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23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-202 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 15; Pope's Dig., § 991; A.S.A. 1947, § 67-822.
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23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-203 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 9; Pope's Dig., § 984; A.S.A. 1947, § 67-819.
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23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-204 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 8; Pope's Dig., § 983; A.S.A. 1947, § 67-818.
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23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-205 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 19; 1931, No. 236, § 10; Pope's Dig., § 995; A.S.A. 1947, § 67-811.
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23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-206 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 14; Pope's Dig., § 990; A.S.A. 1947, § 67-817.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-207 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 27a, as added by Acts 1931, No. 236, § 12; Pope's Dig., § 1004; A.S.A. 1947, § 67-814.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-208 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1933, No. 54, § 2; Pope's Dig., § 1036; A.S.A. 1947, § 67-825.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-209 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 44, as added by Acts 1931, No. 236, § 17; Pope's Dig., § 1021; A.S.A. 1947, § 67-826.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-210 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 11; 1931, No. 60, § 1; 1935, No. 40, § 1; Pope's Dig., § 985; Acts 1939, No. 343, § 2; 1955, No. 149, § 2; A.S.A. 1947, § 67-830.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-211 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 11a, as added by Acts 1931, No. 236, § 6; Pope's Dig., § 986; Acts 1955, No. 149, § 3; 1961, No. 73, § 4; A.S.A. 1947, § 67-831.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-212 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 37; Pope's Dig., § 1015; A.S.A. 1947, § 67-833.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-213 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 33; Pope's Dig., § 1010; A.S.A. 1947, § 67-834.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-214 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 34; 1931, No. 236, § 14; Pope's Dig., § 1011; A.S.A. 1947, § 67-835.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-215 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1933, No. 54, § 4; Pope's Dig., § 1038; A.S.A. 1947, § 67-838.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-216 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 40; Pope's Dig., § 1018; Acts 1939, No. 169, § 1; A.S.A. 1947, § 67-836.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-217 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 34a, as added by Acts 1931, No. 236, § 15; Pope's Dig., § 1012; A.S.A. 1947, § 67-837.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-218 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1935, No. 128, § 5; Pope's Dig., § 1043; A.S.A. 1947, § 67-847.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-219 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1932 (2nd Ex. Sess.), No. 11, § 1; Pope's Dig., § 1028; A.S.A. 1947, § 67-839.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 2 - ORGANIZATION AND OPERATION (§§ 23-38-201 — 23-38-220) › Section 23-38-220 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 32; Pope's Dig., § 1009; A.S.A. 1947, § 67-863.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 3 - LIQUIDATION (§§ 23-38-301 — 23-38-307) › Section 23-38-301 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1933, No. 54, § 1; Pope's Dig., § 1035; A.S.A. 1947, § 67-848.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 3 - LIQUIDATION (§§ 23-38-301 — 23-38-307) › Section 23-38-302 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 23; Pope's Dig., § 999; A.S.A. 1947, § 67-849.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 3 - LIQUIDATION (§§ 23-38-301 — 23-38-307) › Section 23-38-303 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 24; 1931, No. 236, § 11; Pope's Dig., § 1000; Acts 1985, No. 1043, § 1; A.S.A. 1947, § 67-850.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 3 - LIQUIDATION (§§ 23-38-301 — 23-38-307) › Section 23-38-304 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 24; 1931, No. 236, § 11; Pope's Dig., § 1000; Acts 1985, No. 1043, § 1; A.S.A. 1947, § 67-850.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 3 - LIQUIDATION (§§ 23-38-301 — 23-38-307) › Section 23-38-305 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1932 (2nd Ex. Sess.), No. 10, §§ 1-4, 6; Pope's Dig., §§ 1029-1032, 1034; A.S.A. 1947, §§ 67-851 -- 67-854, 67-856.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 3 - LIQUIDATION (§§ 23-38-301 — 23-38-307) › Section 23-38-306 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1932 (2nd Ex. Sess.), No. 10, § 5; Pope's Dig., § 1033; A.S.A. 1947, § 67-855.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 3 - LIQUIDATION (§§ 23-38-301 — 23-38-307) › Section 23-38-307 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 11c, as added by Acts 1931, No. 236, § 7; Pope's Dig., § 987; A.S.A. 1947, § 67-832.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 4 - PROHIBITED PRACTICES (§§ 23-38-401 — 23-38-404) › Section 23-38-401 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 43, as added by Acts 1931, No. 236, § 16; Pope's Dig., § 1020; A.S.A. 1947, § 67-864.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 4 - PROHIBITED PRACTICES (§§ 23-38-401 — 23-38-404) › Section 23-38-402 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 31; Pope's Dig., § 1008; A.S.A. 1947, § 67-865; Acts 2005, No. 1994, § 151.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 4 - PROHIBITED PRACTICES (§§ 23-38-401 — 23-38-404) › Section 23-38-403 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 45, as added by Acts 1931, No. 236, § 18; Pope's Dig., § 1022; A.S.A. 1947, § 67-866; Acts 2005, No. 1994, § 434.
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 38 - [Repealed] (§§ 23-38-101 — 23-38-404) › Subchapter 4 - PROHIBITED PRACTICES (§§ 23-38-401 — 23-38-404) › Section 23-38-404 - [Repealed]

