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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 2 - POWERS AND DUTIES OF FINANCIAL INSTITUTIONS GENERALLY (§§ 23-32-201 — 23-32-210) › Section 23-32-210 - Request for stop payment on electronic funds transfer

(a)
Any financial institution doing business in this state shall stop payment of any electronic funds transfer from a customer's account upon receipt, at least three (3) business days prior to the scheduled transfer, of a written stop-payment order from the customer or any person authorized to draw upon the account describing the transfer with reasonable certainty.
(b)
If the written stop-payment order purports to stop all future electronic funds transfers to a particular payee, then the financial institution may require the customer to provide written confirmation that the payee has been informed of the revocation of authority within fourteen (14) days of the delivery of the stop-payment order. In the event the customer fails to provide the confirmation, if required by the financial institution, then the stop-payment order shall cease to be effective at the end of the fourteen-day confirmation period.
(c)
(1)
For the purposes of this section, "electronic funds transfer" means any transaction in which funds are transferred from a customer's account to a third-party payee primarily for personal, family, or household purposes.
(2)
"Electronic funds transfers" may include automated clearing house debits, wire transfers through the Federal Reserve System or any private network, or other paperless, electronic methods of funds transfer, regardless of whether the transaction is initiated by the customer or the payee.
Acts 2001, No. 1723, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 3 - SURETY BOND EXEMPTION ACT (§§ 23-32-301 — 23-32-305) › Section 23-32-301 - Title

This subchapter may be known as the "Surety Bond Exemption Act".
Acts 1997, No. 84, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 3 - SURETY BOND EXEMPTION ACT (§§ 23-32-301 — 23-32-305) › Section 23-32-302 - Purpose

The purpose of this subchapter is to exempt state and federal savings and loan associations from being required to furnish security in the form of cash, bond, or otherwise, ensuring proper performance of their duties and obligations in the business transactions set forth in §
23-32-304
. This purpose is based on the premise that savings and loan associations are so thoroughly governed by state and federal law, rule, and regulation that there is an insignificant risk of such an institution's being unable to adequately compensate an injured or damaged party.
Acts 1997, No. 84, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 3 - SURETY BOND EXEMPTION ACT (§§ 23-32-301 — 23-32-305) › Section 23-32-303 - Applicability of other laws

The law defining savings and loan associations' formation, structure, and operation shall apply to this subchapter except as provided in this subchapter.
Acts 1997, No. 84, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 3 - SURETY BOND EXEMPTION ACT (§§ 23-32-301 — 23-32-305) › Section 23-32-304 - Construction

Nothing in this subchapter shall be construed to:
(1)
Prevent a state or federal savings and loan association from electing or agreeing to furnish bond at its own cost;
(2)
Prevent any other party of interest, desiring protection in a business transaction with a state or federal savings and loan association, from electing to secure and pay for a bond covering the state or federal savings and loan association to the benefit of such a party to the transaction; and
(3)
Amend or repeal any law pertaining to:
(A)
Corporate surety or indemnity bonds covering directors, officers, or employees of a state or federal savings and loan association;
(B)
Foreign corporations, associations, or institutions not authorized to do business in this state;
(C)
Actions available against state or federal savings and loan associations for injury or damage; and
(D)
Bonding requirements involving fiduciary activities of a guardian, executor, administrator, personal representative, trustee, agent, or other fiduciary under the Probate Code or under any other laws covering fiduciary activities.
Acts 1997, No. 84, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 3 - SURETY BOND EXEMPTION ACT (§§ 23-32-301 — 23-32-305) › Section 23-32-305 - Exemption from posting bond in certain transactions

(a)
Except when the dollar amount of responsibility assumed exceeds its net capital and surplus, no state or federal savings and loan association, chartered or licensed to do business in this state, shall be required to furnish fidelity, surety, or performance bond, called "bond" in this subchapter, in business transactions involving:
(1)
Garnishment;
(2)
Replevin;
(3)
Foreclosure; and
(4)
Forcible entry and detainer.
(b)
At the beginning of any proceeding in all such business transactions, the state or federal savings and loan association shall, upon request, furnish to each party to the transaction a copy of its most recent statement of financial condition.
Acts 1997, No. 84, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 4 - FOREIGN INVESTOR COMPANIES (§§ 23-32-401 — 23-32-406) › Section 23-32-401 - Definition

