Arkansas Administrative Code

23 CAR § 320-901. Bank service companies. (a) State banks may establish, create, or invest in bank service companies, which may be corporations or limited liability companies, to perform the bank services defined in the statute, including: (1) Computer and data processing service…

23 CAR § 320-902. Limitation on investment. The aggregate of the loans to and investment in a bank service company cannot exceed twenty percent (20%) of the capital base of a state bank.

23 CAR § 321-101. Purposes of each industrial development corporation. (a)(1) The purpose of each industrial development corporation organized pursuant to the County and Regional Industrial Development Company Act, Arkansas Code § 15-4-1201 et seq., is to promote, stimulate, deve…

23 CAR § 321-102. Information. The State Banking Board, in order to meet the statutory obligation to examine and supervise/regulate county or regional industrial development corporations organized pursuant to the County and Regional Industrial Development Company Act, Arkansas Co…

23 CAR § 321-103. Impaired assets or capital. Arkansas Code § 15-4-1202(5) defines “impaired” capital or assets as when the capital of the company has been reduced to fifty thousand dollars ($50,000) or less.

23 CAR § 321-104. Assessment fees. (a) The State Banking Board and the Bank Commissioner require that assessment fees payable on a semi-annual basis to the State Bank Department be remitted by automated processing as established by the commissioner. (b) Exceptions for payment of …

23 CAR § 321-105. Application requirements. (a)(1) Applications submitted to the Bank Commissioner for consideration of preliminary approval must include such information that the commissioner determines is necessary in order to consider the qualifications of the organizers. (2) …

23 CAR § 322-101. Fees. (a) Application for new trust company, eight thousand dollars ($8,000). (b) Official protest of application, two thousand dollars ($2,000). (c) Private trust company application, four thousand dollars ($4,000). (d) Private trust company annual certificate,…

23 CAR § 322-102. Assessments, examination fees. (a) Assessment fees to defray the costs of examinations and the costs of operations of the State Bank Department will be charged in January and July of each year. (b)(1) The assessment schedule is as follows. (2) A base assessment …

23 CAR § 322-103. Confidential information. In addition to information maintained as confidential in accordance with Arkansas Code § 23-51-187, the following information submitted in support of an application for trust charter, office, or representative office shall be maintained…

23 CAR § 322-104. Bonding requirements — State-chartered trust company. The board of a state trust company shall require protection and indemnity against dishonesty, fraud, defalcating, forgery, theft, and other similar insurable losses on each director, officer, and employee of …

23 CAR § 322-105. Transfer of stock — State-chartered trust company. (a) The stock of every state trust company shall be transferable only on the books of the trust company. (b)(1) When any number of shares of the stock of a state trust company shall be transferred to any transfe…

23 CAR § 330-101. Bylaws. All burial associations shall have and maintain bylaws embodying the following: “Article 1. The name of this Association shall be_______________________a mutual benevolent association and the principal place of business of the Association shall be_______…

23 CAR § 331-101. Officers of associations. (a) All officials of burial associations must be members of the association of which they are officers. (b) In the event a person holds office in more than one (1) association, he or she is required to hold membership in each associatio…

23 CAR § 331-102. Owner of funds. Since burial associations are nonprofit mutual benefit societies, all assessments, dues, or other funds of whatever kind or character collected or received by them over and above necessary expenses (which in no event may exceed twenty-five percen…

23 CAR § 331-103. Mortuary fund. (a)(1) At least seventy-five percent (75%) of the receipts of each association must be allocated to the mortuary fund, and, when so allocated can be used for no purpose other than to meet its losses. (2) The associations may invest any portion of …

23 CAR § 331-104. Expenses. (a)(1) Necessary expenses, including but not limited to printing, stationery, postage, office supplies, clerical work, and statutory fees may be paid by the association. (2) No organization or promotional expense may be charged and in no event may expe…

23 CAR § 331-105. Surplus funds. Should any association have on hand, at the end of any calendar year, funds over and above its legal obligations said funds shall be retained by the association for the purpose of meeting its future losses.

23 CAR § 331-106. Association not to pledge asset. (a) No money may be borrowed from an association, nor can the association borrow money. (b) The assets of the association may not be pledged for any purpose. (c) The treasurer will be held accountable under his or her bond for an…

23 CAR § 331-107. Fidelity bonds. (a) Associations with money on hand will be required to have a bond with an approved corporate surety on the secretary/treasurer and any other person or persons whose authorized signature is on the association’s accounts. (b) Bonds must be made i…

23 CAR § 331-108. Taxes. (a) In the event a burial association becomes liable for taxes, such taxes may be paid from the mortuary fund. (b) Provided, however, that should penalties be imposed by the taxing authority, such penalties shall not be paid from the mortuary fund.…

23 CAR § 331-109. Books and records. (a) All books, accounts, and records must be kept at the main office of the association and in such manner as to accurately reflect the condition of the association, subject to inspection of any member of the association or representative of t…

23 CAR § 331-110. Annual reports. (a) Each burial association or society licensed in this state shall file an annual report showing the actual financial condition of the association as of December 31 of each year on forms approved and provided by the State Board of Embalmers, Fun…

