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 42 - ARKANSAS SECURITIES ACT (§§ 23-42-101 — 23-42-509) › Subchapter 5 - REGULATION OF TRANSACTIONS (§§ 23-42-501 — 23-42-509) › Section 23-42-508 - Market manipulation

It is unlawful for any person, directly or indirectly, in this state:
(1)
To effect any transaction in a security which involves no change in the beneficial ownership thereof, or to enter any orders for the purchase or sale of any security with the knowledge that orders of substantially the same size, at substantially the same time, and at substantially the same price, for the sale or purchase of the security, have been or will be entered by or for the same or affiliated persons, for the purpose of creating a false or misleading appearance of active trading in the security or a false or misleading appearance with respect to the market for the security;
(2)
To effect, alone or with one (1) or more other persons, a series of transactions in any security creating actual or apparent active trading in the security or raising or depressing the price of the security, for the purpose of inducing the purchase or sale of the security by others; or
(3)
To induce the purchase or sale of any security by the circulation or dissemination of information to the effect that the price of the security will, or is likely to, rise or fall because of market operations of any one (1) or more persons conducted for the purpose of raising or depressing the price of the security, if he or she is selling or offering to sell or purchasing or offering to purchase the security or is receiving a consideration, directly or indirectly, from that person.
Acts 1971, No. 131, § 7; A.S.A. 1947, § 67-1263.
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 44 - COMMODITIES FUTURES (§§ 23-44-101 — 23-44-109) › Section 23-44-101 - Definitions

As used in this chapter, unless the context otherwise requires:
(1)
"Bucket shop" means any place of business wherein contracts are made of the sort or character denounced by §
23-44-105
;
(2)
"Contract for sale" means sales, purchases, agreements of sale, agreements to sell, and agreements to purchase; and
(3)
"Person" means individuals, associations, partnerships, and corporations.
Acts 1929, No. 208, §§ 1, 5; Pope's Dig., §§ 3342, 3346; A.S.A. 1947, §§ 68-1001, 68-1005.
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 44 - COMMODITIES FUTURES (§§ 23-44-101 — 23-44-109) › Section 23-44-102 - Penalties

(a)
(1)
Any person, acting either as agent or principal, who knowingly enters into or assists in making any contracts of sale of the sort or character denounced by §
23-44-105
, for the future delivery of cotton, grain, stocks, or other commodities or who maintains or operates a bucket shop as that term is defined in §
23-44-101
shall be guilty of a felony and upon conviction shall be fined in a sum not to exceed one thousand dollars ($1,000) or be imprisoned in the penitentiary not exceeding two (2) years.
(2)
Any person who shall be guilty of a second offense under this section, in addition to the penalties above prescribed, and upon conviction, may be both fined and imprisoned in the discretion of the court.
(b)
(1)
If a corporation commits the acts prohibited by subsection (a) of this section, it shall be liable to forfeiture of all its rights and privileges as a corporation, and the continuance of the establishment after the first conviction shall be deemed a second offense.
(2)
It shall be the duty of the Attorney General to institute proceedings for the forfeiture of the charter of any corporation making itself liable to forfeiture under the provisions of this chapter.
Acts 1929, No. 208, § 7; Pope's Dig., § 3348; A.S.A. 1947, § 68-1007.
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 44 - COMMODITIES FUTURES (§§ 23-44-101 — 23-44-109) › Section 23-44-103 - Requirements for validity of contracts

(a)
All contracts of sale for future delivery of cotton, grain, stocks, or other commodities shall be valid and enforceable in the courts of this state, according to their terms, if they are:
(1)
Made in accordance with the rules of any board of trade, exchange, or similar institution where the contracts of sale are executed;
(2)
Actually executed on the floor of the board of trade, exchange, or similar institution and performed or discharged according to the rules thereof; and
(3)
Made with or through a regular member in good standing of a cotton exchange, grain exchange, or similar institution organized under the laws of the State of Arkansas or any other state.
(b)
However, contracts of sale for future delivery of cotton, in order to be valid and enforceable, must not only conform to the requirements of subsection (a) of this section, but must also be made subject to the provisions of the United States Cotton Futures Act. If this clause should for any reason be held inoperative, then contracts for the future delivery of cotton shall be valid and enforceable if they conform to the requirement of subsection (a) of this section.
Acts 1929, No. 208, § 2; Pope's Dig., § 3343; A.S.A. 1947, § 68-1002.
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 44 - COMMODITIES FUTURES (§§ 23-44-101 — 23-44-109) › Section 23-44-104 - Recovery of advances under contract

