reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 54 - REVERSE MORTGAGE PROTECTION ACT (§§ 23-54-101 — 23-54-109) › Section 23-54-107 - Lien

(a)
A reverse mortgage shall constitute a lien against the subject property to the extent of all advances made under the reverse mortgage and all interest accrued on the advances.
(b)
The lien shall have priority over any lien filed after recordation of the reverse mortgage.
Acts 2005, No. 2166, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 54 - REVERSE MORTGAGE PROTECTION ACT (§§ 23-54-101 — 23-54-109) › Section 23-54-108 - Default

(a)
The reverse mortgage loan may become due and payable upon the occurrence of any one (1) of the following events:
(1)
The home securing the loan is sold or title to the home is otherwise transferred;
(2)
All borrowers cease occupying the home as a principal residence, except as provided in subsection (b) of this section;
(3)
Any fixed maturity date agreed to by the lender and the borrower occurs; or
(4)
An event occurs which is specified in the loan documents and which jeopardizes the lender's security.
(b)
(1)
Temporary absences from the home not exceeding sixty (60) consecutive days shall not cause the mortgage to become due and payable.
(2)
Extended absences from the home exceeding sixty (60) consecutive days but less than one (1) year shall not cause the mortgage to become due and payable if the borrower has taken prior action which secures and protects the home in a manner satisfactory to the lender.
(c)
(1)
The lender's right to collect reverse mortgage loan proceeds shall be subject to the applicable statute of limitations for written loan contracts.
(2)
Notwithstanding any other provision of law, the statute of limitations shall commence on the date that the reverse mortgage loan becomes due and payable as provided in the loan agreement.
Acts 2005, No. 2166, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 54 - REVERSE MORTGAGE PROTECTION ACT (§§ 23-54-101 — 23-54-109) › Section 23-54-109 - Remedies

(a)
A lender who fails to make loan advances as required in the loan documents shall pay the borrower triple the amount wrongfully withheld plus interest at the maximum legal rate.
(b)
No arrangement, transfer, or lien subject to this chapter shall be invalidated solely because of the failure of a lender to comply with any provision of this chapter.
(c)
Nothing in this section shall preclude the application of any other civil remedy provided by law.
Acts 2005, No. 2166, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-101 - Short title

This chapter may be cited as the Uniform Money Services Act.
Acts 2007, No. 1595, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-104 - Administration and rules

(a)
The Securities Commissioner shall administer this chapter.
(b)
The commissioner may:
(1)
Make, amend, and rescind any rules, forms, and orders that the commissioner deems necessary or appropriate to carry out this chapter, including without limitation rules and forms governing applications and reports; and
(2)
Define any terms, whether or not used in this chapter, if consistent with this chapter.
(c)
A rule, form, or order shall not be made, amended, or rescinded unless the commissioner finds that the action is:
(1)
Necessary or appropriate in the public interest or for the protection of consumers; and
(2)
Consistent with the purposes fairly intended by the policy and provisions of this chapter.
(d)
All rules and forms of the commissioner shall be published.
Acts 2009, No. 486, § 4.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-201 - License required

(a)
A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person:
(1)
is licensed under this article;
(2)
is an authorized delegate of a person licensed under this article; or
(3)
is excluded under §
23-55-103
.
(b)
A license under this article is not transferable or assignable.
Acts 2007, No. 1595, § 1; 2009, No. 486, § 5; 2011, No. 733, § 2.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-204 - Surety bonds

(a)
An applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond in a form satisfactory to the Securities Commissioner.
(b)
The amount of the required security under this section shall be:
(1)
the greater of $100,000 or an amount equal to 100 percent of the licensee's average daily money transmission liability in this state, calculated for the most recently completed three-month period, up to a maximum of $500,000; or
(2)
if the licensee's tangible net worth exceeds 10 percent of total assets, then the licensee shall maintain a surety bond of $100,000.
(c)
A licensee that maintains a bond in the maximum amount provided for in subsection (b), as applicable, is not required to calculate its average daily money transmission liability in this state for purposes of §
23-55-702
.
(d)
A licensee may exceed the maximum required bond amount under §
23-55-702(a)(6)
.
Amended by Act 2023, No. 442,§ 4, eff. 8/1/2023.
Amended by Act 2019, No. 111,§ 2, eff. 7/24/2019.
Amended by Act 2017, No. 620,§ 1, eff. 8/1/2017.
Amended by Act 2013, No. 531,§ 5, eff. 8/16/2013.
Acts 2007, No. 1595, § 1; 2009, No. 486, § 9; 2011, No. 733, § 4.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-206 - Renewal of license