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.
Acts 1929, No. 128, § 30; Pope's Dig., § 1007; A.S.A. 1947, § 67-867; Acts 2005, No. 1994, § 445.
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 39 - MORTGAGE LOAN COMPANIES AND LOAN BROKERS (§§ 23-39-101 — 23-39-518) › Subchapter 4 - PROHIBITION OF ADVANCE FEE LOAN BROKERAGE (§§ 23-39-401 — 23-39-405) › Section 23-39-402 - Nonexclusive remedy

Nothing in this subchapter limits the rights or remedies which are otherwise available to a consumer under any other law.
Acts 1993, No. 140, § 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 39 - MORTGAGE LOAN COMPANIES AND LOAN BROKERS (§§ 23-39-101 — 23-39-518) › Subchapter 4 - PROHIBITION OF ADVANCE FEE LOAN BROKERAGE (§§ 23-39-401 — 23-39-405) › Section 23-39-403 - Liability of loan broker's principal

A principal of a loan broker shall be liable under this subchapter to the same extent as the loan broker himself or herself for any actions on behalf of the loan broker, or the loan broker's agents or employees, which violate this subchapter.
Acts 1993, No. 140, § 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 39 - MORTGAGE LOAN COMPANIES AND LOAN BROKERS (§§ 23-39-101 — 23-39-518) › Subchapter 4 - PROHIBITION OF ADVANCE FEE LOAN BROKERAGE (§§ 23-39-401 — 23-39-405) › Section 23-39-404 - Prohibited acts

It shall be unlawful for a loan broker to:
(1)
Assess or collect an advance fee from a borrower to provide services as a loan broker; or
(2)
Make or use unfair, false, misleading, or deceptive representations or to omit any material fact in the offer or sale of the services of a loan broker, or to engage, directly or indirectly, in any act that operates or would operate as an unfair, false, misleading, or deceptive representation in his or her business dealings.
Acts 1993, No. 140, § 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 39 - MORTGAGE LOAN COMPANIES AND LOAN BROKERS (§§ 23-39-101 — 23-39-518) › Subchapter 4 - PROHIBITION OF ADVANCE FEE LOAN BROKERAGE (§§ 23-39-401 — 23-39-405) › Section 23-39-405 - Remedies and penalties

