reglab/housing_qa huggingface dataset:
AR Code § 23-47-308 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 3 - Agency Designation on Certificates of Deposit|§ 23-47-308. Setoff

 (a) Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, if a party is indebted to a bank, the bank has a right to setoff against the agency account.  (b) 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 § 23-47-309 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 3 - Agency Designation on Certificates of Deposit|§ 23-47-309. Effect on other laws

 This subchapter is supplemental to all laws pertaining to the deposit of funds in banks.
AR Code § 23-47-501 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 5 - Loans|§ 23-47-501. Loan limits — Maximum generally

 (a) The total indebtedness to any state bank of any person shall at no time exceed twenty percent (20%) of the capital base of the bank.  (b)  (1) Obligations of a person as endorser or guarantor, accommodation or otherwise, of notes or other obligations shall be included in that person's loan limit.  (2) However, in the case of obligations that are endorsed without recourse, the limitation of twenty percent (20%) shall be applied to each primary debtor, but not to the liability, in such capacity, of the endorser.    (c)  (1) A loan or group of loans that are within the legal loan limit of a state bank at the time the loan or loans are made shall be valid for legal loan limit purposes until maturity, as stated in the original contract, regardless of fluctuations in the bank's legal loan limit. However, if a bank's legal loan limit is reduced due to fluctuations in its capital base, a loan or group of loans to a borrower or borrowers that were within the legal loan limit prior to the reduction may become in violation of the bank's reduced legal loan limit upon the extension, renewal, or advancement of additional funds on the loan or group of loans occurring after the reduction in the bank's legal loan limits.  (2) State banks are required to calculate their legal loan limits on a quarterly basis to coincide with the requirement to calculate their capital base.    (d)  (1) If in any instance it shall appear, as determined by the Bank Commissioner, that the interests of a group composed of individuals, partnerships, unincorporated associations, or corporations are so interrelated that, from a credit standpoint, applying standard and customary banking practice, they should be considered as a single unit for the purposes of extensions of credit, the total indebtedness of these interrelated customers shall be combined and treated as the indebtedness of a single customer in applying the loan limit.  (2) A state bank shall not be deemed to have violated this section solely by reason of the fact that the indebtedness of a group held by the bank exceeds the limitation of this section at the time the commissioner determines that the indebtedness of the group must be combined. However, if required by the commissioner, the state bank shall dispose of indebtedness of the group in the amount of excess of the limitation of this section within such reasonable time as shall be fixed by the commissioner.
AR Code § 23-47-502 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 5 - Loans|§ 23-47-502. Loan limits — Inclusions and exceptions

 (a) The following loans and other forms of indebtedness shall not be included in the limitation of twenty percent (20%) imposed by § 23-47-501 and may be made or acquired without being subject to any loan limit:  (1) Obligations in the form of drafts or bills of exchange drawn in good faith against actually existing values;  (2) Nonconforming assets acquired as a result of acquisition of a failed bank or savings and loan association, so long as a plan for divestiture within a reasonable amount of time is approved by the Bank Commissioner;  (3) Obligations drawn in good faith against actually existing values and fully secured by goods or commodities in process of shipment may be acquired without limit;  (4) Obligations in the form of bankers' acceptances of other banks; and  (5) Obligations secured by investments which the state bank, pursuant to § 23-47-401 could invest in without limit, having a market value at all times at least equal to the principal balance of the obligation.    (b)  (1) The loan limit of twenty percent (20%) provided by § 23-47-501 shall be modified so that a loan limit not to exceed sixty percent (60%) shall apply to obligations secured by transferable documents of title covering:  (A) Livestock; or  (B) Readily marketable and nonperishable commodities or staples fully insured, if of a type that is customarily insured.    (2) The property in each instance must have a value of at least one hundred fifteen percent (115%) of the amount of the secured obligation.  (3) An obligation secured in this manner shall not be deemed non- conforming on the grounds that, for the purpose of loading, unloading, storing, shipping, or transshipping, the title documents or the property covered thereby may be released under trust receipt to the possession of the obligor or borrower if, within twenty-one (21) days after the release, the property or valid title documents covering the property is redelivered to the state bank, and provided that, during the interim, the bank holds a perfected security interest in all such property under the Uniform Commercial Code, § 4-1-101 et seq.  (4) The standard twenty percent (20%) loan limit will apply even to the obligations secured by transferable documents of title if the warehouser who issued the documents of title under applicable law can transfer marketable title to the commodities described in the documents to a purchaser in the ordinary course of business.
AR Code § 23-47-503 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 5 - Loans|§ 23-47-503. Loans involving stock of state bank