Any broker, agent, or any other person making advances to, or for account of, any party to any contract falling within and satisfying the provisions of §
23-44-103
shall be entitled to recover the amount of the advances from the party to, or for the account of, whom the advances were made.
Acts 1929, No. 208, § 3; Pope's Dig., § 3344; A.S.A. 1947, § 68-1003.
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 44 - COMMODITIES FUTURES (§§ 23-44-101 — 23-44-109) › Section 23-44-105 - Bucket shop contracts void

Any contract of sale for the future delivery of cotton, grain, stocks, or other commodities which is to be settled according to, or upon the basis of, the public market quotation or prices made on any board of trade, exchange, or similar institution, upon which contracts of sale for future delivery are executed and dealt in without any actual bona fide execution and the carrying out or discharge of the contracts upon the floor of the exchange, board of trade, or similar institution, in accordance with the rules thereof, shall be null and void and unenforceable in any court of this state, and no action shall lie thereon at the suit of any party thereto.
Acts 1929, No. 208, § 4; Pope's Dig., § 3345; A.S.A. 1947, § 68-1004.
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 44 - COMMODITIES FUTURES (§§ 23-44-101 — 23-44-109) › Section 23-44-106 - Bucket shops prohibited

The maintenance or operation of a bucket shop at any point in this state is prohibited.
Acts 1929, No. 208, § 5; Pope's Dig., § 3346; A.S.A. 1947, § 68-1005.
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 44 - COMMODITIES FUTURES (§§ 23-44-101 — 23-44-109) › Section 23-44-107 - Exchanges and boards of trade - Organization - Records

(a)
There may be organized, in any city, town, or municipality in the State of Arkansas, voluntary associations to be known as cotton exchanges, grain exchanges, boards of trade, or similar institutions to receive and post quotations on cotton, grains, stocks, bonds, and other commodities for the benefit of their members and other persons engaged in the production of cotton, grain, and other commodities.
(b)
The associations shall be composed of not fewer than twenty-five (25) active members and shall adopt a uniform set of rules not inconsistent with the laws of Arkansas and of the United States.
(c)
They shall open their books to the inspection of proper courts and officers of the law when required.
Amended by Act 2019, No. 315,§ 2516, eff. 7/24/2019.
Acts 1929, No. 208, § 8; Pope's Dig., § 3349; A.S.A. 1947, § 68-1008.
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 44 - COMMODITIES FUTURES (§§ 23-44-101 — 23-44-109) › Section 23-44-108 - Exchanges and boards of trade - Use of public or private wires

(a)
Only members of cotton exchanges, grain exchanges, boards of trade, or similar institutions organized under the laws of Arkansas or any other state may provide for their use, and the use of their clients, private or public wires from cities in Arkansas where the cotton exchanges, grain exchanges, boards of trade, or similar institutions are located to other cities outside the State of Arkansas where cotton exchanges, grain exchanges, boards of trade, or similar institutions are operated.
(b)
They may receive over the private or public wires, and post for their own use and that of their clients and of any person engaged in the production of cotton, grain, or other commodities, market quotations and market news covering cotton, grain, stock, and other commodities. They may also transmit, for execution, contracts of sale for future delivery.
(c)
In all cases it is contemplated that the delivery of the commodity purchased or sold, as the case may be, will be carried out by the principals or other successors or assignees and that the contract for delivery thereof will be performed or discharged according to the rules of the exchange, board of trade, or similar institution where the contract is executed.
Acts 1929, No. 208, § 9; Pope's Dig., § 3350; A.S.A. 1947, § 68-1009.
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 44 - COMMODITIES FUTURES (§§ 23-44-101 — 23-44-109) › Section 23-44-109 - Written statement to be furnished upon demand - Effect of noncompliance