(a)
A licensee under this article shall pay an annual renewal fee of $750 no later than December 31 in order to be licensed for the next calendar year.
(b)
A licensee under this article shall submit a renewal report with the renewal fee, in a form prescribed by the commissioner. The renewal report must state or contain:
(1)
a list of the licensee's permissible investments and a certification that the licensee continues to maintain permissible investments according to the requirements set forth in §§
23-55-701
and
23-55-702
; and
(2)
proof that the licensee continues to maintain an adequate surety bond as required by §
23-55-204
.
(c)
A licensee shall comply with subsections (a) and (b) within thirty (30) days of the renewal date.
(d)
The commissioner for good cause may grant an extension of the renewal date.
Amended by Act 2021, No. 532,§ 12, eff. 7/28/2021.
Amended by Act 2021, No. 532,§ 11, eff. 7/28/2021.
Amended by Act 2019, No. 111,§ 3, eff. 7/24/2019.
Amended by Act 2017, No. 620,§ 2, eff. 8/1/2017.
Amended by Act 2013, No. 531,§ 6, eff. 8/16/2013.
Acts 2007, No. 1595, § 1; 2011, No. 733, § 6.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-207 - Net worth

(a)
A licensee shall maintain at all times a tangible net worth that is the greater of:
(1)
$100,000 or 3 percent of total assets for the first $100,000,000;
(2)
2 percent of additional assets for $100,000,000 to $1,000,000,000; and
(3)
0.5 percent of additional assets for any amount over $1,000,000,000.
(b)
Tangible net worth shall be demonstrated at initial application by the applicant's most recent audited or unaudited financial statements under §
23-55-202(c)(6)
.
(c)
Notwithstanding the other provisions of this section, the Securities Commissioner, for good cause shown, may exempt an applicant or licensee, in part or in whole, from the requirements of this section.
Amended by Act 2023, No. 442,§ 5, eff. 8/1/2023.
Amended by Act 2019, No. 111,§ 4, eff. 7/24/2019.
Acts 2007, No. 1595, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-401 - License required

(a)
A person may not engage in currency exchange or advertise, solicit, or hold itself out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person:
(1)
is licensed under this article;
(2)
is licensed for money transmission under §
23-55-201
et seq.; or
(3)
is an authorized delegate of a person licensed under §
23-55-201
et seq.
(b)
A license under this article is not transferable or assignable.
Acts 2007, No. 1595, § 1; 2011, No. 733, § 7.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-402 - Application for license

(a)
A person applying for a license under this article shall do so in a form and in a medium prescribed by the commissioner. The application must state or contain:
(1)
the legal name and residential and business addresses of the applicant, if the applicant is an individual or, if the applicant is not an individual, the name of each partner, executive officer, manager, and director;
(2)
the location of the principal office of the applicant;
(3)
complete addresses of other locations in this State where the applicant proposes to engage in currency exchange, including all limited stations and mobile locations;
(4)
a description of the source of money and credit to be used by the applicant to engage in currency exchange;
(5)
other information the commissioner reasonably requires with respect to the applicant, but not more than the commissioner may require under §
23-55-201
et seq.;
(6)
the name of a person submitted by the applicant as the responsible individual and information on that person to include:
(A)
legal name;
(B)
residential and business addresses;
(C)
date of birth;
(D)
Social Security number;
(E)
employment history for the five-year period preceding the submission of the application; and
(F)
documentation that the proposed responsible individual is a citizen of the United States or has obtained legal immigration status to work in the United States;
(7)
for the ten-year period preceding the submission of the application, a list of any criminal convictions of the proposed responsible individual of the applicant, any litigation involving the proposed responsible individual relating to the provision of money services, and any material litigation in which the applicant has been involved;
(8)
a list of other states in which the applicant engages in currency exchange or provides other money services and any license revocations, suspensions, restrictions, or other disciplinary action taken against the applicant in another state;
(9)
a list of any license revocations, suspensions, restrictions, or other disciplinary action taken against any money services business involving the responsible individual of the applicant; and
(10)
information concerning any bankruptcy or receivership proceedings involving or affecting the applicant or the responsible individual of the applicant.
(b)
A nonrefundable application fee of $1,500 and a license fee of $375 must accompany an application for a license under this article. The license fee must be refunded if the application is denied.
Amended by Act 2021, No. 532,§ 13, eff. 7/28/2021.
Amended by Act 2019, No. 111,§ 5, eff. 7/24/2019.
Acts 2007, No. 1595, § 1; 2009, No. 486, § 11.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-403 - Issuance of license