 (a) It shall be unlawful for any state bank to knowingly:  (1) Loan its funds to its stockholders on its own stock, or stock in its bank holding company, as collateral security;  (2) Make any loan, the proceeds of which are used to purchase its own stock or stock of its bank holding company; or  (3) Carry as an asset any loan representing, either directly or indirectly, an investment in its own stock or that of its bank holding company. Provided, however, that there shall be no violation of this subdivision (a)(3) when a bank acquires its own stock or stock in its bank holding company in the regular course of collecting a debt previously contracted in good faith if the bank complied with subdivisions (a)(1) and (2) of this section at the time the loan was made and if the bank divests the stock within two (2) years.    (b)  (1) Any officer or director of any state bank or any stockholder violating the provisions of this section shall be subject to civil money penalties of one thousand dollars ($1,000) per day, up to a maximum of one hundred thousand dollars ($100,000) in the aggregate, for each violation.  (2) The civil penalties may be imposed by the commissioner pursuant to his or her power to and the procedure for issuing cease and desist orders.
AR Code § 23-47-504 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 5 - Loans|§ 23-47-504. Loans to affiliates and insiders

 The provisions of subsections (g) and (h) of section 22 of the Federal Reserve Act, 12 U.S.C. §§ 375a and 375b, and the regulations promulgated thereunder, shall apply to any state bank.
AR Code § 23-47-505 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 5 - Loans|§ 23-47-505. Illegal loans — Liability of officer or director

 Any officer or director of any state bank who shall knowingly make or approve a loan in violation of §§ 23-47-501 — 23-47-504 or who shall knowingly permit such a loan to be made, or who shall fail to exercise his or her authority to prevent the making of the loan shall be personally liable to the bank, or to the Bank Commissioner, for the full amount thereof. However, written notice of disapproval of the loan, served on the board of directors and also the commissioner at the time the making or existence of the loan first comes to his or her knowledge, shall relieve any officer or director from personal liability.
AR Code § 23-47-506 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 5 - Loans|§ 23-47-506. Sale of certain mortgage loans

 Notwithstanding any other provision of law, any state bank which has as one (1) of its principal purposes the making or purchasing of loans secured by real estate mortgages is authorized to:   (1) Sell the mortgage loans to the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, or any other corporation chartered by an act of Congress for such purposes, or any successor thereof;  (2) In connection therewith, make payments of any capital contributions required pursuant to law in the nature of subscriptions for stock of the entities described in subdivision (1) of this section;  (3) Receive stock evidencing such capital contributions; and  (4) Hold or dispose of such stock.
AR Code § 23-47-507 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 5 - Loans|§ 23-47-507. Power to hold and sell collateral

 (a) A state bank may hold and sell all kinds of property that may come into its possession as collateral security for loans or any ordinary collection of debts in the manner provided by law.  (b) Any personal property coming into its possession in this manner and which is not otherwise authorized for state banks to own as an asset shall be disposed of as soon as possible and after twelve (12) months from the date of acquisition shall cease to be considered as a part of its assets.
AR Code § 23-47-508 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 5 - Loans|§ 23-47-508. Disposition of real estate acquired through debt collection

 (a) Except as provided in subsection (b) of this section, real estate acquired through the collection of debts previously contracted in the ordinary course of business shall not be held by the state bank as an asset for a longer period than five (5) years.  (b) The Bank Commissioner is authorized to grant an extension of the holding period not to exceed five (5) additional years, or for shorter periods as circumstances warrant, based upon his or her discretion.  (c) Real estate held pursuant to this section shall be considered an asset of the bank. The value of the asset shall be based upon fair market value supported by an appraisal or appropriate evaluation when the bank acquires ownership of the property or as established by rule of the commissioner.
AR Code § 23-47-509 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 5 - Loans|§ 23-47-509. Loans to minors