(a)
(1)
A violation of any of the provisions of this subchapter shall constitute an unfair or deceptive act or practice as defined by the Deceptive Trade Practices Act, §
4-88-101
et seq.
(2)
All remedies, penalties, and authority granted to the Attorney General under the Deceptive Trade Practices Act, §
4-88-101
et seq., shall be available to him or her for the enforcement of this subchapter.
(3)
In any action brought by the Attorney General pursuant to this subsection, the Attorney General may also recover on behalf of borrowers the amounts specified under subsection (b) of this section.
(b)
(1)
A borrower may bring an action against the loan broker, its principals, employees, or agents, and against the surety bond, or trust account, if any, of the loan broker as a result of a violation of this subchapter.
(2)
The action shall be brought in the county in which the solicitation was made, and the court shall award:
(A)
An amount of three (3) times the amount paid by the borrower for the loan services or one thousand dollars ($1,000), whichever is greater;
(B)
Incidental and consequential damages; and
(C)
Costs and reasonable attorney's fees.
(c)
A permanent injunction, judgment, or order of the court obtained by the Attorney General pursuant to this section shall be prima facie evidence in an action brought under this section that the defendant used or employed a method, act, or practice declared unlawful by this subchapter.
(d)
A person bringing an action under this section shall bring the action within one (1) year after any action brought by the Attorney General has been terminated or two (2) years after the violation occurred, whichever is later.
(e)
(1)
Any person who knowingly commits a practice defined as unlawful by this subchapter shall be guilty of a Class D felony and, upon conviction in the circuit court of any county in this state in which any portion of the unlawful practice occurred, shall be subject to punishment accordingly.
(2)
If the person is a corporation, the penalties of this subsection also apply to a director, officer, or individual agent of a corporation who knowingly authorizes, orders, or performs an act in violation of this subchapter without regard to penalties imposed on the corporation.
Acts 1993, No. 140, § 4; 1995, No. 598, § 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 39 - MORTGAGE LOAN COMPANIES AND LOAN BROKERS (§§ 23-39-101 — 23-39-518) › Subchapter 5 - FAIR MORTGAGE LENDING ACT (§§ 23-39-501 — 23-39-518) › Section 23-39-501 - Title

This subchapter may be referred to as the "Fair Mortgage Lending Act".
Acts 2003, No. 554, § 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 39 - MORTGAGE LOAN COMPANIES AND LOAN BROKERS (§§ 23-39-101 — 23-39-518) › Subchapter 5 - FAIR MORTGAGE LENDING ACT (§§ 23-39-501 — 23-39-518) › Section 23-39-504 - Rulemaking authority

The Securities Commissioner may adopt any rules that he or she deems necessary to:
(1)
Carry out the provisions of this subchapter;
(2)
Provide for the protection of the borrowing public; and
(3)
Provide any requirements necessary for the State of Arkansas to participate in a multistate automated licensing system; and
(4)
Instruct mortgage brokers, mortgage bankers, mortgage servicers, loan officers, and transitional loan officers in interpreting this subchapter.
Amended by Act 2019, No. 200,§ 10, eff. 7/24/2019.
Acts 2003, No. 554, § 1; 2005, No. 1679, § 1; 2007, No. 748, § 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 39 - MORTGAGE LOAN COMPANIES AND LOAN BROKERS (§§ 23-39-101 — 23-39-518) › Subchapter 5 - FAIR MORTGAGE LENDING ACT (§§ 23-39-501 — 23-39-518) › Section 23-39-507 - Continuing education

(a)
In addition to the other licensing requirements under this subchapter, the Securities Commissioner may adopt rules to require continuing education of licensees under this subchapter for the purpose of enhancing the professional competence and professional responsibility of mortgage bankers, mortgage brokers, mortgage servicers, and loan officers and may condition the renewal of a license upon compliance with the commissioner's rules.
(b)
The rules under subsection (a) of this section may include criteria for:
(1)
The content of continuing education courses;
(2)
Accreditation of continuing education sponsors and programs;
(3)
Accreditation of videotape or other audiovisual programs;
(4)
Computation of credit;
(5)
Special cases and exemptions;
(6)
General compliance procedures; and
(7)
Sanctions for noncompliance with the continuing education requirements.
(c)
Annual continuing professional education requirements shall be determined by the commissioner but shall not exceed eight (8) credit hours within a one-year period.
Acts 2003, No. 554, § 1; 2005, No. 1679, § 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 39 - MORTGAGE LOAN COMPANIES AND LOAN BROKERS (§§ 23-39-101 — 23-39-518) › Subchapter 5 - FAIR MORTGAGE LENDING ACT (§§ 23-39-501 — 23-39-518) › Section 23-39-508 - Managing principals and branch managers