(a)
Every person shall furnish, upon demand, to any principal from whom that person has executed any contract or sale for the future delivery of any cotton, grain, stocks, or other commodities, a written instrument setting forth the name and location of the exchange, board of trade, or similar institution upon which the contract has been executed, the date of execution of the contract, and the name and address of the persons with whom the contract was executed.
(b)
If the person shall refuse or neglect to furnish the statement upon reasonable demand, the refusal or neglect shall be prima facie evidence that the contract was an illegal contract within the provisions of §
23-44-105
, and that the person who executed it was engaged in the maintenance and operation of a bucket shop subject to the penalty provided by §
23-44-102
.
Acts 1929, No. 208, § 6; Pope's Dig., § 3347; A.S.A. 1947, § 68-1006.
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 45 - ARKANSAS BANKING CODE OF 1997 (§§ 23-45-101 — 23-45-106) › Section 23-45-101 - Short title

Chapters 45-50 of this title may be referred to as the "Arkansas Banking Code of 1997".
Acts 1997, No. 89, § 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 45 - ARKANSAS BANKING CODE OF 1997 (§§ 23-45-101 — 23-45-106) › Section 23-45-103 - Effect on existing financial institutions

(a)
The charters of state banks existing at the time of the adoption of the Arkansas Banking Code of 1997 shall continue in full force and effect, and all financial institutions and, to the extent applicable, all national banks and national trust companies, shall hereafter be operated in accordance with the provisions of the Arkansas Banking Code of 1997, and other applicable law.
(b)
Except as otherwise provided in the Arkansas Banking Code of 1997, the repeal of any provision of chapters 30-34 of this title at the time of adoption of the Arkansas Banking Code of 1997 shall not affect any right accrued or established, or any liability or penalty incurred, under such provision, prior to the repeal thereof.
(c)
All powers granted in the Arkansas Banking Code of 1997 may be freely exercised by any financial institution to which such powers apply without the necessity of amending its articles of incorporation, unless such articles expressly prohibit the exercise of such powers.
Acts 1997, No. 89, § 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 45 - ARKANSAS BANKING CODE OF 1997 (§§ 23-45-101 — 23-45-106) › Section 23-45-104 - Unauthorized activity as a financial institution - Incorporation of industrial loan institutions prohibited - Individuals and partnerships not to transact general commercial banking business

(a)
From and after May 31, 1997:
(1)
It shall be unlawful for any person, by whatever name called, to do business as a bank within this state or to maintain any office in this state for the purpose of doing such business, except state banks, registered out-of-state banks, and national banks chartered to do business in this state;
(2)
(A)
No certificate of incorporation for a new state bank in this state shall be issued, and no new state bank shall be permitted to engage in business within Arkansas except by permission of the Bank Commissioner and upon approval of an application for a new state bank charter by the commissioner and the State Banking Board.
(B)
The issuance of the certificate shall be within the sole discretion of the commissioner and the board, and the giving of the permission shall be within the sole discretion of the commissioner;
(3)
Whenever it shall appear to the commissioner that any person is conducting business as a state bank without authority, the commissioner may determine that the person is fully subject to the commissioner's supervisory and regulatory powers and to the provisions of the Arkansas Banking Code of 1997;
(4)
No new industrial loan institution shall be incorporated in this state; and
(5)
No partnership or individual or other unincorporated person may lawfully transact a general commercial banking business in this state.
(b)
Nothing in this section shall be construed to prohibit or interfere with the operations of duly and lawfully organized savings and loan associations or credit unions qualified to do business in this state.
Acts 1997, No. 89, § 1; 1997, No. 408, § 2; 1997, No. 940, § 112.
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 45 - ARKANSAS BANKING CODE OF 1997 (§§ 23-45-101 — 23-45-106) › Section 23-45-105 - Headings

The headings and captions contained in this chapter are for convenience only, do not constitute any part of the statutes composing this code, and shall not be used in construing or interpreting the Arkansas Banking Code of 1997.
Acts 1997, No. 89, § 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 45 - ARKANSAS BANKING CODE OF 1997 (§§ 23-45-101 — 23-45-106) › Section 23-45-106 - Rules of construction

(a)
(1)
Unless otherwise specifically indicated, and to the fullest extent permitted by the Arkansas Constitution, any reference in the Arkansas Banking Code of 1997 to an existing state or federal statute or regulation shall mean to the statute or regulation as it has been or may in the future be amended or supplemented.
(2)
If in any case the construction is not constitutionally permissible, the reference shall mean to the statute or regulation as it existed on May 31, 1997.
(b)
Unless the context otherwise requires:
(1)
Any reference in the Arkansas Banking Code of 1997 to "applicable law", "existing law", or similar references, shall encompass the laws of the executive, legislative, and judicial branches of the appropriate jurisdiction;
(2)
Any reference in the Arkansas Banking Code of 1997 to the discretion of the Bank Commissioner shall mean the sole, uncontrolled discretion of the commissioner; and
(3)
Any reference in the Arkansas Banking Code of 1997 to the Federal Deposit Insurance Corporation shall also reference any successor thereof.
Acts 1997, No. 89, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 1 - GENERAL PROVISIONS (§ 23-46-101) › Section 23-46-101 - Confidential records