As used in this subchapter, unless the context otherwise requires, "investor companies" means all banks, mutual savings associations, mutual savings banks, mutual savings fund societies, trust funds, foundations, pension trusts, or lending agencies, all the capital stock of which is owned by one (1) or more mutual savings banks or mutual savings fund societies.
Acts 1997, No. 88, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 4 - FOREIGN INVESTOR COMPANIES (§§ 23-32-401 — 23-32-406) › Section 23-32-402 - Application

No provision in this subchapter shall apply to any corporation except those corporations included in §
23-32-401
.
Acts 1997, No. 88, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 4 - FOREIGN INVESTOR COMPANIES (§§ 23-32-401 — 23-32-406) › Section 23-32-403 - Transactions not considered engaging in business

Without excluding other activities which may not constitute transaction of, or engaging in, business in this state, investor companies which are engaged in investing in loans secured by real estate and which are not chartered or domesticated in this state and do not engage in a general banking business in this state shall not be considered to be transacting or engaging in business in this state under the law of this state by reason of carrying on in this state any one (1) or more of the following activities:
(1)
The acquisition of, or participation in, loans secured by mortgages or deeds of trust on real property situated in Arkansas pursuant to commitment arrangements or agreements made prior to or following the origination or creation of the loans;
(2)
The ownership, modification, renewal, extension, transfer, or foreclosure of such loans, or the acceptance of substitute or additional obligors thereon;
(3)
The maintaining or defending of actions or suits relative to such loans, mortgages, or deeds of trust;
(4)
The maintenance of bank accounts in Arkansas in connection with the collection or servicing of such loans;
(5)
The making, collection, and servicing of such loans through an Arkansas agent or agency engaged in the business of servicing real estate loans for investors;
(6)
The taking of deeds to the mortgaged property either in lieu of foreclosure or for the purpose of transferring title either to the Federal Housing Administration, the Department of Veterans Affairs, or other governmental agency;
(7)
The acquisition of title to property under foreclosure sale or from the owner in lieu of foreclosure;
(8)
The management, rental, maintenance, and sale or the operating, maintaining, renting, or otherwise dealing with, selling, or disposing of real property acquired under foreclosure sale or by agreement in lieu thereof; or
(9)
The physical inspection and appraisal of property in Arkansas as security for deeds of trust or mortgage negotiations for the purchase of such loans.
Acts 1997, No. 88, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 4 - FOREIGN INVESTOR COMPANIES (§§ 23-32-401 — 23-32-406) › Section 23-32-404 - Consent to service of process on Secretary of State

(a)
All investor companies, except national banking institutions and state-chartered banks subject to federal regulation, acting either in their own behalf or acting as trustee for trust funds, foundations, pension funds, or related investors, must, before purchasing mortgage notes, mortgages, or deeds of trust, file a statement with the Secretary of State constituting him or her as their agent for service.
(b)
The statement shall contain the address of the investor company and shall be signed by the president, secretary, general manager, trustee, or other person charged with the administration of the funds of the investor company.
(c)
It shall be the duty of the Secretary of State, upon service of process, to forward all such process forthwith by registered mail to the address shown on the statement of the appropriate investor company.
Acts 1997, No. 88, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 4 - FOREIGN INVESTOR COMPANIES (§§ 23-32-401 — 23-32-406) › Section 23-32-405 - Authority to sue and be sued

The investor companies may sue or be sued in this state in relation to the mortgage notes, mortgages, or deeds of trust, and service may be had on the Secretary of State when an investor company is a defendant. The venue of the actions shall be in the county of the residence of any party to the suit, unless otherwise provided by law, except that when land is involved, the venue shall be in the county where the land or any part of it is located.
Acts 1997, No. 88, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 4 - FOREIGN INVESTOR COMPANIES (§§ 23-32-401 — 23-32-406) › Section 23-32-406 - Transaction of general business not authorized