23 CAR § 331-111. Funeral directors. The bylaws of burial associations may provide that the secretary/treasurer, upon being notified of the death of a member, shall designate a funeral director to prepare the body for internment according to the terms of the certificate held by t…

23 CAR § 331-112. Certificates of benefits. If at any time the contract funeral home customarily employed by the association cannot provide the service, then the secretary/treasurer shall pay the servicing funeral home which provides the service according to the member's contract…

23 CAR § 331-113. Minutes of meeting. (a) Minutes of the annual meeting shall be submitted to the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services’ office with the annual report. (b) Minutes of a special meeting called to address changes in officers, r…

23 CAR § 331-114. Advertisements. Advertisements, either in newspapers, by radio, by circulars, or by any other method, must be submitted to the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services for approval before being published.

23 CAR § 331-115. Burial certificates. No association shall state in its certificate or advertise any particular type or make of merchandise that will be furnished by the association.

23 CAR § 331-116. Printing. Before new applications, forms, or certificates of membership are printed, the printer’s copies should be submitted to the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services office for approval.

23 CAR § 331-117. Applications. (a) Applications for membership must be kept on file in the office of the association in the order in which they are received and shall show the number of the certificate. (b) A copy of the certificate of membership shall be kept with the applicati…

23 CAR § 331-118. Membership dues. (a) A minimum of four (4) assessments must be collected each year, or the sum of four (4) assessments, as required by the minimum rates established by the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services. (b) For thos…

23 CAR § 331-119. Minimum rates. The following rates are the minimum rates which may be charged by a burial association in Arkansas per quarter: Age$100$500$1,000$1,500$2,000$2,500 0-1$ 0.25$ 1.25$ 2.50$ 3.75$ 5.00$ 6.25 2$ 0.25$ 1.25$ 2.50$ 3.75$ 5.00$ 6.25 3$ 0.25$ 1.25$ 2.50$ …

23 CAR § 331-120. Applicants eighty (80) years of age and above. (a) A doctor’s statement of health, signed by the family physician, must be obtained on all persons eighty (80) years of age and above who make application for membership. (b) Any person who is a patient or resident…

23 CAR § 331-121. Increase in benefits. (a) Any increase in benefits on present members may be written on a regular application form or on a printed form for this purpose. (b) Such applications must be kept on file by the association, in the order in which they are received, and …

23 CAR § 331-122. Maximum benefits. No member may have more than five hundred dollars ($500) in benefits for certificates issued prior to or on July 19, 1987, or two thousand five hundred dollars ($2,500) for certificates issued after July 19, 1987.

23 CAR § 331-123. Grace period. (a) Each member of a burial association shall be entitled to a thirty-day grace period for payment of dues or assessments. (b) The association shall be liable for payment of benefits for any member of the association who dies during the thirty-day …

23 CAR § 331-124. Reinstatement of membership. (a) A member who has permitted his or her membership to lapse, for no longer than a period of forty-eight (48) months, may be reinstated for good cause as determined by the secretary/treasurer. (b) In such case, the assessments or du…

23 CAR § 331-125. Certificates in two associations. (a) Should a person hold a certificate with two (2) different associations not in the same service area, the association whose contract funeral home provides the services shall be the only one required to honor its policy. (b) T…

23 CAR § 331-126. Agents. (a)(1) Every person soliciting for an association must be a licensed agent for the association. (2) Application forms for such license will be furnished upon request to the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services’ off…

23 CAR § 331-127. Agent applications. Applications to the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services for an agent’s license must be: (1) Filled out; (2) Signed before a notary public by the applicant and an officer of the association; and (3) Acc…

23 CAR § 331-128. Agent license fees. (a) The agent’s license, regardless of the date issued, expires January 1 but may be renewed at any time before February 1 upon written request by the association and payment of the fee. (b) After February 1, the State Board of Embalmers, Fun…

23 CAR § 331-129. Misrepresentation of facts. (a) Any agent who solicits members for any association upon a misrepresentation of facts may have his or her license revoked. (b) The certificate of authority of any burial association which shall knowingly permit or condone such cond…

23 CAR § 331-130. Incontestable benefits. Any certificate shall be incontestable, except for fraud, after the same has been in force for a period of one (1) year.

23 CAR § 331-131. Use of particular words. Burial associations may use the terms “premiums” and “policy” in lieu of “dues” and “certificates”.

23 CAR § 331-132. Refund of dues. In the event the secretary/treasurer of an association shall deem it advisable to refund a member any sum of money claimed due by such member, then such amount of the refund claim that has been credited to the mortuary fund shall be paid from suc…

23 CAR § 331-133. Deposits of membership dues — Shortages and overdraws. (a)(1) All assessments, membership dues, or other funds collected by any burial association must be deposited by the secretary/treasurer of the association within twenty (20) business days from the date coll…

23 CAR § 331-134. Benefits owing. (a) If at the end of any calendar year the funds in the treasury of the association are insufficient to meet the losses, then the secretary/treasurer may cause an extra assessment to be levied. (b) The association shall charge off the benefits ow…