Arkansas Administrative Code

23 CAR § 303-105. Applications. (a) All applications must be in writing and must contain a table of contents. (b)(1) The application shall set forth the full name and address of the applicant and must set forth fully the facts upon which the application is based, with a reference…

23 CAR § 303-106. Protests. (a)(1) Each protest must be in writing and must state the full name and address of the protestant. (2) It must contain fully the facts upon which the protest is based and must be signed and verified by the protestant. (b) Protests to charter applicatio…

23 CAR § 303-107. Hearings. (a)(1) Applications for a charter filed in proper form more than thirty (30) days in advance of a regularly scheduled meeting of the Savings and Loan Association Board, which shall be at least quarterly, will be heard at that meeting unless a protest i…

23 CAR § 303-108. Rehearing. (a) Petitions to the Savings and Loan Association Board for rehearing of any board decision must be: (1) Filed with the Supervisor of Savings and Loan Associations within thirty (30) days of the board’s decision; and (2) Accompanied by a brief setting…

23 CAR § 303-109. Powers of state-chartered savings and loan associations. (a) State-chartered savings and loan associations after April 25, 1972, have the power to: (1) Pay or give any premium or other concession for the opening or increasing of a savings account to the same ext…

23 CAR § 303-110. Powers commensurate with federal associations. (a) It is the intention of the Savings and Loan Association Board that, within the limitations of the provisions of the Arkansas Constitution not preempted by federal law, state-chartered savings and loan associatio…

23 CAR § 303-111. Power to establish branch offices. (a) It is the intention of the Savings and Loan Association Board that, within the limitations of the provisions of the Arkansas Constitution not preempted by federal law, state-chartered savings and loan associations shall not…

23 CAR § 303-112. Paid-in-surplus. A permanent stock association may after five (5) years of operations make application to the Savings and Loan Association Board for authority to use its paid-in-surplus account for purposes other than those specifically set forth in Arkansas Cod…

23 CAR § 303-113. Service corporations. (a) General service corporations. Subject to the provisions of this section, an association may invest in the capital stock, obligations, or other securities of any service corporation organized under the law of the state, district, commonw…

23 CAR § 303-114. Dividends and interest rates. (a) All savings and loan or building and loan associations operating under authority of the statutes of Arkansas may pay to the holders of its savings accounts any rate of dividend, or bonus, or special dividend, or interest rate, o…

23 CAR § 303-115. Influencing board members. The parties to any proceeding before the Savings and Loan Association Board shall refrain from any direct or indirect contact with members of the board regarding any matters to be considered by the board with the intent to influence th…

23 CAR § 303-116. Disclosure of agents and officers. Within sixty (60) days of the annual meeting of an association, beginning on April 15, 1976, each state-chartered savings and loan association and each service corporation shall furnish to the Supervisor of Savings and Loan Ass…

23 CAR § 303-117. Agreements to act as agents. All savings and loan or building and loan associations operating under the authority of the statutes of Arkansas may hereafter enter into agreements with and act as agents for all banks insured by the Federal Deposit Insurance Corpor…

23 CAR § 304-101. Definitions. As used in this part and as an administrative interpretation of terms contained in the Arkansas credit union act, the following definitions shall apply: (1) “Arkansas credit union act” means Acts 1971, No. 132, as amended; (2)(A) “Contractual delinq…

23 CAR § 304-102. Organization. (a) Persons desiring to organize a credit union under the provisions of the Arkansas credit union act, Acts 1971, No. 132, as amended, hereinafter referred to in this part as "Arkansas credit union act", shall submit two (2) copies of the proposed …

23 CAR § 304-103. Amendments to bylaws and articles of incorporation. (a) A five-dollar fee must be submitted to the State Securities Department with each proposed amendment. (b) The filing of any amendment shall be on a form prescribed by the State Credit Union Supervisor.…

23 CAR § 304-104. [Reserved]

23 CAR § 304-105. Corporate powers. Credit unions desiring to borrow from any source other than financial institutions and other credit unions pursuant to Section 5(i) of the Arkansas credit union act, mainly certificates of indebtedness or promissory notes to credit union member…

23 CAR § 304-106. Usurious contracts not permitted. No provision of this part shall be construed to permit the execution of any contract which violates the provisions of Arkansas law prohibiting usury.

