Arkansas Administrative Code

23 CAR § 302-1005. Savings and Transitional Provisions [Reserved].

23 CAR § 302-101. Definitions. When the terms listed below are used in the Uniform Money Services Act, Arkansas Code § 23-55-101 et seq., any rules or forms promulgated under the Uniform Money Services Act, or any order of the Securities Commissioner under the Uniform Money Servi…

23 CAR § 302-102. Exclusions. Upon the staff’s request, the person seeking to qualify for the exclusion codified at Arkansas Code § 23-55-103(4) must submit: (1) A general description of its business plan; (2) A letter, signed by a duly authorized officer of the bank, bank holdin…

23 CAR § 302-201. License required. For purposes of this subpart: (1) A person engages in the business of money transmission if the person: (A) Conducts money transmission: (i) For persons located in this state; or (ii) From a physical location in this state for persons located o…

23 CAR § 302-202. Application for license. (a) Additional information. (1) The staff will review the application and, as authorized by Arkansas Code § 23-55-205, investigate the applicant and all related facts to determine if the applicant possesses the qualifications and satisfi…

23 CAR § 302-203. [Reserved].

23 CAR § 302-204. Surety bond. (a) $10,000 bond. (1) Each application must be accompanied by a surety bond acceptable to the Securities Commissioner in the amount of ten thousand dollars ($10,000). (2) After the initial calendar year of licensure, a licensee shall maintain a sure…

23 CAR § 302-205. Issuance of license. (a) The Securities Commissioner may consider the following factors, without limitation, in determining whether an applicant has fulfilled the conditions for a license codified in Arkansas Code § 23-55-205(a)(2): (1) Whether the applicant, an…

23 CAR § 302-206. Renewal of license. (a) Extension of time. (1) Compliance with Arkansas Code § 23-55-206(a) is necessary for the State Securities Department to orderly and efficiently administer and enforce the Uniform Money Services Act, Arkansas Code § 23-55-101 et seq. (2) H…

23 CAR § 302-207. Net worth. (a) A money transmitter applicant or licensee must demonstrate and maintain net worth calculated at ten thousand dollars ($10,000) for every one million dollars ($1,000,000) of total company-wide money transmission, payment instrument, and stored valu…

23 CAR § 302-401. License required. For purposes of this subpart: (1) A person engages in the business of currency exchange if the person conducts currency exchange for persons located in this state or conducts currency exchange from a physical location in this state for persons …

23 CAR § 302-402. Application for license. (a) Additional information. (1) The staff will review the application and, as authorized by Arkansas Code § 23-55-403, investigate the applicant and all related facts to determine if the applicant possesses the qualifications and satisfi…

23 CAR § 302-403. Issuance of license. (a) The Securities Commissioner may consider the following factors, without limitation, in determining whether an applicant has fulfilled the conditions for a license codified in Arkansas Code § 23-55-403(a)(2): (1) Whether the applicant, an…

23 CAR § 302-404. Renewal of license. (a) Extension of time. (1) Compliance with Arkansas Code § 23-55-404(a) is necessary for the State Securities Department to orderly and efficiently administer and enforce the Uniform Money Services Act, Arkansas Code § 23-55-101 et seq. (2) H…

23 CAR § 302-601. Report of material change. (a) Material changes described in this section must be reported to the Securities Commissioner within fifteen (15) business days of the occurrence of the change. (b)(1) “Material change” means any change that is not trivial, and that, …

23 CAR § 302-602. Change of control. (a) A request for approval of change of control as required by Arkansas Code § 23-55-604 shall be made within fifteen (15) days after learning of the proposed change of control. (b) The request for approval shall include: (1) A comprehensive d…

23 CAR § 302-801. Civil penalties. (a) The Securities Commissioner may assess a civil penalty against a person that violates the Uniform Money Services Act, Arkansas Code § 23-55-101 et seq., or this part or an order issued under the act. (b) Notice of assessment of civil penalti…

23 CAR § 302-901. Administrative proceedings — Generally. This part should be read in conjunction with the Arkansas Administrative Procedure Act, Arkansas Code §§ 25-15-201 — 25-15-220.

23 CAR § 302-902. Administrative proceedings — Location of office — Contact information — Business hours. (a) Address or deliver all communications and inquiries to: State Securities Department 1 Commerce Way, Suite 402 Little Rock, Arkansas 72202. (b) The general information num…

23 CAR § 302-903. Administrative proceedings — Submissions and filings. (a) Motions, requests, petitions, requests for advisory opinions or interpretations, and other materials submitted to the State Securities Department shall be filed with: (1) The Securities Commissioner at th…

23 CAR § 302-904. Administrative proceedings — Guidelines for interpretive opinions and no-action letters. (a)(1) In most circumstances, persons requesting informal advice from the staff should submit a request for an interpretive opinion or no-action letter. (2) In an interpreti…

23 CAR § 302-905. Administrative proceedings — Computations of time. (a) In computing any period of time prescribed or allowed by the Uniform Money Services Act, Arkansas Code § 23-55-101 et seq., or this part, the day of the act, event, or default after which the designated peri…

23 CAR § 302-906. Administrative proceedings — Extensions of time. (a) Except as otherwise provided by law, the Securities Commissioner may, for good cause shown, extend any time limit prescribed or allowed by the rules or by any notice or order issued in a contested case or othe…

23 CAR § 302-907. Administrative proceedings — Effect of filing. (a)(1) The filing with the Securities Commissioner of any motion, petition, request for declaratory ruling, or any other document shall not relieve any person of the obligation to comply with any statute, rule, or o…