(a)
Notwithstanding the Freedom of Information Act of 1967, §
25-19-101
et seq., the following records of the State Bank Department shall be confidential and shall not be exhibited or revealed to the public except as stated in this section or in accordance with department rules:
(1)
All examination reports filed with the department;
(2)
All records disclosing information obtained from examinations;
(3)
Investigations and reports revealing facts concerning a financial institution or the customers of a financial institution; and
(4)
All personal financial statements submitted to the department for any purpose.
(b)
Notwithstanding any provision of this section to the contrary, records deemed confidential in accordance with this section may be disclosed, in the Bank Commissioner's discretion, as follows:
(1)
Under a validly issued subpoena and in the interest of justice, the commissioner may waive the privilege created in this section and produce examination reports and other related documents under the provisions of a protective order entered by a court or administrative tribunal of competent jurisdiction when the order is designed to protect the confidential nature of the information so disclosed from public dissemination;
(2)
Official orders of the department may be disclosed within the discretion of the commissioner if the commissioner makes a determination that such a disclosure would not give advantage to a competitor or adversely affect the safety and soundness of the financial institution; and
(3)
To state and federal regulatory agencies with jurisdiction over financial institutions or entities engaging in financial activities, including, but not limited to, insurance and securities brokerage and underwriting.
(c)
The commissioner shall have the power to promulgate rules with regard to disclosure of confidential information.
Amended by Act 2019, No. 315,§ 2521, eff. 7/24/2019.
Amended by Act 2019, No. 315,§ 2520, eff. 7/24/2019.
Amended by Act 2017, No. 426,§ 12, eff. 8/1/2017.
Acts 1997, No. 89, § 1; 2001, No. 1056, § 1; 2003, No. 860, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 2 - STATE BANK DEPARTMENT (§§ 23-46-201 — 23-46-212) › Section 23-46-201 - Creation of State Bank Department

There is created and established, at the seat of government of this state, a department to be known as the "State Bank Department". The State Bank Department shall be a division of the Department of Commerce.
Amended by Act 2019, No. 910,§ 578, eff. 7/1/2019.
Acts 1997, No. 89, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 2 - STATE BANK DEPARTMENT (§§ 23-46-201 — 23-46-212) › Section 23-46-202 - [Repealed]

Repealed by Act 2019, No. 910,§ 579, eff. 7/1/2019.
Amended by Act 2019, No. 910,§ 6253, eff. 7/1/2019.
Amended by Act 2015EX1, No. 8,§ 58, eff. 7/1/2015.
Amended by Act 2015EX1, No. 7,§ 58, eff. 7/1/2015.
Acts 1997, No. 89, § 1; 2007, No. 426, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 2 - STATE BANK DEPARTMENT (§§ 23-46-201 — 23-46-212) › Section 23-46-203 - Seal - Evidentiary effect - Fees

(a)
An appropriate seal shall be procured to be the official seal for the State Bank Department.
(b)
Every paper executed by the Bank Commissioner in pursuance of the authority conferred upon him or her by law and sealed with the seal of the department or certified by the department shall be received in evidence and recorded in the proper recording offices in the same manner as deeds regularly acknowledged.
(c)
(1)
Whenever it is necessary for the commissioner to approve any instrument and to affix the official seal thereto, the commissioner shall charge a fee as provided by rule for affixing his or her approval and the official seal to the instrument.
(2)
Copies of all records and papers in the office of the department certified by the commissioner and authenticated by the seal shall be received in evidence in all cases equally and of like effect as the originals thereof.
(3)
Whenever it is proper to furnish a copy of any paper filed in the department and to certify that paper, the commissioner may charge a fee as provided by department rule.
Amended by Act 2019, No. 315,§ 2522, eff. 7/24/2019.
Acts 1997, No. 89, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 2 - STATE BANK DEPARTMENT (§§ 23-46-201 — 23-46-212) › Section 23-46-204 - Bank Commissioner - Appointment and removal