(a)
When an application for a license is made under this article, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commissioner shall issue a license to an applicant under this article if the commissioner finds that all of the following conditions have been fulfilled:
(1)
the applicant has complied with §
23-55-402
; and
(2)
the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of, the applicant indicate that it is in the interest of the public to permit the applicant to engage in currency exchange.
(b)
When an application for an original license under this article is complete, the commissioner shall promptly notify the applicant in a record of the date on which the application was determined to be complete and:
(1)
the commissioner shall approve or deny the application within 120 days after that date; or
(2)
if the application is not approved or denied within 120 days after that date:
(A)
the application is deemed approved; and
(B)
the commissioner shall issue the license under this article, to take effect as of the first business day after expiration of the period.
(c)
The commissioner may for good cause extend the application period.
(d)
An applicant whose application is denied a license by the commissioner under this article may appeal, within 30 days after receipt of the notice of the denial, from the denial and request a hearing.
(e)
A license issued under this chapter expires at the close of business on December 31 of the calendar year unless the license is:
(1)
renewed according to this chapter;
(2)
surrendered by the license holder;
(3)
suspended; or
(4)
revoked by the commissioner.
Amended by Act 2019, No. 111,§ 6, eff. 7/24/2019.
Acts 2007, No. 1595, § 1; 2009, No. 164, § 13; 2011, No. 733, § 8.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-404 - Renewal of license

(a)
A licensee under this article shall pay an annual renewal fee of $375 no later than December 31 in order to be licensed for the next calendar year.
(b)
A licensee under this article shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the commissioner. The renewal report must contain a list of the locations in this State where the licensee or an authorized delegate of the licensee engages in currency exchange, including limited stations and mobile locations.
(c)
A licensee may renew a license after the time specified in subsection (a) if the licensee renews within thirty (30) days of the renewal date by:
(1)
paying $375 as required under subsection (a);
(2)
complying with the requirements in subsection (b); and
(3)
paying a late fee of $250 so long as the complete renewal application is received.
(d)
(1)
The commissioner for good cause may grant an extension of the renewal date.
(2)
If a licensee has not renewed a license within thirty (30) days of the renewal date and has not shown good cause to receive an extension of the renewal date as described under subdivision (d)(1), then it shall be necessary for the licensee to submit a new application to engage in the business of currency exchange.
Amended by Act 2021, No. 532,§ 14, eff. 7/28/2021.
Amended by Act 2019, No. 111,§ 7, eff. 7/24/2019.
Acts 2007, No. 1595, § 1; 2009, No. 486, § 12; 2011, No. 733, § 9.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-501 - Relationship between licensee and authorized delegate

(a)
In this section, "remit" means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee.
(b)
A contract between a licensee and an authorized delegate must require the authorized delegate to operate in full compliance with this chapter. The licensee shall furnish in a record to each authorized delegate policies and procedures sufficient for compliance with this chapter.
(c)
An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate.
(d)
If a license is suspended or revoked, the commissioner shall notify all authorized delegates of the licensee whose names are in a record filed with the commissioner of the suspension, revocation, or non-renewal. After notice is sent or publication is made, an authorized delegate shall immediately cease to provide money services as a delegate of the licensee.
(e)
An authorized delegate may not provide money services outside the scope of activity permissible under the contract between the authorized delegate and the licensee, except activity in which the authorized delegate is authorized to engage under §
23-55-201
et seq. or §
23-55-401
et seq. An authorized delegate of a licensee holds in trust for the benefit of the licensee all money net of fees received from money transmission.
(f)
An authorized delegate may not use a subdelegate to conduct money services on behalf of a licensee.
Amended by Act 2021, No. 532,§ 15, eff. 7/28/2021.
Acts 2007, No. 1595, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-502 - Unauthorized activities