(a)
(1)
Each mortgage broker, mortgage banker, or mortgage servicer licensed under this subchapter shall have a managing principal who operates the business under that person's full charge, control, and supervision.
(2)
The managing principal shall:
(A)
Have at least three (3) years of experience in mortgage lending; or
(B)
Meet the experience and competency requirements prescribed by rule or order of the Securities Commissioner.
(b)
Any individual licensee who operates as a sole proprietorship shall be considered a managing principal for the purposes of this subchapter.
(c)
The managing principal for a licensee may also serve as the branch manager of one (1) or more of the licensee's branch offices.
(d)
(1)
Each branch office of a mortgage broker, mortgage banker, or mortgage servicer licensed under this subchapter shall have a designated branch manager who is in charge of and who is responsible for the business operations of a branch office.
(2)
Each branch manager of a mortgage broker or mortgage banker must be licensed as a loan officer.
(e)
Each mortgage broker, mortgage banker, or mortgage servicer licensed under this subchapter shall file a form as prescribed by the Securities Commissioner indicating the licensee's designation of managing principal and branch manager for each branch and each individual's acceptance of the responsibility as managing principal or branch manager.
(f)
Each mortgage broker, mortgage banker, or mortgage servicer licensed under this subchapter shall notify the commissioner within thirty (30) days of any change in its managing principal or branch manager designated for each branch.
(g)
(1)
A mortgage broker, mortgage banker, or mortgage servicer that does not comply with this section shall pay a late fee of two hundred fifty dollars ($250).
(2)
All or part of the late fee may be waived by the commissioner for good cause.
(3)
The commissioner may revoke or suspend the license of any mortgage broker, mortgage banker, or mortgage servicer who fails to pay any late fee assessed under subdivision (g)(1) of this section.
Acts 2003, No. 554, § 1; 2005, No. 1679, § 1; 2007, No. 748, § 6; 2009, No. 731, § 19.
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 39 - MORTGAGE LOAN COMPANIES AND LOAN BROKERS (§§ 23-39-101 — 23-39-518) › Subchapter 5 - FAIR MORTGAGE LENDING ACT (§§ 23-39-501 — 23-39-518) › Section 23-39-511 - Records - Escrow funds or trust accounts

(a)
The Securities Commissioner shall keep a list of all applicants for licensure under this subchapter that includes:
(1)
The applicant's name;
(2)
The date of application;
(3)
The applicant's place of residence; and
(4)
Whether the license was granted or refused.
(b)
(1)
The commissioner shall keep a current roster showing the names and places of business of all licensees that shows their respective loan officers and their respective transitional loan officers.
(2)
The roster under subdivision (b)(1) of this section shall:
(A)
Be kept on file in the office of the commissioner;
(B)
Contain information regarding all orders or other actions taken against the licensees and other persons; and
(C)
Be open to public inspection.
(c)
Every licensee shall make and keep the accounts, correspondence, memoranda, papers, books, and other records as prescribed in rules adopted by the commissioner.
(d)
(1)
If the information contained in any document filed with the commissioner is or becomes inaccurate or incomplete in any material respect, the licensee shall file a correcting amendment to the information contained in the document within thirty (30) days from the date on which the change takes place.
(2)
(A)
Any licensee that does not comply with subdivision (d)(1) of this section shall pay a late fee of two hundred fifty dollars ($250).
(B)
All or part of the late fee may be waived by the commissioner for good cause.
(e)
(1)
A licensee shall maintain in a segregated escrow fund or trust account any funds that come into the licensee's possession but that are not the licensee's property and which the licensee is not entitled to retain under the circumstances.
(2)
The escrow fund or trust account under subdivision (e)(1) of this section shall be held on deposit in a federally insured financial institution.
Amended by Act 2019, No. 200,§ 19, eff. 7/24/2019.
Acts 2003, No. 554, § 1; 2005, No. 1679, § 2; 2009, No. 731, § 22.
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 39 - MORTGAGE LOAN COMPANIES AND LOAN BROKERS (§§ 23-39-101 — 23-39-518) › Subchapter 5 - FAIR MORTGAGE LENDING ACT (§§ 23-39-501 — 23-39-518) › Section 23-39-515 - Review of order of the commissioner