(a)
The Governor, by and with the advice and consent of the Senate, shall appoint a Bank Commissioner who shall:
(1)
Be a resident of this state;
(2)
Be at least thirty (30) years of age; and
(3)
Have not less than five (5) years' experience either in practical banking or in the bank department of a state.
(b)
The commissioner shall be the head of the State Bank Department and shall hold his or her office for the term of four (4) years beginning from the date of actual appointment by the Governor and expiring four (4) years from that date and until a successor is appointed.
(c)
The commissioner may be removed by the Governor from office for neglect of duty, malfeasance, misfeasance, extortion or corruption in office, incompetency, or mental or physical disability to such an extreme as to render the commissioner unable or unfit for the discharge of his or her duties, or for any offense involving moral turpitude while in office committed under color of or connected with such an office.
(d)
In the event there shall be an inability to serve in the office caused by death, suspension, removal, disability, disqualification, or resignation of the commissioner, a deputy commissioner previously designated by the commissioner shall exercise the powers and perform the duties of the commissioner until a successor is appointed by the Governor, with the advice and consent of the Senate, who shall serve for the remainder of the unexpired term fixed by law.
(e)
The commissioner shall report to the Secretary of the Department of Commerce.
Amended by Act 2019, No. 910,§ 580, eff. 7/1/2019.
Acts 1997, No. 89, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 2 - STATE BANK DEPARTMENT (§§ 23-46-201 — 23-46-212) › Section 23-46-206 - Employment and duties of staff generally

(a)
(1)
The Bank Commissioner, in consultation with the Secretary of the Department of Commerce, shall employ from time to time the assistants, examiners, clerks, stenographers, counsel, and other personnel as he or she may find necessary to properly and efficiently discharge the duties of his or her office.
(2)
The commissioner shall be authorized to set minimum qualifications for these persons and to fix their levels of compensation within the limitations of the numbers of employees and the appropriations for their salaries as provided from time to time by acts of the General Assembly, provided he or she shall incur no expense until an appropriation shall have been made therefor nor in excess of the revenues of the State Bank Department.
(b)
Counsel employed by the commissioner shall advise the commissioner in all legal matters affecting the State Bank Department.
(c)
Notwithstanding any other provisions of state law, and in order to maintain the confidentiality of information and the security of State Bank Department personnel in the performance of their duties, the commissioner shall be authorized to establish travel reimbursement guidelines for payment of expenses of State Bank Department personnel incurred in the performance of their duties.
(d)
If the commissioner is not himself or herself at any time available for the transaction of any specific matter committed by law to his or her authority or discretion, any one of the deputy commissioners, or any other staff member so designated by the commissioner in writing, may transact such matter in the name and stead of the commissioner.
(e)
(1)
The commissioner, each member of the State Banking Board, the deputy commissioners, chief examiners, counsel, each examiner, each accountant, each attorney, and each other officer, person, or employee, or both, of or for the State Bank Department shall not be personally liable for damages occasioned by his or her official acts or omissions, except when the acts or omissions are corrupt and malicious.
(2)
The Attorney General shall defend any action brought against any of the above-mentioned persons by reason of his or her official acts or omissions, regardless of whether at the time of institution of the action the defendant has terminated his or her service with the State Bank Department.
Amended by Act 2019, No. 910,§ 582, eff. 7/1/2019.
Acts 1997, No. 89, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 2 - STATE BANK DEPARTMENT (§§ 23-46-201 — 23-46-212) › Section 23-46-207 - Interests in financial institutions prohibited

(a)
(1)
No employee or officer of the State Bank Department, or employee or officer of the Department of Commerce working within the State Bank Department, who participates in the examination of a financial institution, or who may be called upon to make an official decision or determination affecting the operation of a financial institution, shall be an officer, director, attorney, owner, or holder of stock in any state bank, registered out-of-state bank, or bank holding company which controls a state bank or a registered out-of-state bank, or receive, directly or indirectly, any payment or gratuity from any such organizations.
(2)
A person subject to this section may not borrow money from a state bank or registered out-of-state bank which is an out-of-state state-chartered bank except as provided in subsection (b) of this section.
(b)
A person subject to this section may:
(1)
Be a depositor in any financial institution that the department regulates and participate in such overdraft programs associated with such deposit relationships as the commissioner may, by rule, allow; and
(2)
Purchase banking services, other than credit services, under rates and terms generally available to other customers of the financial institution.
Amended by Act 2019, No. 315,§ 2525, eff. 7/24/2019.
Amended by Act 2019, No. 910,§ 583, eff. 7/1/2019.
Acts 1997, No. 89, § 1; 1997, No. 408, § 3.
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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 2 - STATE BANK DEPARTMENT (§§ 23-46-201 — 23-46-212) › Section 23-46-208 - [Repealed]