23 CAR § 304-107. [Reserved]

23 CAR § 304-108. Expulsion — Withdrawal from field of membership. (a) Reducing a member's share balance below one (1) share through application of shares to meet obligations due the credit union or otherwise shall be considered expelling such member from the field of membership.…

23 CAR § 304-109. [Reserved]

23 CAR § 304-110. [Reserved]

23 CAR § 304-111. Official family. (a) The officers and committee members shall serve a one-year term of office or until successors are chosen or duly qualified. (b)(1) One (1) alternate member may be elected for the board of directors at the annual members' meeting by and from t…

23 CAR § 304-112. [Reserved]

23 CAR § 304-113. Board of directors. (a) The board of directors of each credit union shall at least annually carefully review the bond coverage in force in order to ascertain its adequacy in relation to the exposure and to the minimum requirements fixed by the State Credit Union…

23 CAR § 304-114. [Reserved]

23 CAR § 304-115. Credit committee. (a) The credit committee shall have the authority to remove any loan officer by majority vote with or without cause. (b)(1) The credit committee or loan officer shall maintain detailed minutes and records of all meetings. (2) At a minimum, the …

23 CAR § 304-116. Loans to members. (a)(1) Every loan application shall reflect: (A) All current obligations owed by the applicant, both secured and unsecured; and (B) Loans for which the applicant is comaker or guarantor. (2) Each loan application shall also reflect any extensio…

23 CAR § 304-117. Supervisory committee. (a)(1) The supervisory committee of each credit union shall make or cause to be made a minimum of two (2) audits under controlled conditions each calendar year. (2) One (1) of the audits shall be a comprehensive annual audit covering the p…

23 CAR § 304-118. [Reserved]

23 CAR § 304-119. Share accounts — Share certificate accounts. (a) Definitions. (1) As used in this section, “share account” means: (A) Regular share account. An account which does not require the holder to maintain a minimum balance greater than the par value of a share or to gi…

23 CAR § 304-120. [Reserved]

23 CAR § 304-121. [Reserved]

23 CAR § 304-122. [Reserved]

23 CAR § 304-123. Trust accounts. Upon resolution of the board of directors, a credit union may offer its members a pension or profit-sharing plan described under § 401(d) or § 408(a) of the Internal Revenue Code of 1954.

23 CAR § 304-124. Disappearance. Evidence of mailing at least once a year to last known address of member must be kept for the five-year period or until letter returned marked "address unknown" and each letter kept for five (5) years.

23 CAR § 304-125. Investments. (a)(1) Investments made pursuant to Section 25 of the Arkansas credit union act shall be safe and sound investments. (2) Such investments, however, may be of the type to be defined as risk assets for purposes of computing the regular reserve require…

23 CAR § 304-126. Reserve allocations. (a) Credit unions shall establish and maintain such reserves as may be required: (1) By the act; (2) By regulation; or (3) In special cases, by the State Credit Union Supervisor on his or her finding that the reserves of the credit union con…

23 CAR § 304-127. [Reserved]

23 CAR § 304-128. [Reserved]

23 CAR § 304-129. [Reserved]

23 CAR § 304-130. [Reserved]

23 CAR § 304-131. Fees. The scale of annual fees shall be as follows: TOTAL ASSETSMAXIMUM FEE $500,000 or less6 cents per $1,000 Over $500,000 and not over $1,000,000$30.00 plus 4 cents per $1,000 in excess of $500,000 Over $1,000,000$50.00 plus 2 cents per $1,000 in excess of $1…

23 CAR § 304-132. [Reserved]

23 CAR § 304-133. Examinations. (a) All credit unions shall be subject to surprise examinations. (b)(1) The Credit Union Supervisor may immediately suspend the operations of any credit union whose books and records are not immediately available upon request for inspection and exa…

23 CAR § 304-134. [Reserved]