Nothing in this subchapter shall be construed as authorizing investor companies to transact the general business of a chartered bank or trust company, or any business in this state, except as herein provided.
Acts 1997, No. 88, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 5 - AGENCY DESIGNATION ON CERTIFICATES OF DEPOSIT (§§ 23-32-501 — 23-32-509) › Section 23-32-501 - Definitions

In this subchapter:
(1)
"Account" means a contract of deposit between a depositor and a financial institution, and includes a checking account, savings account, certificate of deposit, and share account;
(2)
"Agent" means a person authorized to make account transactions for a party;
(3)
"Beneficiary" means a person named as one to whom sums on deposit in an account are payable on request after the death of all parties or for whom a party is named as trustee;
(4)
"Devisee" means any person designated in a will to receive a testamentary disposition of real or personal property;
(5)
"Financial institution" means an organization authorized to do business under state or federal laws relating to financial institutions, and includes a savings bank, building and loan association, savings and loan company or association, and credit union;
(6)
"Party" means a person who, by the terms of an account, has a present right, subject to request, to payment from the account other than as a beneficiary or agent;
(7)
"Payment" of sums on deposit includes withdrawal, payment to a party or third person pursuant to check or other request, and a pledge of sums on deposit by a party, or a setoff, reduction, or other disposition of all or part of an account pursuant to a pledge;
(8)
"Person" means an individual, a corporation, an organization, or other legal entity; and
(9)
"Personal representative" includes an executor, administrator, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status.
Acts 1997, No. 85, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 5 - AGENCY DESIGNATION ON CERTIFICATES OF DEPOSIT (§§ 23-32-501 — 23-32-509) › Section 23-32-502 - Scope of subchapter

(a)
This subchapter applies to accounts in this state.
(b)
This subchapter does not apply to:
(1)
An account established for a partnership, joint venture, or other organization for a business purpose;
(2)
An account controlled by one (1) or more persons as an agent or trustee for a corporation, unincorporated association, or charitable or civic organization; or
(3)
A fiduciary or trust account in which the relationship is established other than by the terms of the account.
Acts 1997, No. 85, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 5 - AGENCY DESIGNATION ON CERTIFICATES OF DEPOSIT (§§ 23-32-501 — 23-32-509) › Section 23-32-504 - Designation of agent

(a)
Unless the terms of an agency designation provide that the authority of the agent terminates on disability or incapacity of a party, the agent's authority survives disability and incapacity. The agent may act for a disabled or incapacitated party until the authority of the agent is terminated.
(b)
Death of the sole party or last surviving party terminates the authority of an agent.
(c)
An agent in an account with an agency designation has no beneficial right to sums on deposit.
Acts 1997, No. 85, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 5 - AGENCY DESIGNATION ON CERTIFICATES OF DEPOSIT (§§ 23-32-501 — 23-32-509) › Section 23-32-505 - Payment to designated agent

On request of an agent under an agency designation for an account, a financial institution may, unless it actually knows that the authority of agency has terminated, pay to the agent sums on deposit in the account.
Acts 1997, No. 85, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 5 - AGENCY DESIGNATION ON CERTIFICATES OF DEPOSIT (§§ 23-32-501 — 23-32-509) › Section 23-32-506 - Payment to minor

If a financial institution is required or permitted to make payment pursuant to this subchapter to a minor designated as a beneficiary, payment may be made pursuant to the Uniform Transfers to Minors Act, §
9-26-201
et seq.
Acts 1997, No. 85, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 5 - AGENCY DESIGNATION ON CERTIFICATES OF DEPOSIT (§§ 23-32-501 — 23-32-509) › Section 23-32-507 - Discharge

