(a) (1) Consistent with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., after notice and opportunity for hearing, the Bank Commissioner may determine:(A) That an office maintained by an out-of-state trust institution in this state is being operated in violation of the laws of this state or in an unsafe and unsound manner; or(B) That a company is engaged in an unauthorized trust activity.(2) In either event as described in subdivision (a)(1) of this section, the commissioner may take enforcement action as he or she would be empowered to take if the office maintained by an out-of-state trust institution or the company were a state trust company, including without limitation issuing an order temporarily or permanently prohibiting the company from engaging in a trust business in this state.
(1) Consistent with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., after notice and opportunity for hearing, the Bank Commissioner may determine:(A) That an office maintained by an out-of-state trust institution in this state is being operated in violation of the laws of this state or in an unsafe and unsound manner; or(B) That a company is engaged in an unauthorized trust activity.
(A) That an office maintained by an out-of-state trust institution in this state is being operated in violation of the laws of this state or in an unsafe and unsound manner; or
(B) That a company is engaged in an unauthorized trust activity.
(2) In either event as described in subdivision (a)(1) of this section, the commissioner may take enforcement action as he or she would be empowered to take if the office maintained by an out-of-state trust institution or the company were a state trust company, including without limitation issuing an order temporarily or permanently prohibiting the company from engaging in a trust business in this state.
(b) (1) The commissioner may determine by order that an out-of-state trust institution engaging in or proposing to engage in a trust business in this state does not meet the requirements for establishing a representative trust office in this state under § 23-51-909.(2) An order under subdivision (b)(1) of this section is effective on the date of issuance or other date as the commissioner shall determine.
(1) The commissioner may determine by order that an out-of-state trust institution engaging in or proposing to engage in a trust business in this state does not meet the requirements for establishing a representative trust office in this state under § 23-51-909.
(2) An order under subdivision (b)(1) of this section is effective on the date of issuance or other date as the commissioner shall determine.
(c) (1) In cases involving extraordinary circumstances requiring immediate action, the commissioner may take an action permitted by subsection (a) of this section without notice or opportunity for hearing.(2) The commissioner shall promptly afford a subsequent hearing upon an application to rescind the action taken under subdivision (c)(1) of this section.(3) The commissioner shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state trust institution and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action.
(1) In cases involving extraordinary circumstances requiring immediate action, the commissioner may take an action permitted by subsection (a) of this section without notice or opportunity for hearing.
(2) The commissioner shall promptly afford a subsequent hearing upon an application to rescind the action taken under subdivision (c)(1) of this section.
(3) The commissioner shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state trust institution and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action.