(a)
(1)
Any person aggrieved by a final order of the Securities Commissioner may obtain a review of the order by filing in the Pulaski County Circuit Court within sixty (60) days after the entry of the order a written petition praying that the order be modified or set aside in whole or in part.
(2)
(A)
A copy of the petition shall be served upon the commissioner, after which the commissioner shall certify and file in court a copy of the filing and evidence upon which the order was entered.
(B)
When a petition under subdivision (a)(1) of this section has been filed, the court has exclusive jurisdiction to affirm, modify, enforce, or set aside any order of the commissioner in whole or in part, except that a court may not set aside a summary order entered by the commissioner when the subject of the order has not requested a hearing before the commissioner as provided in §
23-39-514(c)(1) or (d)(1)
.
(b)
(1)
The findings of the commissioner as to the facts are conclusive if supported by competent, material, and substantial evidence.
(2)
If either party applies to the court for leave to submit additional material evidence and shows to the satisfaction of the court that there were reasonable grounds for failure to submit the evidence in the hearing before the commissioner, the court may order the additional evidence to be taken before the commissioner and to be submitted upon the hearing before the commissioner in any manner and upon any condition as the court considers to be proper.
(3)
After consideration of the additional evidence, the commissioner may modify his or her findings and order and shall file in the court the additional evidence together with any modified or new findings or order.
(c)
Unless specifically ordered by the court, the commencement of proceedings under subsection (a) of this section does not operate as a stay of the commissioner's order.
Acts 2003, No. 554, § 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 39 - MORTGAGE LOAN COMPANIES AND LOAN BROKERS (§§ 23-39-101 — 23-39-518) › Subchapter 5 - FAIR MORTGAGE LENDING ACT (§§ 23-39-501 — 23-39-518) › Section 23-39-516 - Criminal penalty

(a)
It is unlawful for any person to make or cause to be made in any document filed with the Securities Commissioner or in any proceeding under this subchapter any statement that is, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect.
(b)
(1)
A person is guilty of a Class B felony if he or she:
(A)
Willfully violates any provision of this subchapter, except subsection (a) of this section;
(B)
Willfully violates subsection (a) of this section knowing the statement to be false or misleading in any material respect; or
(C)
Willfully violates any rule under this subchapter or any order of the commissioner.
(2)
Each transaction involving the unlawful making or brokering of a mortgage loan is a separate offense.
(c)
No person may be imprisoned for violation of any order of the commissioner unless the person had actual knowledge of the order.
(d)
The commissioner may refer any available evidence concerning violations of this subchapter or any rule or order issued under this subchapter to the appropriate prosecuting authority who, with or without the reference, may institute the appropriate criminal proceedings under this subchapter.
(e)
This subchapter does not limit the power of the state to punish any person for any conduct that constitutes a crime under any statute or common law.
Acts 2003, No. 554, § 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 40 - ARKANSAS PREPAID FUNERAL BENEFITS LAW (§§ 23-40-101 — 23-40-126) › Section 23-40-101 - Short title

This chapter shall be known as the "Arkansas Prepaid Funeral Benefits Law".
Acts 1995, No. 852, § 12.
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 40 - ARKANSAS PREPAID FUNERAL BENEFITS LAW (§§ 23-40-101 — 23-40-126) › Section 23-40-102 - Purpose

The purpose of this chapter is to provide for the regulation of the sale of prepaid funeral benefits by the Insurance Commissioner.
Acts 1995, No. 852, § 12.
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 40 - ARKANSAS PREPAID FUNERAL BENEFITS LAW (§§ 23-40-101 — 23-40-126) › Section 23-40-104 - Arkansas Insurance Code not affected

Except as provided in §
23-40-112(h)(2)
, this chapter shall not apply to any licensed insurance company or alter or affect any provisions of the Arkansas Insurance Code.
Amended by Act 2019, No. 500,§ 1, eff. 7/24/2019.
Acts 1985, No. 156, § 15; A.S.A. 1947, § 67-1727; Acts 1995, No. 852, § 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 40 - ARKANSAS PREPAID FUNERAL BENEFITS LAW (§§ 23-40-101 — 23-40-126) › Section 23-40-105 - Burial associations exempted

Nothing in this chapter shall apply to organizations or associations operating in this state as burial associations pursuant to §
23-78-101
et seq.
Acts 1985, No. 156, § 3; A.S.A. 1947, § 67-1715; Acts 1995, No. 852, § 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 40 - ARKANSAS PREPAID FUNERAL BENEFITS LAW (§§ 23-40-101 — 23-40-126) › Section 23-40-106 - Violations - Penalties

