or more of the following activities:   (1) The acquisition of, or participation in, loans secured by mortgages or deeds of trust on real property situated in Arkansas pursuant to commitment arrangements or agreements made prior to or following the origination or creation of the loans;  (2) The ownership, modification, renewal, extension, transfer, or foreclosure of such loans, or the acceptance of substitute or additional obligors thereon;  (3) The maintaining or defending of actions or suits relative to such loans, mortgages, or deeds of trust;  (4) The maintenance of bank accounts in Arkansas in connection with the collection or servicing of such loans;  (5) The making, collection, and servicing of such loans through an Arkansas agent or agency engaged in the business of servicing real estate loans for investors;  (6) The taking of deeds to the mortgaged property either in lieu of foreclosure or for the purpose of transferring title either to the Federal Housing Administration, the Department of Veterans Affairs, or other governmental agency;  (7) The acquisition of title to property under foreclosure sale or from the owner in lieu of foreclosure;  (8) The management, rental, maintenance, and sale or the operating, maintaining, renting, or otherwise dealing with, selling, or disposing of real property acquired under foreclosure sale or by agreement in lieu thereof; or  (9) The physical inspection and appraisal of property in Arkansas as security for deeds of trust or mortgage negotiations for the purchase of such loans.
AR Code § 23-32-404 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 32 - General Provisions|Subchapter 4 - Foreign Investor Companies|§ 23-32-404. Consent to service of process on Secretary of State

 (a) All investor companies, except national banking institutions and state-chartered banks subject to federal regulation, acting either in their own behalf or acting as trustee for trust funds, foundations, pension funds, or related investors, must, before purchasing mortgage notes, mortgages, or deeds of trust, file a statement with the Secretary of State constituting him or her as their agent for service.  (b) The statement shall contain the address of the investor company and shall be signed by the president, secretary, general manager, trustee, or other person charged with the administration of the funds of the investor company.  (c) It shall be the duty of the Secretary of State, upon service of process, to forward all such process forthwith by registered mail to the address shown on the statement of the appropriate investor company.
AR Code § 23-32-405 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 32 - General Provisions|Subchapter 4 - Foreign Investor Companies|§ 23-32-405. Authority to sue and be sued

 The investor companies may sue or be sued in this state in relation to the mortgage notes, mortgages, or deeds of trust, and service may be had on the Secretary of State when an investor company is a defendant. The venue of the actions shall be in the county of the residence of any party to the suit, unless otherwise provided by law, except that when land is involved, the venue shall be in the county where the land or any part of it is located.
AR Code § 23-32-406 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 32 - General Provisions|Subchapter 4 - Foreign Investor Companies|§ 23-32-406. Transaction of general business not authorized

 Nothing in this subchapter shall be construed as authorizing investor companies to transact the general business of a chartered bank or trust company, or any business in this state, except as herein provided.
AR Code § 23-32-501 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 32 - General Provisions|Subchapter 5 - Agency Designation on Certificates of Deposit|§ 23-32-501. Definitions

 In this subchapter:   (1) “Account” means a contract of deposit between a depositor and a financial institution, and includes a checking account, savings account, certificate of deposit, and share account;  (2) “Agent” means a person authorized to make account transactions for a party;  (3) “Beneficiary” means a person named as one to whom sums on deposit in an account are payable on request after the death of all parties or for whom a party is named as trustee;  (4) “Devisee” means any person designated in a will to receive a testamentary disposition of real or personal property;  (5) “Financial institution” means an organization authorized to do business under state or federal laws relating to financial institutions, and includes a savings bank, building and loan association, savings and loan company or association, and credit union;  (6) “Party” means a person who, by the terms of an account, has a present right, subject to request, to payment from the account other than as a beneficiary or agent;  (7) “Payment” of sums on deposit includes withdrawal, payment to a party or third person pursuant to check or other request, and a pledge of sums on deposit by a party, or a setoff, reduction, or other disposition of all or part of an account pursuant to a pledge;  (8) “Person” means an individual, a corporation, an organization, or other legal entity; and  (9) “Personal representative” includes an executor, administrator, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status.
AR Code § 23-32-502 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 32 - General Provisions|Subchapter 5 - Agency Designation on Certificates of Deposit|§ 23-32-502. Scope of subchapter

 (a) This subchapter applies to accounts in this state.  (b) This subchapter does not apply to:  (1) An account established for a partnership, joint venture, or other organization for a business purpose;  (2) An account controlled by one (1) or more persons as an agent or trustee for a corporation, unincorporated association, or charitable or civic organization; or  (3) A fiduciary or trust account in which the relationship is established other than by the terms of the account.
AR Code § 23-32-503 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 32 - General Provisions|Subchapter 5 - Agency Designation on Certificates of Deposit|§ 23-32-503. Forms

