(a) The Bank Commissioner may:(1) Order an authorized trust institution, or subsidiary of an authorized trust institution, or a director, officer, or employee to cease and desist violating this chapter or any lawful rule issued under this chapter;(2) Order an authorized trust institution, or subsidiary of an authorized trust institution, or a director, officer, or employee to cease and desist from a course of conduct that is unsafe or unsound and that is likely to cause insolvency or dissipation of assets or is likely to jeopardize or otherwise seriously prejudice the interests of the public in their relationship with the authorized trust institution;(3) Require the immediate removal from office of an officer, director, or employee of an authorized trust institution who:(A) Has been found to be dishonest, incompetent, or reckless in the management of the affairs of the authorized trust institution; or(B) Persistently violates the laws of this state or the lawful orders, instructions, and rules issued by the commissioner;(4) Order a company to cease engaging in an unauthorized trust activity; or(5) Enter an order under § 23-51-301.
(1) Order an authorized trust institution, or subsidiary of an authorized trust institution, or a director, officer, or employee to cease and desist violating this chapter or any lawful rule issued under this chapter;
(2) Order an authorized trust institution, or subsidiary of an authorized trust institution, or a director, officer, or employee to cease and desist from a course of conduct that is unsafe or unsound and that is likely to cause insolvency or dissipation of assets or is likely to jeopardize or otherwise seriously prejudice the interests of the public in their relationship with the authorized trust institution;
(3) Require the immediate removal from office of an officer, director, or employee of an authorized trust institution who:(A) Has been found to be dishonest, incompetent, or reckless in the management of the affairs of the authorized trust institution; or(B) Persistently violates the laws of this state or the lawful orders, instructions, and rules issued by the commissioner;
(A) Has been found to be dishonest, incompetent, or reckless in the management of the affairs of the authorized trust institution; or
(B) Persistently violates the laws of this state or the lawful orders, instructions, and rules issued by the commissioner;
(4) Order a company to cease engaging in an unauthorized trust activity; or
(5) Enter an order under § 23-51-301.
(b) (1) The commissioner may impose a civil money penalty of not more than one thousand dollars ($1,000) for each violation by an authorized trust institution, or subsidiary of an authorized trust institution, or a director, officer, or employee of an order issued under subdivision (a)(1) of this section.(2) The commissioner may impose a civil money penalty of not more than five hundred dollars ($500) per day for each day that an authorized trust institution, or subsidiary of an authorized trust institution, or a director, officer, or employee violates a cease and desist order issued under subdivision (a)(2) or subdivision (a)(4) of this section.
(1) The commissioner may impose a civil money penalty of not more than one thousand dollars ($1,000) for each violation by an authorized trust institution, or subsidiary of an authorized trust institution, or a director, officer, or employee of an order issued under subdivision (a)(1) of this section.
(2) The commissioner may impose a civil money penalty of not more than five hundred dollars ($500) per day for each day that an authorized trust institution, or subsidiary of an authorized trust institution, or a director, officer, or employee violates a cease and desist order issued under subdivision (a)(2) or subdivision (a)(4) of this section.
(c) (1) Notice and opportunity for a hearing shall be:(A) Provided before any of the actions are taken under this section by the commissioner; and(B) Consistent with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.(2) (A) 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.(B) The commissioner shall promptly afford a subsequent hearing upon an application to rescind the action taken under subdivision (c)(2)(A) of this section.
(1) Notice and opportunity for a hearing shall be:(A) Provided before any of the actions are taken under this section by the commissioner; and(B) Consistent with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.
(A) Provided before any of the actions are taken under this section by the commissioner; and
(B) Consistent with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.
(2) (A) 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.(B) The commissioner shall promptly afford a subsequent hearing upon an application to rescind the action taken under subdivision (c)(2)(A) of this section.
(A) 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.
(B) The commissioner shall promptly afford a subsequent hearing upon an application to rescind the action taken under subdivision (c)(2)(A) of this section.