(a)
(1)
An officer, director, agent, or employee of an organization subject to this chapter who makes, or attempts to make, a contract in violation of this chapter, or refuses to allow an inspection of the organization's records shall be punished by a fine of not less than one thousand dollars ($1,000) and not more than ten thousand dollars ($10,000), or by imprisonment in the county jail for at least six (6) months and not more than twelve (12) months, or by both fine and imprisonment.
(2)
(A)
An officer, director, agent, or employee of an organization is guilty of a Class D felony if the officer, director, agent, or employee:
(i)
Collects contract proceeds on cash-funded prepaid funeral contracts and fails to deposit the proceeds with a trustee as required under §
23-40-114
; or
(ii)
Collects proceeds on insurance-funded or annuity-funded contracts, or both, and fails to forward the proceeds to the insurance company or the third-party administrator within twenty (20) business days.
(B)
A person convicted of a violation of §
23-40-114
shall be ordered to pay restitution to persons aggrieved by the violation.
(C)
Restitution shall be ordered in addition to a fine or imprisonment.
(b)
Each violation of any provision of this chapter shall be deemed a separate offense and prosecuted individually.
(c)
The Criminal Investigation Division shall have jurisdiction to investigate and prosecute any officer, director, agent, or employee of any organization who collects contract proceeds on cash-funded prepaid funeral contracts and fails to deposit such funds with a trustee as required under §
23-40-114
.
Amended by Act 2017, No. 283,§ 1, eff. 8/1/2017.
Acts 1985, No. 156, § 13; A.S.A. 1947, § 67-1725; Acts 1999, No. 1249, § 3; 2001, No. 1043, § 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 40 - ARKANSAS PREPAID FUNERAL BENEFITS LAW (§§ 23-40-101 — 23-40-126) › Section 23-40-107 - Division of Prepaid Funeral Benefits - State Insurance Department Prepaid Trust Fund

(a)
The Insurance Commissioner shall be responsible for the regulation of the sale of prepaid funeral benefits, and there is hereby established the Division of Prepaid Funeral Benefits within the State Insurance Department. This division shall be funded annually by the fees required to be paid by organizations subject to this chapter, which shall be placed in trust and disbursed pursuant to this chapter.
(b)
There is hereby established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "State Insurance Department Prepaid Trust Fund" to be used to pay the expenses of the State Insurance Department in the discharge of its regulation of prepaid funeral benefits contracts.
(c)
No money shall be appropriated from this fund for any purpose other than to pay for personal services, operating expenses, maintenance and operations, and support of and improvements to the division, except as provided in §
23-40-119(f)
.
(d)
The fund established pursuant to this section shall be administered, disbursed, and invested under the direction of the commissioner and the Treasurer of State.
(e)
All income derived through the investment of the fund, including, but not limited to, interest and dividends, shall be credited as investment income to the fund.
(f)
All income derived through grants, refunds, and gifts to the fund shall be credited as income to the fund.
(g)
All moneys deposited to the fund shall not be subject to any deduction, tax, levy, or any other type of assessment, except as provided in this chapter.
(h)
All fees required to be paid by licensees pursuant to this chapter shall be deposited into the fund for the support, operation, and maintenance of the division and, when paid into the State Treasury by the commissioner, shall be maintained by the Treasurer of State as the State Insurance Department Prepaid Trust Fund, separate from all other funds, and available only for the payment of the expenses of the division, except as provided in §
23-40-119(f)
.
(i)
Upon proper voucher from the commissioner, the Auditor of State shall issue his or her warrant on the Treasurer of State in payment of all salaries and other expenses incurred by the division, or for any reparations awarded under §
23-40-119(f)
in the administration of this chapter.
(j)
However, as needed, the commissioner shall transfer from the State Insurance Department Prepaid Trust Fund to the Prepaid Funeral Contracts Recovery Program Fund a sum or sums sufficient to administer and provide reparations to persons as provided under §
23-40-119(d)(1)(A) and (f)(1)
.
Acts 1995, No. 852, § 12; 1997, No. 372, § 4; Acts 1999, No. 1249, § 2; 2001, No. 1043, § 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 40 - ARKANSAS PREPAID FUNERAL BENEFITS LAW (§§ 23-40-101 — 23-40-126) › Section 23-40-108 - Administration