(a)
(1)
Payment made pursuant to this subchapter in accordance with an agency of account discharges the financial institution from all claims for amounts so paid, whether or not the payment is consistent with the beneficial ownership of the account as between parties, beneficiaries, or their successors.
(2)
Payment may be made whether or not a party, beneficiary, or agent is disabled, incapacitated, or deceased when payment is requested, received, or made.
(b)
(1)
Protection under this section does not extend to payments made after a financial institution has received written notice from a party, or from the personal representative, surviving spouse, or heir or devisee of a deceased party, to the effect that payments in accordance with the terms of the agency account should not be permitted, and the financial institution has had a reasonable opportunity to act on it when payment is made.
(2)
Unless the notice is withdrawn by the person giving it, the successor of any deceased party must concur in a request for payment if the financial institution is to be protected under this section.
(3)
Unless a financial institution has been served with process in an action or proceeding, no other notice or other information shown to have been available to the financial institution affects its right to protection under this section.
(c)
A financial institution that receives written notice pursuant to this section or otherwise that has reason to believe that a dispute exists as to the rights of the parties may refuse, without liability, to make payments in accordance with the terms of the agency account.
(d)
Protection of a financial institution under this section does not affect the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of sums on deposit in agency accounts or payments made from agency accounts.
Acts 1997, No. 85, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 5 - AGENCY DESIGNATION ON CERTIFICATES OF DEPOSIT (§§ 23-32-501 — 23-32-509) › Section 23-32-508 - Setoff

Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, if a party is indebted to a financial institution, the financial institution has a right to setoff against the agency account. The amount of the agency account subject to setoff is the proportion to which the party is, or immediately before death was, beneficially entitled or, in the absence of proof of that proportion, an equal share with all parties.
Acts 1997, No. 85, § 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 32 - GENERAL PROVISIONS (§§ 23-32-201 — 23-32-509) › Subchapter 5 - AGENCY DESIGNATION ON CERTIFICATES OF DEPOSIT (§§ 23-32-501 — 23-32-509) › Section 23-32-509 - Effect on other laws

This subchapter is supplemental to all laws pertaining to the deposit of funds in financial institutions.
Acts 1997, No. 85, § 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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-35-101 — 23-35-104) › Section 23-35-101 - Definition and purpose of credit union or central credit union

A credit union or central credit union is a cooperative nonprofit association, incorporated in accordance with the provisions of this chapter for the twofold purpose of encouraging thrift among its members and creating a source of credit at fair and reasonable rates of interest. A credit union or central credit union provides an opportunity for its members to use and control their own money in order to improve their economic and social condition.
Acts 1971, No. 132, §§ 1, 2; A.S.A. 1947, §§ 67-901, 67-902.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-35-101 — 23-35-104) › Section 23-35-102 - Operation of central credit unions

(a)
A central credit union may be organized and operated as provided in this chapter.
(b)
A central credit union shall be designated by use of the term "central" in its official name. A credit union not conforming to the requirements for a central credit union shall not use the term "central" in its official name.
(c)
A central credit union shall be subject to all the provisions of this chapter. Specific provisions setting forth the operation of central credit unions shall take precedence over other provisions of this chapter if those specific provisions are inconsistent with other parts of this chapter.
Acts 1971, No. 132, § 2; 1975, No. 530, § 2; A.S.A. 1947, § 67-902.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-35-101 — 23-35-104) › Section 23-35-103 - Taxation

A credit union shall be deemed an institution for savings and, together with all accumulations therein, shall not be subject to taxation except as to real estate owned. The shares of a credit union shall not be subject to a stock transfer tax when issued by the corporation or when transferred from one (1) member to another.
Acts 1971, No. 132, § 35; A.S.A. 1947, § 67-935.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-35-101 — 23-35-104) › Section 23-35-104 - Insurance of accounts

(a)
Each credit union organized under this chapter shall obtain insurance of member share and deposit accounts under the provisions of Title II of the Federal Credit Union Act.
(b)
A credit union which has been denied a commitment for insurance of its share and deposit accounts shall either dissolve or merge with another credit union which is insured under Title II of the Federal Credit Union Act.
Acts 1971, No. 132, § 2; 1975 (Extended Sess., 1976), No. 1182, § 1; A.S.A. 1947, § 67-902; reen. Acts 1987, No. 995, § 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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 2 - SUPERVISION (§§ 23-35-201 — 23-35-205) › Section 23-35-201 - Credit Union Division - State Credit Union Supervisor - Staff