A person may not provide money services on behalf of a person not licensed under this chapter. A person that engages in that activity provides money services to the same extent as if the person were a licensee.
Acts 2007, No. 1595, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-602 - Cooperation

The Securities Commissioner may consult and cooperate with other state money services regulators and agencies of the United States Government in enforcing and administering this chapter. They may jointly pursue examinations and take other official action that they are otherwise empowered to take.
Acts 2007, No. 1595, § 1; 2009, No. 486, § 14.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-605 - Records

(a)
A licensee shall maintain the following records for determining its compliance with this chapter for at least five years:
(1)
a record of each payment instrument, stored-value, virtual currency, or prepaid access obligation sold;
(2)
a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;
(3)
bank statements and bank reconciliation records;
(4)
records of outstanding payment instruments and stored-value and prepaid access obligations;
(5)
records of each payment instrument, stored-value, virtual currency, and prepaid access obligation paid within the five-year period;
(6)
a list of the last known names and addresses of all of the licensee's authorized delegates; and
(7)
any other records the commissioner reasonably requires by rule.
(b)
The items specified in subsection (a) may be maintained photographically, electronically, or in any other form of record allowed by the commissioner.
(c)
Records may be maintained outside this State if they are made accessible and available to the commissioner on seven business-days' notice that is sent in a record.
(d)
All records maintained by the licensee as required in subsections (a) through (c) are open to inspection by the commissioner pursuant to §
23-55-601
.
Amended by Act 2023, No. 442,§ 8, eff. 8/1/2023.
Amended by Act 2021, No. 532,§ 19, eff. 7/28/2021.
Amended by Act 2013, No. 531,§ 7, eff. 8/16/2013.
Acts 2007, No. 1595, § 1; 2009, No. 486, § 15.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-606 - Anti-money laundering program and reports

(a)
Every licensee shall comply with all state and federal laws, rules, and regulations relating to the detection and prevention of money laundering.
(b)
Every licensee shall maintain an anti-money laundering program in accordance with
31 C.F.R. § 103.125
. The program shall be reviewed and updated as necessary to ensure that the program continues to be effective in detecting and deterring money laundering activities.
(c)
At a minimum, the program shall include:
(1)
A system of internal controls to ensure ongoing compliance;
(2)
Independent testing for compliance to be conducted by bank personnel or by an outside party;
(3)
Designation of an individual or individuals who are responsible for coordinating and monitoring day-to-day compliance;
(4)
Training for appropriate personnel; and
(5)
Appropriate risk-based procedures for conducting ongoing customer due diligence to include without limitation:
(A)
Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and
(B)
(i)
Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information.
(ii)
For purposes of subdivision (c)(5)(B)(i) of this section, customer information shall include information regarding the beneficial owners of legal entity customers.
(d)
Every licensee shall comply with the regulations of its federal functional regulator governing such programs.
(e)
A licensee and an authorized delegate shall file with the commissioner all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in
31 U.S.C. § 5311
(1994),
31 C.F.R. § 103
(2000), and other federal and state laws pertaining to money laundering.
(f)
The timely filing of a complete and accurate report required under subsection (e) of this section with the appropriate federal agency satisfies compliance with the requirements of subsection (e) of this section, unless the commissioner notifies the licensee that reports of this type are not being regularly and comprehensively transmitted by the federal agency to the commissioner.
Amended by Act 2017, No. 620,§ 5, eff. 8/1/2017.
Acts 2007, No. 1595, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-608 - Disclosure requirements

(a)
A licensee shall provide its name and mailing address or telephone number to the purchaser in connection with each money transmission or currency exchange transaction conducted by the licensee directly or through an authorized delegate.
(b)
An authorized delegate shall display prominently in a form and in a medium prescribed by the Securities Commissioner a notice that states or contains the following information:
(1)
The name, mailing address, and telephone number of the authorized delegate;
(2)
For each licensee of the authorized delegate:
(A)
A statement that the authorized delegate is an agent conducting business on behalf of the licensee under this chapter; and
(B)
The name, mailing address, and telephone number of the licensee; and
(3)
A statement:
(A)
Directing consumers with complaints to contact the State Securities Department; and
(B)
Containing the current mailing address and telephone number of the department.
Acts 2009, No. 486, § 16.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-609 - Policy and procedure - Physical security and cybersecurity