Repealed by Act 2019, No. 910,§ 584, eff. 7/1/2019.
Acts 1997, No. 89, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 2 - STATE BANK DEPARTMENT (§§ 23-46-201 — 23-46-212) › Section 23-46-209 - Records and financial reports - Disposition of funds

(a)
The Bank Commissioner shall keep a true and perfect record of all of the business of the State Bank Department and shall make monthly reports to the Auditor of State of all fees he or she collects.
(b)
All fees and other revenues received by the department shall be deposited into the State Treasury as special revenues and credited to the Bank Department Fund to be used solely for the payment of the expenses of the department pursuant to the appropriations therefor.
(c)
Upon proper voucher from the commissioner, the Auditor of State shall issue the Auditor of State's warrant on the Treasurer of State in payment of all salaries and other expenses incurred in the administration of the Arkansas Banking Code of 1997.
Amended by Act 2019, No. 910,§ 585, eff. 7/1/2019.
Acts 1997, No. 89, § 1; 2007, No. 426, § 3.
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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 2 - STATE BANK DEPARTMENT (§§ 23-46-201 — 23-46-212) › Section 23-46-210 - Annual and biennial reports of Bank Commissioner

(a)
The Bank Commissioner shall make an annual report to the Secretary of the Department of Commerce of the work and the business of the State Bank Department, which shall embrace a statement of all receipts and expenditures and the name, officers, directors, domicile, capital, surplus, net profits, and deposits of each state bank, in the state, and such other information as the commissioner deems advisable.
(b)
The commissioner shall also, biennially, make a detailed estimate of the expenses of the State Bank Department for the two (2) succeeding fiscal years.
Amended by Act 2019, No. 910,§ 586, eff. 7/1/2019.
Acts 1997, No. 89, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 2 - STATE BANK DEPARTMENT (§§ 23-46-201 — 23-46-212) › Section 23-46-211 - Retention of State Bank Department records

(a)
The State Bank Department shall retain its general records for at least ten (10) years, with the following exceptions:
(1)
Transcripts of hearings before the State Banking Board or the Bank Commissioner shall be retained for at least three (3) years;
(2)
Applications submitted to the department shall be retained for at least three (3) years; and
(3)
Articles of incorporation and amendments thereto and stock transfer certificates and approvals shall be retained permanently, except in cases in which the records concern a bank which has been merged, sold, or liquidated, in which cases the records shall be retained for at least five (5) years.
(b)
(1)
In lieu of retention of the original records thereof, the department may cause any or all of its records and records held at any time in its custody to be photographed or otherwise reproduced in permanent form.
(2)
Any photograph or other reproduction shall have the same force and effect as the original thereof and be admitted into evidence equally as with the original.
Acts 1997, No. 89, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 3 - STATE BANKING BOARD (§§ 23-46-301 — 23-46-305) › Section 23-46-302 - Special State Banking Board members

(a)
When any member of the State Banking Board is disqualified for any reason to hear and participate in the determination of any matter pending before the board, the Governor shall appoint a qualified person to hear and participate in the decision on the particular matter.
(b)
The special board member so appointed shall have all authority and responsibility of a regular board member with respect to the particular matter before the board but shall have no authority or responsibility with respect to any other matter before the board.
Acts 1997, No. 89, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 3 - STATE BANKING BOARD (§§ 23-46-301 — 23-46-305) › Section 23-46-303 - Study of banking statutes

The State Banking Board is authorized, at such times as it deems appropriate, to request a review or study of state banking law and to recommend any changes that it may deem appropriate to the Secretary of the Department of Commerce.
Amended by Act 2019, No. 910,§ 587, eff. 7/1/2019.
Acts 1997, No. 89, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 3 - STATE BANKING BOARD (§§ 23-46-301 — 23-46-305) › Section 23-46-305 - Applications