 Whenever a minor borrows money from a bank for the purpose of defraying the expenses of his or her higher education or for necessaries, any contract, promissory note, loan agreement, or other loan instrument entered into by and between the bank and the minor shall constitute a valid contract between the bank and the minor and shall be binding upon the minor with like effect as if he or she were of full age and legal capacity.
AR Code § 23-47-510 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 5 - Loans|§ 23-47-510. Casualty insurance — Replacement cost coverage

 (a) A state bank, when making a mortgage loan, may not require, as a condition or term of the mortgage, that the mortgagor purchase casualty insurance on property which is the subject of the mortgage in an amount in excess of the fair market value of the buildings or appurtenances on the mortgaged premises.  (b) This section shall not be construed as limiting the right of the mortgagor to purchase replacement cost coverage on the property which is the subject of the mortgage.
AR Code § 23-47-601 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 6 - Subsidiaries|§ 23-47-601. Operating subsidiaries

 (a)  (1) With the prior approval of the Bank Commissioner, and subject to such conditions as may be prescribed by him or her, a state bank may engage in any activities which are a part of the business of banking or incidental thereto by means of an operating subsidiary and other activities permissible for state banks or their subsidiaries under statutory authority or as authorized by rules of the State Banking Board.  (2) For purposes of this section, an operating subsidiary in which a state bank may invest includes a corporation, limited liability company, or similar entity if the parent bank owns more than fifty percent (50%) of the voting, or similar type of controlling, interest of the subsidiary; or the parent bank otherwise controls the subsidiary and no other party controls more than fifty percent (50%) of the voting, or similar type of controlling interest, of the subsidiary.  (3) Subsidiaries which are not subject to this section are:  (A) A subsidiary in which the state bank's investment is made and limited pursuant to specific authorization in a statute or by rule; and  (B) A subsidiary, in which the state bank has acquired, in good faith, shares through foreclosure on collateral, by way of compromise of a doubtful claim, or to avoid loss in connection with a debt previously contracted.      (b) The total of each state bank's loans and investments in any single operating subsidiary and the total of each state bank's loans and investments in all subsidiaries, and bank service companies, will be considered by the commissioner and may be limited according to the commissioner's discretion, for safety and soundness purposes.
AR Code § 23-47-602 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 6 - Subsidiaries|§ 23-47-602. Real estate subsidiaries

 (a) A state bank acting through an operating subsidiary or a bank holding company acting, directly or through a subsidiary, may, with the prior approval of the Bank Commissioner, engage in real estate investment and development, including without limitation:  (1) Development of subdivisions or additions;  (2) Construction of improvements;  (3) Acquisition of stock or equity interests in any entity created primarily for the purpose of owning and developing real estate, including those activities authorized for community development corporations pursuant to § 23-47-605; and  (4) Any other activities necessary and proper in connection with real estate investment and development.    (b) A state bank's investment in real estate and in real estate subsidiaries, excluding its bank premises, shall not exceed one hundred fifty percent (150%) of its capital base.  (c) A state bank acting through an operating subsidiary or a bank holding company acting directly or through a subsidiary may carry out any one (1) or more of the purposes, activities, and objectives set forth in this section as principal, factor, agent, or otherwise, either alone, through, or in conjunction with any person, including the performance and carrying out of the purposes and objects herein enumerated as a member of a partnership or joint venture.  (d) Loans to an operating subsidiary engaged in real estate investment and development that are fully secured by securities that the state bank could invest in without limitation pursuant to § 23-47-401 shall not be subject to the limitations of this section.
AR Code § 23-47-603 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 6 - Subsidiaries|§ 23-47-603. Bank service companies