(a)
This chapter shall be administered by the Insurance Commissioner.
(b)
The commissioner is authorized to prescribe reasonable rules concerning keeping and inspection of records, the filing of contracts and reports, and all other matters incidental to the orderly administration of this chapter.
(c)
The commissioner is authorized to employ the personnel necessary to carry out the provisions of this chapter and to fix their compensation within the amounts made available by appropriation.
(d)
The commissioner may make and promulgate reasonable rules for the administration of this chapter and for the purpose of carrying out the intent hereof.
Amended by Act 2019, No. 315,§ 2503, eff. 7/24/2019.
Acts 1985, No. 156, §§ 4, 14; A.S.A. 1947, §§ 67-1716, 67-1726; Acts 1995, No. 852, § 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 40 - ARKANSAS PREPAID FUNERAL BENEFITS LAW (§§ 23-40-101 — 23-40-126) › Section 23-40-109 - Permit required

(a)
Any individual, firm, partnership, corporation, society, association, or other entity, hereinafter called an "organization", desiring to sell prearranged or prepaid funeral services or funeral merchandise, including caskets, grave vaults, and all other articles of merchandise incidental to funeral services, in this state under a sales contract providing for prepaid disposition or funeral benefits or merchandise to be delivered at an undetermined future date depending upon the death of a contracting party, hereinafter called "prepaid funeral benefits", or any organization desiring to purchase an interest in, or assume the liability of, any contract for prepaid funeral benefits, shall obtain a permit from the Insurance Commissioner authorizing the transaction of this type of business before entering into any such agreement or contract and prior to accepting money, property, or any other direct or indirect consideration and shall first apply for and obtain a prepaid funeral benefits permit or license pursuant to the provisions of this chapter.
(b)
An organization desiring to sell prepaid funeral benefits or otherwise own any interest in any contract for prepaid funeral benefits shall file proof of ownership of an establishment which is in the business of providing the funeral goods or services to be contracted for and proof that the establishment is duly authorized and licensed to do such business in the State of Arkansas.
(c)
It shall be unlawful to sell prepaid funeral benefits unless the seller holds a valid, current permit at the time the contract is made.
Acts 1985, No. 156, § 2; A.S.A. 1947, § 67-1714; Acts 1995, No. 852, § 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 40 - ARKANSAS PREPAID FUNERAL BENEFITS LAW (§§ 23-40-101 — 23-40-126) › Section 23-40-110 - Application for initial or renewed permit

(a)
Each organization desiring to sell prepaid funeral benefits or any organization desiring to purchase an interest in or assume the liability of any contract for prepaid funeral benefits shall file an application for a permit with the Insurance Commissioner. Each initial and renewal application for a permit shall contain such information which the commissioner by rule shall reasonably prescribe.
(b)
Each applicant shall, at the time of the application, pay a filing fee of three hundred dollars ($300) for the initial application and two hundred dollars ($200) for a renewal application.
(c)
Permits shall expire on June 1 of each year, unless a renewal application is filed with and approved by the commissioner prior to the permit expiration date. Each organization which has discontinued the sale of prepaid funeral benefits, but which still has outstanding contracts, shall obtain a renewal of its permit until all those contracts have been performed or otherwise fully discharged. No filing fee shall be prorated.
(d)
(1)
Each applicant for a permit pursuant to the provisions of this chapter shall, as of a date not preceding thirty (30) days of the application date, have a net worth in an amount equal to the greater of five thousand dollars ($5,000) or three percent (3%) of the aggregate contract price of all contracts for prepaid funeral benefits outstanding and unfulfilled as of the end of the preceding calendar year, up to a maximum net worth of two hundred fifty thousand dollars ($250,000).
(2)
Each applicant shall, at the time of application, file a sworn and notarized certification of net worth form stating that the applicant satisfies the net worth requirements of this chapter, in a format as prescribed by the commissioner, as evidence that the applicant has, at a minimum, the required net worth.
Amended by Act 2019, No. 315,§ 2504, eff. 7/24/2019.
Acts 1985, No. 156, § 5; A.S.A. 1947, § 67-1717; Acts 1995, No. 852, § 4; 1997, No. 372, § 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 40 - ARKANSAS PREPAID FUNERAL BENEFITS LAW (§§ 23-40-101 — 23-40-126) › Section 23-40-114 - Trust funds - Creation - Deposits, withdrawals, and transfers of funds