(a)
A money transmitter or currency exchanger licensed or required to be licensed under this chapter shall establish, implement, update, and enforce written physical security and cybersecurity policies and procedures reasonably designed to ensure the confidentiality, integrity, and availability of physical and electronic records and information.
(b)
A policy or procedure described in subsection (a) of this section shall be tailored to the size and sophistication of the money transmitter or currency exchanger.
(c)
The Securities Commissioner may impose additional conditions by rule or order to clarify the requirements of a policy or procedure described in subsection (a) of this section.
Added by Act 2021, No. 532,§ 20, eff. 7/28/2021.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-610 - Timely transmission

(a)
Every licensee shall forward all money received for transmission according to the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a victim of fraud or that a crime or violation of law, rule, or regulation has occurred, is occurring, or may occur.
(b)
If a licensee fails to forward money received for transmission under this section, then the licensee shall respond to inquiries by the sender with the reason for the failure unless providing a response would violate a state or federal law, rule, or regulation.
Added by Act 2023, No. 442,§ 9, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-611 - Refunds

(a)
This section does not apply to:
(1)
money received for transmission subject to the federal remittance transfer definitions, 12 C.F.R. Part 1005.30, as it existed on January 1, 2023; or
(2)
money received for transmission under a written agreement between the licensee and payee to process payments for goods or services provided by the payee.
(b)
Every licensee shall refund all money received for transmission to the sender within 10 days of receipt of the sender's written request for a refund of all money received for transmission unless any of the following occurs:
(1)
the money has been forwarded within 10 days of the date that the money was received for transmission;
(2)
instructions have been given committing an equivalent amount of money to the person designated by the sender within 10 days of the date that the money was received for transmission;
(3)
(A)
the agreement between the licensee and the sender instructs the licensee to forward the money at a time that is beyond 10 days of the date that the money was received for transmission.
(B)
If funds have not yet been forwarded according to the terms of the agreement between the licensee and the sender, then the licensee shall issue a refund under this section;
(4)
the refund is requested for a transaction that the licensee has not completed based on a reasonable belief or a reasonable basis to believe that a crime or violation of law, rule, or regulation has occurred, is occurring, or may occur; or
(5)
the refund request does not enable the licensee to:
(A)
identify the sender's name and address or telephone number; or
(B)
identify the particular transaction to be refunded in the event the sender has multiple transactions outstanding.
Added by Act 2023, No. 442,§ 9, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-612 - Receipts

(a)
This section does not apply to:
(1)
money received for transmission subject to the federal remittance transfer definitions, 12 C.F.R. Part 1005.30, as it existed on January 1, 2023;
(2)
money received for transmission that is not primarily for personal, family, or household purposes;
(3)
money received for transmission under a written agreement between the licensee and payee to process payments for goods or services provided by the payee; or
(4)
payroll processing services.
(b)
In this section, "receipt" means a paper receipt, electronic record, or other written confirmation.
(c)
(1)
For a transaction conducted in person, the receipt may be provided electronically if the sender requests or agrees to receive an electronic receipt.
(2)
For a transaction conducted electronically or by phone, a receipt may be provided electronically.
(3)
All electronic receipts shall be provided in a retainable form.
(d)
(1)
Every licensee or its authorized delegate shall provide the sender a receipt for money received for transmission.
(2)
The receipt shall contain the following information, as applicable:
(A)
the name of the sender, to the extent the licensee or its authorized delegate is required to capture this information before transmission;
(B)
the name of the designated recipient, unless the licensee can determine the name of the recipient by the unique transaction or identification number described in subdivision (d)(2)(D), in which case the name of the recipient is not required;
(C)
the date of the transaction;
(D)
the unique transaction or identification number;
(E)
the name of the licensee, Nationwide Multistate Licensing System and Registry Unique ID, the licensee's business address, and the licensee's customer service telephone number;
(F)
the amount of the transaction in United States dollars;
(G)
any fee charged by the licensee to the sender for the transaction; and
(H)
any taxes collected by the licensee from the sender for the transaction.
(e)
The receipt required by this section shall be in English and in the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically, or by phone, if other than English.
Added by Act 2023, No. 442,§ 9, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-801 - Suspension and revocation