 A contract of deposit that substantially contains the following form establishes an agency account, and the account is governed by the provisions of this subchapter applicable to agency accounts:   AGENCY (POWER OF ATTORNEY) DESIGNATION Agents may make account transactions for parties but have no ownership or rights at death unless named as POD beneficiaries. [To Add Agency Designation To Account, Name One Or More Agents]. [Select One and Initial]: AGENCY DESIGNATION SURVIVES DISABILITY OR INCAPACITY OF PARTIES AGENCY DESIGNATION TERMINATES ON DISABILITY OR INCAPACITY OF PARTIES   Click to view form.
AR Code § 23-32-504 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 32 - General Provisions|Subchapter 5 - Agency Designation on Certificates of Deposit|§ 23-32-504. Designation of agent

 (a) Unless the terms of an agency designation provide that the authority of the agent terminates on disability or incapacity of a party, the agent's authority survives disability and incapacity. The agent may act for a disabled or incapacitated party until the authority of the agent is terminated.  (b) Death of the sole party or last surviving party terminates the authority of an agent.  (c) An agent in an account with an agency designation has no beneficial right to sums on deposit.
AR Code § 23-32-505 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 32 - General Provisions|Subchapter 5 - Agency Designation on Certificates of Deposit|§ 23-32-505. Payment to designated agent

 On request of an agent under an agency designation for an account, a financial institution may, unless it actually knows that the authority of agency has terminated, pay to the agent sums on deposit in the account.
AR Code § 23-32-506 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 32 - General Provisions|Subchapter 5 - Agency Designation on Certificates of Deposit|§ 23-32-506. Payment to minor

 If a financial institution is required or permitted to make payment pursuant to this subchapter to a minor designated as a beneficiary, payment may be made pursuant to the Uniform Transfers to Minors Act, § 9-26-201 et seq.
AR Code § 23-32-507 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 32 - General Provisions|Subchapter 5 - Agency Designation on Certificates of Deposit|§ 23-32-507. Discharge

 (a)  (1) Payment made pursuant to this subchapter in accordance with an agency of account discharges the financial institution from all claims for amounts so paid, whether or not the payment is consistent with the beneficial ownership of the account as between parties, beneficiaries, or their successors.  (2) Payment may be made whether or not a party, beneficiary, or agent is disabled, incapacitated, or deceased when payment is requested, received, or made.    (b)  (1) Protection under this section does not extend to payments made after a financial institution has received written notice from a party, or from the personal representative, surviving spouse, or heir or devisee of a deceased party, to the effect that payments in accordance with the terms of the agency account should not be permitted, and the financial institution has had a reasonable opportunity to act on it when payment is made.  (2) Unless the notice is withdrawn by the person giving it, the successor of any deceased party must concur in a request for payment if the financial institution is to be protected under this section.  (3) Unless a financial institution has been served with process in an action or proceeding, no other notice or other information shown to have been available to the financial institution affects its right to protection under this section.    (c) A financial institution that receives written notice pursuant to this section or otherwise that has reason to believe that a dispute exists as to the rights of the parties may refuse, without liability, to make payments in accordance with the terms of the agency account.  (d) Protection of a financial institution under this section does not affect the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of sums on deposit in agency accounts or payments made from agency accounts.
AR Code § 23-32-508 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 32 - General Provisions|Subchapter 5 - Agency Designation on Certificates of Deposit|§ 23-32-508. Setoff

 Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, if a party is indebted to a financial institution, the financial institution has a right to setoff against the agency account. The amount of the agency account subject to setoff is the proportion to which the party is, or immediately before death was, beneficially entitled or, in the absence of proof of that proportion, an equal share with all parties.
AR Code § 23-32-509 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 32 - General Provisions|Subchapter 5 - Agency Designation on Certificates of Deposit|§ 23-32-509. Effect on other laws

 This subchapter is supplemental to all laws pertaining to the deposit of funds in financial institutions.
AR Code § 23-35-101 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 1 - General Provisions|§ 23-35-101. Definition and purpose of credit union or central credit union

 A credit union or central credit union is a cooperative nonprofit association, incorporated in accordance with the provisions of this chapter for the twofold purpose of encouraging thrift among its members and creating a source of credit at fair and reasonable rates of interest. A credit union or central credit union provides an opportunity for its members to use and control their own money in order to improve their economic and social condition.
AR Code § 23-35-102 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 1 - General Provisions|§ 23-35-102. Operation of central credit unions

 (a) A central credit union may be organized and operated as provided in this chapter.  (b) A central credit union shall be designated by use of the term “central” in its official name. A credit union not conforming to the requirements for a central credit union shall not use the term “central” in its official name.  (c) A central credit union shall be subject to all the provisions of this chapter. Specific provisions setting forth the operation of central credit unions shall take precedence over other provisions of this chapter if those specific provisions are inconsistent with other parts of this chapter.
AR Code § 23-35-103 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 1 - General Provisions|§ 23-35-103. Taxation

 A credit union shall be deemed an institution for savings and, together with all accumulations therein, shall not be subject to taxation except as to real estate owned. The shares of a credit union shall not be subject to a stock transfer tax when issued by the corporation or when transferred from one (1) member to another.
AR Code § 23-35-104 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 1 - General Provisions|§ 23-35-104. Insurance of accounts