(a)
All applications which the State Banking Board is empowered to consider for approval or disapproval shall, as soon as practicable, be submitted by the Bank Commissioner to the board for consideration at a regular meeting of the board or at a special meeting called for the purpose thereof.
(b)
Applications of the types described in §
23-46-304(a)(1)
-(4) must demonstrate that the applicant has the minimum amount of capital that the commissioner may require.
Acts 1997, No. 89, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 4 - PROCEEDINGS BEFORE STATE BANKING BOARD AND BANK COMMISSIONER (§§ 23-46-401 — 23-46-407) › Section 23-46-401 - Applicability

Nothing in this subchapter is intended to have any application to:
(1)
A merger under which a state bank merges into a national bank which is an Arkansas bank;
(2)
Any consolidation proceeding under which a state bank becomes consolidated into a national bank which is an Arkansas bank; or
(3)
Any proceeding under which a state bank is converted into a national bank or a national bank is converted into a state bank.
Acts 1997, No. 89, § 1; 1997, No. 408, § 5.
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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 4 - PROCEEDINGS BEFORE STATE BANKING BOARD AND BANK COMMISSIONER (§§ 23-46-401 — 23-46-407) › Section 23-46-403 - Applications

When any of the following applications are filed with the Bank Commissioner, the sponsors of the applications shall give notice of filing in accordance with State Bank Department rules:
(1)
An application for the issuance of a new state bank charter;
(2)
An application for the merger or consolidation of one (1) or more banks into a state bank;
(3)
An application for the merger or consolidation of one (1) or more savings and loan associations into a state bank;
(4)
An application for the purchase by one (1) state bank of greater than fifty percent (50%) of the assets of another depository institution or an application for the assumption by one (1) state bank of greater than fifty percent (50%) of the liabilities of another depository institution; or
(5)
An application for the change of a state bank's place of business from one municipality to another.
Amended by Act 2019, No. 315,§ 2528, eff. 7/24/2019.
Acts 1997, No. 89, § 1; 1999, No. 113, § 2; 2001, No. 63, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 4 - PROCEEDINGS BEFORE STATE BANKING BOARD AND BANK COMMISSIONER (§§ 23-46-401 — 23-46-407) › Section 23-46-404 - Applications fees - Bank Commissioner's rules

(a)
The State Banking Board shall have the power to set and impose fees for any and all applications, regardless of whether the applications are of a type described in §
23-46-403
, which are reasonably calculated to defray the costs associated with the consideration, investigation, and processing of those applications.
(b)
(1)
The Bank Commissioner may issue rules specifying the circumstances under which any application must be filed and the procedural and substantive requirements governing the filing of any and all applications of whatever type.
(2)
The commissioner may also issue rules requiring the submission of applications that are not described in the Arkansas Banking Code of 1997.
Amended by Act 2019, No. 315,§ 2529, eff. 7/24/2019.
Acts 1997, No. 89, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 4 - PROCEEDINGS BEFORE STATE BANKING BOARD AND BANK COMMISSIONER (§§ 23-46-401 — 23-46-407) › Section 23-46-405 - Investigation - Notice of hearing

(a)
When the departmental investigation pursuant to §
23-46-205
or §
23-48-304
is closed and the application fees have been paid, an application filed pursuant to §
23-46-403
shall be referred to the State Banking Board for consideration by it and the Bank Commissioner at a public hearing.
(b)
Notice of the time, place, and purpose of the meeting shall be given at least thirty (30) days before the hearing as follows:
(1)
By letter from the commissioner to the sponsors of the application and to any protestant that has filed an official written protest to the application; and
(2)
By release to news media.
Acts 1997, No. 89, § 1; 1999, No. 113, § 3.
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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 4 - PROCEEDINGS BEFORE STATE BANKING BOARD AND BANK COMMISSIONER (§§ 23-46-401 — 23-46-407) › Section 23-46-406 - Hearing