23 CAR § 302-908. Administrative proceedings — Service. (a) Service of all documents shall be by: (1) Personal service; (2) First-class, registered, or certified mail; or (3) Any express delivery service. (b) A copy of any document served by any party showing the addresses to whi…

23 CAR § 302-909. Administrative proceedings — Rights of witnesses. (a)(1) Any person who appears and testifies in a deposition or a contested case may be accompanied, represented, and advised by counsel. (2) The right to be accompanied, represented, and advised by counsel means …

23 CAR § 302-910. Commencement of contested case — Generally. A matter that is a contested case by operation of law commences when the State Securities Department so designates, but in no event not later than the date when the Securities Commissioner issues a notice of hearing.…

23 CAR § 302-911. Commencement of contested case — Notice of hearings. (a) Unless otherwise provided by statute, notice of a hearing shall be given at least fourteen (14) days prior to the hearing. (b) The Securities Commissioner may issue a notice that sets the date and time of …

23 CAR § 302-912. Commencement of contested case — Hearing location. Unless by direction of the Securities Commissioner a different place is designated, all hearings of the State Securities Department shall be held at the office of the department.

23 CAR § 302-913. Commencement of contested case — Powers of the commissioner. (a) The Securities Commissioner shall have all the powers necessary to: (1) Conduct the proceeding in a fair and impartial manner; and (2) Avoid unnecessary delay. (b) The powers of the commissioner in…

23 CAR § 302-914. Commencement of contested case — Consolidation and severance. (a) The Securities Commissioner may, for good cause, upon the commissioner’s own motion or upon motion by a party or the State Securities Department, consolidate proceedings involving related question…

23 CAR § 302-915. Commencement of contested case — Motions. (a) A motion may be made in writing or orally, unless the Securities Commissioner directs that such motion be reduced to writing. (b) All written motions shall state with particularity the relief sought and may be accomp…

23 CAR § 302-916. Commencement of contested case — Continuances. (a) The Securities Commissioner may continue the hearing on his or her own motion or on the motion of any party or the State Securities Department on such terms as the commissioner may require. (b) The commissioner …

23 CAR § 302-917. Commencement of contested case — Failure to request or appear at a hearing. (a) When a party fails to request a hearing within the time specified in the cease and desist order or other administrative order, the allegations against the party may be deemed admitte…

23 CAR § 302-918. Commencement of contested case — Appearances and withdrawals. (a) Attorneys duly admitted to practice law in the State of Arkansas and in good standing may represent others before the State Securities Department. (b) Attorneys in good standing from other jurisdi…

23 CAR § 302-919. Commencement of contested case — Conferences. (a)(1) Prior to the hearing, the parties, the State Securities Department, and their counsel may meet with the Securities Commissioner, at the direction of the commissioner or by mutual consent, in person at a specif…

23 CAR § 302-920. Commencement of contested case — Conduct of hearings. (a)(1) Hearings shall be conducted so as to provide a fair and expeditious presentation of the relevant disputed issues. (2) The State Securities Department and each party has the right to present its case or…

23 CAR § 302-921. Commencement of contested case — Recordings of hearings. (a) All hearings shall be recorded either stenographically or electronically. (b) The Securities Commissioner shall serve notice upon the State Securities Department and all parties of receipt of the certi…

23 CAR § 302-922. Commencement of contested case — Transcript corrections. (a) The Securities Commissioner shall have the authority to order the transcript corrected upon a motion to correct, upon stipulation of the State Securities Department and the parties, or upon the commiss…

23 CAR § 302-923. Commencement of contested case — Evidence. (a) The Securities Commissioner may allow witnesses to use existing or newly created charts, exhibits, calendars, calculations, outlines, or other graphic material to summarize, illustrate, or simplify the presentation …

23 CAR § 302-924. Commencement of contested case — Filing of additional evidence. At any stage of the hearing, the Securities Commissioner may call for further evidence upon any issue and require that such evidence be produced by the party or parties concerned or by the staff, or…

23 CAR § 302-925. Commencement of contested case — Briefs. (a) Briefs may be filed by a party or the State Securities Department either before or during the course of a hearing or within such time as the Securities Commissioner designates. (b) Failure to file a brief shall in no …

23 CAR § 302-926. Commencement of contested case — Final decision. (a) All decisions and orders of the Securities Commissioner concluding a contested case shall be in writing. (b) If a final decision is adverse to a party, the decision shall include all findings of fact and concl…

23 CAR § 302-927. Commencement of contested case — Right to appeal. A person who is aggrieved by the final decision of the Securities Commissioner may seek judicial review of the decision in accordance with the provisions of Arkansas Code § 25-15-212.

23 CAR § 302-928. Commencement of contested case — Petitions and requests. Petitions and requests shall include all forms of proposals, requests, notices, petitions, and filings of any nature that are placed before the Securities Commissioner.

23 CAR § 302-929. Form. (a) The form to be followed in the filing of pleadings pursuant to these rules will vary to the extent necessary to provide for the nature of the legal rights, duties, or privileges involved therein. (b) Except as otherwise provided by law or the Securitie…

23 CAR § 303-101. Definitions of terms. When the terms listed below are used in Acts 1963, No. 227, as amended, or in these rules, or by the Supervisor of Savings and Loan Associations, the Savings and Loan Association Board, or the savings and loan industry, the following meanin…