 (a) Each credit union organized under this chapter shall obtain insurance of member share and deposit accounts under the provisions of Title II of the Federal Credit Union Act.  (b) A credit union which has been denied a commitment for insurance of its share and deposit accounts shall either dissolve or merge with another credit union which is insured under Title II of the Federal Credit Union Act.
AR Code § 23-35-201 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 2 - Supervision|§ 23-35-201. Credit Union Division — State Credit Union Supervisor — Staff

 There is created under the State Securities Department a Credit Union Division which shall be administered by the State Credit Union Supervisor. The Securities Commissioner, in consultation with the Secretary of the Department of Commerce, shall act as State Credit Union Supervisor. The supervisor, in consultation with the Secretary of the Department of Commerce, shall appoint such administrative assistants and examiners as may be necessary to assist in the performance of his or her duties under this chapter.
AR Code § 23-35-202 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 2 - Supervision|§ 23-35-202. Authority of State Credit Union Supervisor — Rules and regulations

 (a) All state-chartered credit unions shall be supervised and regulated by the State Credit Union Supervisor acting pursuant to the authority delegated by this chapter. The supervisor shall be responsible for the enforcement of this chapter and the credit union bylaws, and he or she shall have the authority to adopt rules governing credit unions in a manner consistent with this chapter and other statutes of Arkansas.  (b) The supervisor may, irrespective of any limitations in this chapter and subject to other Arkansas law, make reasonable rules authorizing a credit union to exercise any of the powers conferred upon a federally chartered credit union doing business in this state which is subject to the regulations of the National Credit Union Administration, if the supervisor finds that the exercise of the power:  (1) Serves the public convenience and advantage; and  (2) Equalizes and maintains the quality of competition between state-chartered credit unions and federally chartered credit unions. This includes, but it is not limited to:  (A) The offering of the various types of accounts offered by federal credit unions;  (B) Designation of the legal relationships of an account holder;  (C) Adoption of any dividend paying date or other procedure or practice of paying dividends;  (D) Adoption of any business practice, procedure, method, or system authorized for federal credit unions; and  (E) The making of any loan or investment that a federal credit union doing business in this state is authorized to make.
AR Code § 23-35-203 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 2 - Supervision|§ 23-35-203. Annual examination of credit unions

 (a) The State Credit Union Supervisor shall cause each credit union to be examined annually. Each credit union and all of its officers and agents shall be required to give representatives of the supervisor full access to all books, papers, securities, records, and other sources of information under their control. For the purpose of the examination, the representatives shall have power to subpoena witnesses, administer oaths, compel the giving of testimony, and require the submission of documents.  (b) A report of this examination shall be forwarded to the credit union after the completion of the examination. The report shall be reviewed at the next monthly meeting of the board of directors of the credit union and a reply, if requested by the supervisor, shall be forwarded by the board by the date requested by the supervisor.  (c) For the purpose of these examinations, each credit union shall pay an examination fee based upon the cost of performing the examination. Each credit union shall bear a proportionate share of the expenses of the supervisor, in accordance with schedules adopted by the supervisor.  (d) If there is any violation of this section by a credit union, the supervisor may fine a credit union ten dollars ($10.00) per day for ten (10) days. If the violation has not been corrected by the tenth day, he or she may take any action he or she deems necessary and appropriate under the provisions of this chapter.
AR Code § 23-35-204 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 2 - Supervision|§ 23-35-204. Reports — Penalty for failure to file

 (a) Credit unions subject to the provisions of this chapter shall report to the State Credit Union Supervisor annually, on or before February 1, on forms supplied by him or her for that purpose. Additional reports may be required by the supervisor, as is deemed necessary.  (b)  (1) If any report remains in arrears for more than fifteen (15) days, a fine of five dollars ($5.00) for each day the report remains in arrears shall be levied against the offending credit union.  (2) If the report is not returned within thirty (30) days of the due date, the supervisor may, after written notice to the president of the credit union of his or her intention to do so, suspend or revoke the certificate of approval, take possession of the business and property of the credit union, and order its dissolution in accordance with § 23-35-704.
AR Code § 23-35-205 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 2 - Supervision|§ 23-35-205. Annual supervision fee

 Each credit union subject to the provisions of this chapter shall pay an annual supervision fee which shall be determined by the State Credit Union Supervisor. The fees must be reasonably related to the administrative cost of supervisory services required under this chapter and shall be determined after notice and an opportunity to be heard is given to the credit unions affected.
AR Code § 23-35-302 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 3 - Organization|§ 23-35-302. Amendments to articles of incorporation and bylaws

 (a) The articles of incorporation and the bylaws may be amended as provided in the bylaws.  (b)  (1) Amendments to the articles of incorporation and to the bylaws shall be submitted in writing to the State Credit Union Supervisor.  (2) Amendments shall become effective upon approval in writing by the supervisor and payment of the appropriate fee to the appropriate state agency.
AR Code § 23-35-303 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 3 - Organization|§ 23-35-303. Board of directors and committees generally

 (a) The business affairs of the credit union shall be managed by a board of directors of not fewer than five (5) directors, a credit committee of not fewer than three (3) members, and a supervisory committee of not fewer than three (3) members, all to be elected at the annual members' meeting by and from the members.  (b) All members of the board and of the committees shall hold office for such terms as the bylaws may provide.