(a)
The commissioner may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate if:
(1)
the licensee violates this chapter or a rule adopted or an order issued under this chapter;
(2)
the licensee does not cooperate with an examination or investigation by the commissioner;
(3)
the licensee engages in fraud, intentional misrepresentation, or gross negligence;
(4)
an authorized delegate is convicted of a violation of a state or federal anti-money laundering statute, or violates a rule adopted or an order issued under this chapter, as a result of the licensee's willful misconduct or willful blindness;
(5)
the competence, experience, character, or general fitness of the licensee, authorized delegate, person in control of a licensee, or responsible person of the licensee or authorized delegate indicates that it is not in the public interest to permit the person to provide money services;
(6)
the licensee engages in an unsafe or unsound practice;
(7)
the licensee is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors;
(8)
the licensee does not remove an authorized delegate after the commissioner issues and serves upon the licensee a final order including a finding that the authorized delegate has violated this chapter; or
(9)
the licensee is the subject of an order, including a denial, suspension, or revocation, by this or any other state or federal authority that was entered against the person within the past 5 years, including without limitation the money services industry.
(b)
In determining whether a licensee is engaging in an unsafe or unsound practice, the commissioner may consider the size and condition of the licensee's money transmission, the magnitude of the loss, the gravity of the violation of this chapter, and the previous conduct of the person involved.
Acts 2007, No. 1595, § 1; 2011, No. 733, § 13.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-802 - Suspension and revocation of authorized delegates

(a)
The commissioner may issue an order suspending or revoking the designation of an authorized delegate, if the commissioner finds that:
(1)
the authorized delegate violated this chapter or a rule adopted or an order issued under this chapter;
(2)
the authorized delegate did not cooperate with an examination or investigation by the commissioner;
(3)
the authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence;
(4)
the authorized delegate is convicted of a violation of a state or federal anti-money laundering statute;
(5)
the competence, experience, character, or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money services; or
(6)
the authorized delegate is engaging in an unsafe or unsound practice.
(b)
In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the commissioner may consider the size and condition of the authorized delegate's provision of money services, the magnitude of the loss, the gravity of the violation of this chapter or a rule adopted or order issued under this chapter, and the previous conduct of the authorized delegate.
(c)
An authorized delegate may apply for relief from a suspension or revocation of designation as an authorized delegate according to procedures prescribed by the commissioner.
Acts 2007, No. 1595, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-803 - Orders to cease and desist

(a)
If the Securities Commissioner determines that a violation of this chapter or of a rule adopted or an order issued under this chapter by a licensee, authorized delegate, or any other person is likely to cause immediate and irreparable harm to the licensee, its customers, or the public as a result of the violation or cause insolvency or significant dissipation of assets of the licensee, the commissioner may issue a summary order requiring the licensee, authorized delegate, or any other person to cease and desist from the violation. The order becomes effective upon service of it upon the licensee, authorized delegate, or any other person.
(b)
The commissioner may issue a summary order against a licensee to cease and desist from providing money services through an authorized delegate that is the subject of a separate order by the commissioner.
(c)
An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to §
23-55-901
or §
23-55-902
and the entry of a subsequent order to affirm, modify, or vacate the order by the commissioner.
Acts 2007, No. 1595, § 1; 2009, No. 486, § 17.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-804 - Consent orders

The commissioner may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a rule adopted or order issued under this chapter. A consent order must be signed by the person to whom it is issued or by the person's authorized representative, and must indicate agreement with the terms contained in the order. A consent order may provide that it does not constitute an admission by a person that this chapter or a rule adopted or an order issued under this chapter has been violated.
Acts 2007, No. 1595, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-805 - Civil penalties

The commissioner may assess a civil penalty against a person that violates this chapter or a rule adopted or an order issued under this chapter in an amount not to exceed $1,000 per day for each day the violation is outstanding, plus this State's costs and expenses for the investigation and prosecution of the matter, including reasonable attorney's fees.
Acts 2007, No. 1595, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-806 - Criminal penalties