(a)
There is created under the State Securities Department a Credit Union Division which shall be administered by the State Credit Union Supervisor. The Securities Commissioner, in consultation with the Secretary of the Department of Commerce and the Bank Commissioner, shall act as State Credit Union Supervisor.
(b)
The supervisor, in consultation with the Secretary of the Department of Commerce and the Bank Commissioner, shall appoint such administrative assistants and examiners as may be necessary to assist in the performance of his or her duties under this chapter.
Amended by Act 2023, No. 475,§ 5, eff. 8/1/2023.
Amended by Act 2019, No. 910,§ 571, eff. 7/1/2019.
Acts 1971, No. 132, § 41; 1985, No. 936, § 20; A.S.A. 1947, § 67-941.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 2 - SUPERVISION (§§ 23-35-201 — 23-35-205) › Section 23-35-202 - Authority of State Credit Union Supervisor - Rules and regulations

(a)
All state-chartered credit unions shall be supervised and regulated by the State Credit Union Supervisor acting pursuant to the authority delegated by this chapter. The supervisor shall be responsible for the enforcement of this chapter and the credit union bylaws, and he or she shall have the authority to adopt rules governing credit unions in a manner consistent with this chapter and other statutes of Arkansas.
(b)
The supervisor may, irrespective of any limitations in this chapter and subject to other Arkansas law, make reasonable rules authorizing a credit union to exercise any of the powers conferred upon a federally chartered credit union doing business in this state which is subject to the regulations of the National Credit Union Administration, if the supervisor finds that the exercise of the power:
(1)
Serves the public convenience and advantage; and
(2)
Equalizes and maintains the quality of competition between state-chartered credit unions and federally chartered credit unions. This includes, but it is not limited to:
(A)
The offering of the various types of accounts offered by federal credit unions;
(B)
Designation of the legal relationships of an account holder;
(C)
Adoption of any dividend paying date or other procedure or practice of paying dividends;
(D)
Adoption of any business practice, procedure, method, or system authorized for federal credit unions; and
(E)
The making of any loan or investment that a federal credit union doing business in this state is authorized to make.
Amended by Act 2019, No. 315,§ 2486, eff. 7/24/2019.
Acts 1971, No. 132, § 40; 1979, No. 85, § 1; A.S.A. 1947, § 67-940.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 2 - SUPERVISION (§§ 23-35-201 — 23-35-205) › Section 23-35-203 - Annual examination of credit unions

(a)
The State Credit Union Supervisor shall cause each credit union to be examined annually. Each credit union and all of its officers and agents shall be required to give representatives of the supervisor full access to all books, papers, securities, records, and other sources of information under their control. For the purpose of the examination, the representatives shall have power to subpoena witnesses, administer oaths, compel the giving of testimony, and require the submission of documents.
(b)
A report of this examination shall be forwarded to the credit union after the completion of the examination. The report shall be reviewed at the next monthly meeting of the board of directors of the credit union and a reply, if requested by the supervisor, shall be forwarded by the board by the date requested by the supervisor.
(c)
For the purpose of these examinations, each credit union shall pay an examination fee based upon the cost of performing the examination. Each credit union shall bear a proportionate share of the expenses of the supervisor, in accordance with schedules adopted by the supervisor.
(d)
If there is any violation of this section by a credit union, the supervisor may fine a credit union ten dollars ($10.00) per day for ten (10) days. If the violation has not been corrected by the tenth day, he or she may take any action he or she deems necessary and appropriate under the provisions of this chapter.
Acts 1971, No. 132, § 33; 1975, No. 530, §§ 19, 20; A.S.A. 1947, § 67-933.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 2 - SUPERVISION (§§ 23-35-201 — 23-35-205) › Section 23-35-204 - Reports - Penalty for failure to file

(a)
Credit unions subject to the provisions of this chapter shall report to the State Credit Union Supervisor annually, on or before February 1, on forms supplied by him or her for that purpose. Additional reports may be required by the supervisor, as is deemed necessary.
(b)
(1)
If any report remains in arrears for more than fifteen (15) days, a fine of five dollars ($5.00) for each day the report remains in arrears shall be levied against the offending credit union.
(2)
If the report is not returned within thirty (30) days of the due date, the supervisor may, after written notice to the president of the credit union of his or her intention to do so, suspend or revoke the certificate of approval, take possession of the business and property of the credit union, and order its dissolution in accordance with §
23-35-704
.
Acts 1971, No. 132, § 30; A.S.A. 1947, § 67-930.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 2 - SUPERVISION (§§ 23-35-201 — 23-35-205) › Section 23-35-205 - Annual supervision fee