(a)
All contract proceeds collected under contracts for prepaid funeral benefits, including funds collected under contracts entered into before June 28, 1985, shall be deposited with a trustee within twenty (20) business days after receipt of proceeds, to be held, invested, and administered in a trust fund for the benefit and protection of the contract purchasers pursuant to this chapter.
(b)
Each trust fund shall be created by a letter or written agreement which shall be filed with and approved by the Insurance Commissioner prior to placement of funds.
(c)
The seller may deposit money or property as surplus at any time.
(d)
The commissioner shall prescribe by regulation proper affidavits and forms for the withdrawal of funds from the trust fund.
(e)
The commissioner shall first approve and authorize in writing any transfer of funds from an existing trustee to a proposed new trustee if the proposed new trustee meets the requirements of this chapter and the rules promulgated thereunder.
(f)
The licensee shall file a request for a transfer of funds, together with a filing fee of two hundred fifty dollars ($250), and any other information required by rule.
(g)
This section shall not apply to the proceeds of insurance policies or contracts, and it shall not be necessary to establish a trust for the payment of such proceeds to the beneficiary designated in the policy or contract or the assignee or transferee thereof.
(h)
[Repealed.]
Amended by Act 2019, No. 315,§ 2506, eff. 7/24/2019.
Amended by Act 2015, No. 904,§ 6, eff. 4/1/2015.
Acts 1985, No. 156, § 8; A.S.A. 1947, § 67-1720; Acts 1995, No. 852, § 6; 1997, No. 372, § 7; 2001, No. 1043, § 3; 2003, No. 987, § 4[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 40 - ARKANSAS PREPAID FUNERAL BENEFITS LAW (§§ 23-40-101 — 23-40-126) › Section 23-40-116 - Trust funds - Disbursements

The trustee shall disburse money or other property from the trust fund only as follows:
(1)
Upon the death of the contract beneficiary and upon proper proof and documentation being submitted to and approved by the Insurance Commissioner, or pursuant to such other method as may be permitted under valid rules adopted by the commissioner, in which event the contract proceeds shall be paid to the seller;
(2)
Upon cancellation of the prepaid contract pursuant to §
23-40-122
and upon proper proof and documentation being submitted to and approved by the commissioner, or pursuant to such other method as may be permitted under valid rules adopted by the commissioner;
(3)
Upon the breach of contract by either party, in which event the contract proceeds shall be paid according to a judgment of a court of competent jurisdiction; or
(4)
Upon the withdrawal of net investment income or surplus by the seller, which may be made at any time and from time to time.
Amended by Act 2019, No. 315,§ 2507, eff. 7/24/2019.
Acts 1985, No. 156, § 8; A.S.A. 1947, § 67-1720; Acts 1995, No. 852, § 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 40 - ARKANSAS PREPAID FUNERAL BENEFITS LAW (§§ 23-40-101 — 23-40-126) › Section 23-40-117 - Trust funds - Exemption from attachment, etc

(a)
All contract proceeds held in trust pursuant to the provisions of this chapter and all income derived therefrom shall be exempt from attachment, garnishment, execution, and claims of creditors, receivers, or trustees in bankruptcy. The trust fund shall not be seized, taken, appropriated, or applied to pay any debt or liability of the seller by any legal or equitable process or by operation of law.
(b)
The seller shall notify the Insurance Commissioner within ten (10) days upon the filing of bankruptcy or upon becoming insolvent. Upon receipt of notification, the commissioner shall notify the trustee of the trust fund, and all income earned after that date shall be held in trust by the trustee and disbursed only upon the direction of the commissioner.
Acts 1985, No. 156, § 9; A.S.A. 1947, § 67-1721; Acts 1995, No. 852, § 9.