(a)
(1)
No person shall appear in opposition to the application unless the person has filed a written protest to the application within fifteen (15) days after the actual filing of the application.
(2)
The protest must be accompanied by a filing fee of not less than two thousand dollars ($2,000) nor more than five thousand dollars ($5,000) for each protestant, such amount to be set by State Bank Department rule.
(b)
At the hearing all persons sponsoring the application and any person making a timely written protest against the application may appear. The attorneys for any such person may appear and be heard.
(c)
The Bank Commissioner will participate with the State Banking Board in the hearing.
(d)
The board or the commissioner may subpoena witnesses on their own motion or on the request of any party to the proceedings.
(e)
(1)
The admission of evidence at the hearing shall be controlled by §
25-15-213
. The parties shall have the right to cross-examine witnesses.
(2)
Official notice may be taken of judicially cognizable facts and of generally recognized technical or scientific facts within the board's specialized knowledge.
(3)
The parties may bind themselves by stipulation.
(f)
The applicant shall be responsible for procuring and paying for a verbatim record of the proceeding. It will be the duty of the applicant to furnish at least one (1) copy of the transcript to the commissioner free of charge.
Amended by Act 2019, No. 315,§ 2530, eff. 7/24/2019.
Acts 1997, No. 89, § 1; 1999, No. 113, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 4 - PROCEEDINGS BEFORE STATE BANKING BOARD AND BANK COMMISSIONER (§§ 23-46-401 — 23-46-407) › Section 23-46-407 - Decision - Judicial review

(a)
The State Banking Board shall render its decision in writing at or after a hearing before it, which decision shall include the board's findings of fact and conclusions of law.
(b)
(1)
(A)
If the application is approved by the board, the Bank Commissioner may, in the event that he or she also shall approve the application, grant the relief sought.
(B)
If the commissioner does not concur in the board's grant of the application, the relief sought shall not be granted, and the commissioner's written decision stating his or her reasons for not concurring shall be attached to the copy of the board's decision and shall be mailed to each person who actively appeared and participated in the hearing.
(2)
If the board shall disapprove the application, the commissioner shall not grant the relief sought.
(c)
(1)
The time for filing a petition for judicial review under the Arkansas Administrative Procedure Act, §
25-15-201
et seq., shall run from the date the final decision of the board is mailed or delivered in written form to the parties desiring to appeal.
(2)
The hearing of the petition for review will be advanced on the docket of each reviewing court as a matter of public interest.
Acts 1997, No. 89, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 5 - REPORTS AND EXAMINATIONS (§§ 23-46-501 — 23-46-512) › Section 23-46-501 - Call for reports

The Bank Commissioner shall have power to call for reports from state banks and subsidiary trust companies whenever deemed necessary, in order to obtain a full and complete knowledge of their condition or the status of their reserves, but he or she shall call upon each of them for at least two (2) reports each year.
Acts 1997, No. 89, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 5 - REPORTS AND EXAMINATIONS (§§ 23-46-501 — 23-46-512) › Section 23-46-502 - Statement on call

(a)
Every state bank and subsidiary trust company operating under the supervision of the Bank Commissioner shall make to the commissioner, whenever required by him or her, a statement of its assets and liabilities as shown by its records at the close of business on the day designated, which day shall be prior to the call of the commissioner.
(b)
The commissioner shall not give notice to any person whomsoever of the date on which he or she will call for the statement.
(c)
The reports shall be verified by the institution's president or chief executive officer or a vice president and shall be attested by at least two (2) directors.
(d)
(1)
The reports required by this section shall embrace the amount of paid-up capital, surplus, net undivided profits, deposits, and all other liabilities of whatsoever character.
(2)
(A)
It shall also state the amount loaned upon real estate, notes, bills of exchange, overdrafts, bonds, and other securities, stating the actual market value of the bonds or securities, the amount invested in real estate for banking premises, other real estate owned, when and how acquired, and the actual cost, cash on hand and on deposit in other banks, subject to check, with the amount and character of all other assets, together with such other information as the commissioner may require.
(B)
Any commercial or other unsecured paper past due twelve (12) months on which the interest is unpaid and not in process of collection shall not be included as an asset in the report.
Amended by Act 2017, No. 198,§ 2, eff. 8/1/2017.
Acts 1997, No. 89, § 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 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 5 - REPORTS AND EXAMINATIONS (§§ 23-46-501 — 23-46-512) › Section 23-46-504 - Examination of affiliates

The Bank Commissioner may make at any time, and from time to time, such examinations of the affairs of affiliates of state banks or of affiliates of subsidiary trust companies as shall be necessary to disclose fully the relations between the state banks and their affiliates or between the subsidiary trust companies and their affiliates, and the effect of those relations on the affairs of the state banks or subsidiary trust companies.
Acts 1997, No. 89, § 1.