Each credit union subject to the provisions of this chapter shall pay an annual supervision fee which shall be determined by the State Credit Union Supervisor. The fees must be reasonably related to the administrative cost of supervisory services required under this chapter and shall be determined after notice and an opportunity to be heard is given to the credit unions affected.
Acts 1971, No. 132, § 31; A.S.A. 1947, § 67-931.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 3 - ORGANIZATION (§§ 23-35-301 — 23-35-308) › Section 23-35-302 - Amendments to articles of incorporation and bylaws

(a)
The articles of incorporation and the bylaws may be amended as provided in the bylaws.
(b)
(1)
Amendments to the articles of incorporation and to the bylaws shall be submitted in writing to the State Credit Union Supervisor.
(2)
Amendments shall become effective upon approval in writing by the supervisor and payment of the appropriate fee to the appropriate state agency.
Acts 1971, No. 132, § 3; A.S.A. 1947, § 67-903.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 3 - ORGANIZATION (§§ 23-35-301 — 23-35-308) › Section 23-35-303 - Board of directors and committees generally

(a)
The business affairs of the credit union shall be managed by a board of directors of not fewer than five (5) directors, a credit committee of not fewer than three (3) members, and a supervisory committee of not fewer than three (3) members, all to be elected at the annual members' meeting by and from the members.
(b)
All members of the board and of the committees shall hold office for such terms as the bylaws may provide.
Acts 1971, No. 132, § 11; 1975, No. 530, § 7; A.S.A. 1947, § 67-911.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 3 - ORGANIZATION (§§ 23-35-301 — 23-35-308) › Section 23-35-305 - Officers - Selection, term, and oath

(a)
Within ten (10) days following the organizational meeting and each annual meeting, the directors of the credit union shall elect from their own number a chief executive officer who may be designated as chair or president of the board, vice chair or vice president, a treasurer, and a secretary, of whom the last two (2) may be the same individual. The board of directors may employ an officer in charge of operations whose title shall be either president or general manager or, in lieu thereof, the board of directors of the credit union may designate the treasurer or an assistant treasurer to be in active charge of the affairs of the credit union.
(b)
Within ten (10) days after election or appointment to any position, each person so elected or appointed shall execute an oath of office by which he or she agrees to accept and to diligently and faithfully carry out the duties and responsibilities of the position to which he or she has been elected or appointed and not to negligently or willfully violate, or permit to be violated, any provision of this chapter or the bylaws of the credit union.
(c)
The president and secretary shall execute a certificate of election which shall set forth the names and addresses of the officers, directors, and committee members elected or appointed.
(d)
The oath of office and the certificates of election shall be executed on forms prepared by the Credit Union Division, and one (1) copy of each shall be filed with the division within twenty (20) days after the election or appointment.
(e)
The terms of the officers shall be for one (1) year or until their successors are chosen and have been duly qualified.
Acts 1971, No. 132, § 12; 1979, No. 206, § 3; 1985, No. 936, § 5; A.S.A. 1947, § 67-912.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 3 - ORGANIZATION (§§ 23-35-301 — 23-35-308) › Section 23-35-306 - Credit committee - Loan officers