 (a) As used in this section, unless the context otherwise requires:  (1) “Bank service company” means a corporation or limited liability company organized for the exclusive purpose of performing bank services for one (1) or more persons, which is owned by one (1) or more state banks and one (1) or more persons; and  (2) “Bank services” means services such as check and deposit sorting and posting, computation and posting of interest and other credits and charges; preparation and mailing of checks, statements, notices, and similar items; any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a person; or any other activities authorized by the Bank Commissioner.    (b)  (1) With the prior approval of the commissioner and subject to the conditions that may be prescribed by him or her, a state bank may establish, create, or invest in a bank service company to furnish bank services to owners of the bank service company and other persons.  (2) The total of a state bank's loans to and investments in a bank service company shall not exceed twenty percent (20%) of the bank's capital base.    (c) When a state bank becomes the sole owner of a bank service company, it shall become an operating subsidiary of the bank and be governed by § 23-47-601.
AR Code § 23-47-605 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 6 - Subsidiaries|§ 23-47-605. Community development corporations

 (a) As used in this section, the term “public welfare” means developing housing, fostering economic growth and revitalization, creating small businesses, including minority-owned businesses, and supporting other community development initiatives approved by the Bank Commissioner.  (b) A state bank may make investments designed primarily to promote the public welfare, either directly or by purchasing interests in an entity primarily engaged in making the investments.  (c) A state bank shall not make any investment if the investment would expose the bank to unlimited liability.  (d) The commissioner may limit a state bank's investments in any one (1) project and a bank's aggregate investments under this section.  (e) In no case shall a state bank's aggregate investments under this section exceed ten percent (10%) of the bank's capital base.
AR Code § 23-47-606 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 6 - Subsidiaries|§ 23-47-606. Small business investment companies

 (a) A state bank may purchase up to one hundred percent (100%) of the capital stock of small business investment companies and minority enterprise small business investment companies as defined by the Small Business Investment Act of 1958.  (b) However, in no event may any state bank acquire shares of any small business investment company or minority enterprise small business investment company if, upon the making of that acquisition, the aggregate amount of shares in small business investment companies or minority enterprise small business investment companies then held by the bank would exceed ten percent (10%) of the bank's capital base.
AR Code § 23-47-607 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 6 - Subsidiaries|§ 23-47-607. Investment in stock of certain banks authorized to do foreign banking

 (a) Any state bank may purchase up to one hundred percent (100%) of the capital stock of any corporation organized and existing under the Edge Act, and any amendments thereto.  (b) However, in no event may any state bank acquire shares of any such corporation if, upon the making of that acquisition, the aggregate amount of shares of all corporations organized and existing under the Edge Act then held by the bank would exceed ten percent (10%) of the bank's capital base.
AR Code § 23-47-608 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 6 - Subsidiaries|§ 23-47-608. Authority to act through subsidiaries

 With prior notice to the Bank Commissioner and in accordance with the state and federal law, state banks are authorized to engage in activities through financial subsidiaries.
AR Code § 23-47-701 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 7 - Trust Powers|§ 23-47-701. Authority of Bank Commissioner

 The Bank Commissioner shall be authorized and empowered to grant to state banks applying therefor the right to operate a trust department to act as trustee, executor, administrator, custodian, registrar, paying agent or transfer agent of stocks and bonds, guardian of estates, assignee, or receiver or to act in any other fiduciary capacity in which national banks, subsidiary trust companies, national trust companies, or other corporations which come into competition with state banks are permitted to act.
AR Code § 23-47-702 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 7 - Trust Powers|§ 23-47-702. Considerations determinative of grant or denial of applications

 In determining whether to grant an application by a state bank for permission to operate a trust department to exercise the powers enumerated in this subchapter, the Bank Commissioner may take into consideration the sufficiency of the capital base of the applying state bank, the needs of the community to be served, and any other facts and circumstances that seem to him or her proper, and may grant or refuse the application accordingly.
AR Code § 23-47-703 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 7 - Trust Powers|§ 23-47-703. Grant and exercise of powers deemed not in contravention of Arkansas law

 The granting and exercise of such powers as are authorized by this subchapter shall not be deemed to be in contravention of any other provision of Arkansas law.