(a)
A person that intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter, that intentionally makes a false entry or omits a material entry in such a record, or violates any rule promulgated or order issued hereunder is guilty of a Class B felony.
(b)
A person that knowingly engages in an activity for which a license is required under this chapter without being licensed under this chapter and who receives more than $500 in compensation within a 30-day period from this activity is guilty of a Class B felony.
(c)
A person that knowingly engages in an activity for which a license is required under this chapter without being licensed under this chapter and who receives no more than $500 in compensation within a 30-day period from this activity is guilty of a Class A misdemeanor.
Acts 2007, No. 1595, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-807 - Unlicensed persons

(a)
(1)
[Repealed.]
(2)
If as a result of an investigation or examination the Securities Commissioner finds that a person has engaged or is about to engage in an act or practice constituting a violation of this chapter or a rule or order under this chapter, the commissioner may summarily issue:
(A)
A cease and desist order under §
23-55-803
; or
(B)
An order to prohibit the person from continuing to engage in providing money services.
(b)
[Repealed.]
(c)
(1)
An order to cease and desist becomes effective upon service of it upon the person.
(2)
A hearing shall be held on the written request of the person aggrieved by the order to cease and desist if the request is received by the commissioner within thirty (30) days of the date of the entry of the order to cease and desist or if ordered by the commissioner.
(d)
An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to §§
23-55-901
and
23-55-902
and the entry of a subsequent order by the commissioner to affirm, modify, or vacate the order.
(e)
The commissioner may apply to the Pulaski County Circuit Court to:
(1)
Temporarily or permanently enjoin an act or practice that violates this chapter or a rule or order under this chapter; or
(2)
Enforce compliance with this chapter or a rule or order under this chapter.
Acts 2007, No. 1595, § 1; 2009, No. 486, § 18.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-808 - Receivership

(a)
(1)
Whenever a licensee has refused or is unable to pay its obligations generally as they become due or whenever it appears to the commissioner that a licensee is in an unsafe or unsound condition, the commissioner, or the Attorney General representing the commissioner, may apply to the Pulaski County Circuit Court or to the circuit court of any county in which the licensee is located for the appointment of a receiver for the licensee. The court may require the receiver to post a bond in such amount as may appear necessary to protect claimants of the licensee.
(2)
The receiver, subject to the approval of the court, shall take possession of the books, records, and assets of the licensee and shall take such action with respect to employees, agents, or representatives of the licensee or such other action as may be necessary to conserve the assets of the licensee or ensure payment of instruments issued by the licensee pending further disposition of its business as provided by law. The receiver shall sue and defend, compromise, and settle all claims involving the licensee and exercise such powers and duties as may be necessary and consistent with the laws of this state applicable to the appointment of receivers.
(3)
The receiver, from time to time, but in no event less frequently than once each calendar quarter, shall report to the court with respect to all acts and proceedings in connection with the receivership.
Acts 2007, No. 1595, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-901 - Administrative proceedings

All administrative proceedings under this chapter must be conducted in accordance with the Arkansas Administrative Procedure Act, §
25-15-201
et seq.
Acts 2007, No. 1595, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-902 - Hearings

(a)
Except as otherwise provided in §§
23-55-803
and
23-55-807
, the commissioner may not suspend or revoke a license, issue an order to cease and desist, suspend or revoke the designation of an authorized delegate, or assess a civil penalty without notice and an opportunity to be heard.
(b)
The commissioner shall also hold a hearing when requested to do so by an applicant whose application for a license is denied.
Acts 2007, No. 1595, § 1; 2011, No. 733, § 14.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-1001 - Uniformity of application and construction

In applying and construing this Uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among States that enact it.
Acts 2007, No. 1595, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-1002 - Severability clause

If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable.
Acts 2007, No. 1595, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-1003 - Effective date

This chapter takes effect January 1, 2008.
Acts 2007, No. 1595, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-1004 - Reserved

Acts 2007, No. 1595, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-1006 - [Repealed]

Repealed by Act 2023, No. 442,§ 12, eff. 8/1/2023.
Amended by Act 2013, No. 531,§ 9, eff. 8/16/2013.
Acts 2011, No. 733, § 15.