(a)
(1)
The credit committee of the credit union shall be responsible for general supervision of all loans to members.
(2)
The credit committee shall not be composed of any person who is a member of the board of directors of the credit union or of the supervisory committee.
(3)
It shall be the duty of the credit committee to review all applications for loans, to ascertain whether the loans would be for a provident and productive purpose and would benefit the applicant, to determine whether the security offered is sufficient, and to determine whether the terms of the application are proper.
(4)
The credit committee shall meet as often as may be required, after due notice has been given to each member thereof, but not less than once a month. The credit committee shall keep a record of all meetings and shall make a report to the members at the annual meeting.
(b)
(1)
The credit committee may appoint one (1) or more loan officers to act under the supervision of the credit committee, and these loan officers may make loans without the necessity for a meeting of, or approval by, any members of the credit committee.
(2)
No more than one (1) member of the credit committee may serve in the position of loan officer.
(3)
No individual shall have authority to disburse funds of the credit union for any loan which has been approved by him or her in his or her capacity as loan officer.
(4)
Each loan officer shall, within ten (10) days of the filing of each loan application received by him or her from another member or by referral from another officer, furnish to the credit committee a full report of the application.
(c)
All applications for loans not approved by a loan officer shall be considered and acted upon by the credit committee.
Acts 1971, No. 132, § 15; 1975, No. 530, § 12; 1985, No. 936, § 7; A.S.A. 1947, § 67-915.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 3 - ORGANIZATION (§§ 23-35-301 — 23-35-308) › Section 23-35-307 - Supervisory committee

(a)
The supervisory committee of the credit union shall make or cause to be made, at least annually:
(1)
An examination of the affairs of the credit union, including an audit of its books;
(2)
A report of its annual examination to the board of directors of the credit union; and
(3)
An audit, a report of which shall be submitted to members at the next annual meeting of the credit union.
(b)
The supervisory committee shall cause the passbooks and accounts of the members to be verified with the records of the treasurer at least once a year. The term "passbook" shall include any book, statement of accounts, or other pertinent or related record.
(c)
The supervisory committee may suspend, by a unanimous vote, any officer of the credit union or any member of the credit committee or of the board, until the next members' meeting, which shall not be less than seven (7) days nor more than fourteen (14) days after the suspension. At the meeting, the suspension shall be acted upon by the members.
(d)
The supervisory committee may call, by a majority vote, a special meeting of the members to consider any violation of this chapter, the charter, the bylaws, or any practice of the credit union deemed by the committee to be unsafe or unauthorized.
(e)
Any member of the supervisory committee may be suspended by the board, upon majority vote. The members shall decide, at a meeting held not less than seven (7) days nor more than fourteen (14) days after the suspension, whether the suspended committee member shall be removed from or restored to the supervisory committee.
Acts 1971, No. 132, § 17; 1979, No. 206, § 6; A.S.A. 1947, § 67-917.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 3 - ORGANIZATION (§§ 23-35-301 — 23-35-308) › Section 23-35-308 - Compensation of officers, directors, committee members, and employees

(a)
No officer, director, or committee member of the credit union, other than the treasurer whom the board of directors of the credit union has specifically appointed or contracted to actively work in the credit union, may be compensated, directly or indirectly, for his or her services as such. This shall not be construed to prevent reimbursement of directors and committee members for actual expenses they may incur in carrying out the duties of their office.
(b)
The compensation to be paid to the treasurer and to the employees who are authorized by the board shall be established by the board at its monthly meetings or in the annual budget allocations.
Acts 1971, No. 132, § 18; 1985, No. 936, § 12; A.S.A. 1947, § 67-918.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 4 - MEMBERSHIP (§§ 23-35-401 — 23-35-404) › Section 23-35-402 - Nonliability of members

The members of the credit union shall not be personally or individually liable for the payment of debts of the credit union.
Acts 1971, No. 132, § 19; A.S.A. 1947, § 67-919.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 4 - MEMBERSHIP (§§ 23-35-401 — 23-35-404) › Section 23-35-403 - Meetings - Voting

(a)
The annual meeting and special meetings shall be held at the time, place, and in the manner indicated in the bylaws.
(b)
At all meetings each member shall have but one (1) vote, irrespective of his or her shareholdings. No member may vote by proxy, but a society or association having membership in the corporation may be represented and vote by one (1) of its members or shareholders, provided that person has been duly authorized by the governing board of the society or association.
Acts 1971, No. 132, § 10; A.S.A. 1947, § 67-910.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 4 - MEMBERSHIP (§§ 23-35-401 — 23-35-404) › Section 23-35-404 - Expulsion of members

(a)
A member of a credit union may be expelled by the board of directors of the credit union, but only after he or she has been given an opportunity to be heard regarding the purpose of the expulsion. A written notice of this hearing, setting forth the time, place, and date for the meeting, shall be forwarded to the member by the board together with the charges which serve as the basis for the expulsion.
(b)
The member may be expelled for:
(1)
Failure to meet the conditions of his or her membership;
(2)
Failure to carry out his or her obligations to the credit union;
(3)
Conviction of a felony;
(4)
Neglect or refusal to comply with the laws and bylaws under which the credit union operates;
(5)
Habitual neglect to pay obligations;
(6)
Insolvency; or
(7)
Bankruptcy.
(c)
If the board votes to expel the member, he or she shall remain liable for any sums owed to the credit union for loans or other purposes.
(d)
The credit union may require sixty (60) days' written notice to withdraw shares or deposits by the member, as funds become available.
Acts 1971, No. 132, § 8; A.S.A. 1947, § 67-908.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 5 - SHARES (§§ 23-35-501 — 23-35-504) › Section 23-35-501 - Shares generally - Liens on shares

(a)
A "share" is a term applied to each five dollars ($5.00), but not more than twenty-five dollars ($25.00), standing to the share account of a member.
(b)
The shares of stock of a credit union shall all be common shares of one (1) class and shall have a par value of five-dollar multiples of not less than five dollars ($5.00) nor more than twenty-five dollars ($25.00) per share.
(c)
No certificate shall be issued to denote ownership of a share in a credit union.
(d)
Shares may be subscribed, paid for, and transferred in such manner as the bylaws may prescribe.
(e)
The credit union shall have and may exercise a lien on the shares of any member for any sum due the credit union from the member or for any loan endorsed by him or her.
(f)
When the share balance of a member is reduced to less than one (1) fully paid share by the member's action and remains below that amount for a period of one (1) year or longer after the member has received actual notice of that fact, it may be absorbed by a late or service charge upon authorization of the board of directors of the credit union.
Acts 1971, No. 132, § 19; 1975 (Extended Sess., 1976), 1182, § 3; 1985, No. 936, § 13; A.S.A. 1947, § 67-919; reen. Acts 1987, No. 995, § 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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 5 - SHARES (§§ 23-35-501 — 23-35-504) › Section 23-35-502 - Shares in name of minor

(a)
Shares may be issued in the name of a minor, if permitted by the articles of incorporation. These shares may be withdrawn by the minor, and payments made on the withdrawals shall be valid.
(b)
No minor under sixteen (16) years of age shall be entitled to vote in the meetings of the members either personally or through his or her parent or guardian, nor may he or she become a director or committee member until he or she shall have reached legal age.
Acts 1971, No. 132, § 22; A.S.A. 1947, § 67-922.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 5 - SHARES (§§ 23-35-501 — 23-35-504) › Section 23-35-503 - Shares issued in trust

(a)
Shares may be issued in the name of a member in trust for a beneficiary, including a minor, but no beneficiary, unless a member in his or her own right, may be permitted to vote, obtain loans, hold office, or be required to pay an entrance fee.
(b)
Payment of part or all of the shares issued in trust to the member shall, to the extent of the payment, discharge the liability of the credit union to the member and the beneficiary, and the credit union shall be under no obligation to see the application of the payment.
(c)
In the event of the death of the member, and if shares are so issued or held and the credit union has been given no other written evidence of the existence or terms of any trust, the shares and any dividends or interest thereon shall be paid to the beneficiary.
Acts 1971, No. 132, § 23; A.S.A. 1947, § 67-923.
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 35 - CREDIT UNIONS (§§ 23-35-101 — 23-35-805) › Subchapter 5 - SHARES (§§ 23-35-501 — 23-35-504) › Section 23-35-504 - Joint tenancy in shares and accounts

A member may designate any person to hold shares and thrift club accounts with him or her in joint tenancy with the right of survivorship, but no joint tenant, unless a member in his or her own right, shall be permitted to vote, obtain loans, or hold office. Payment of part or all of the joint accounts to any of the joint tenants shall, to the extent of the payment, discharge the liability to all.
Acts 1971, No. 132, § 21; A.S.A. 1947, § 67-921.