Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
Ark. Code Ann. § 23-36-101 Definition
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As used in this chapter, unless the context otherwise requires, “industrial loan institution” means any corporation organized under the general corporation laws of this state, which is engaged in lending money, to be paid in weekly, monthly, or other periodical installments or pr…
Ark. Code Ann. § 23-36-102 Stock ownership
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At least two-thirds (⅔) of the stock of an industrial loan institution shall be owned by bona fide residents of the State of Arkansas.
Ark. Code Ann. § 23-36-103 Directors
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(a) At least three-fourths (¾) of the number of directors of any industrial loan institution shall be residents of the county in which the city is located in which an industrial loan institution is organized or becomes active under this chapter. (b) Every director shall own and h…
Ark. Code Ann. § 23-36-104 Corporate title
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(a) Every corporation authorized by the Bank Commissioner to operate pursuant to the provisions of this chapter shall be known as an industrial loan institution and shall use the words “industrial loan institution” as part of its corporate title or in connection with its corporat…
Ark. Code Ann. § 23-36-105 Supervision by Bank Commissioner
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(a) Every institution transacting the business of an industrial loan institution as defined by this chapter, whether as a separate business or in connection with any other business, under the laws of and within this state, shall be subject to the provisions of this chapter and sh…
Ark. Code Ann. § 23-36-106 Statement on call
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(a) Every industrial loan institution operating under the supervision of the Bank Commissioner shall make to the commissioner, whenever required by him or her, a statement of its assets and liabilities at the close of business on the day designated, which day shall be prior to th…
Ark. Code Ann. § 23-36-107 Examinations and fees
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(a) (1) Every industrial loan institution shall pay to the Bank Commissioner, within ten (10) days after notice from the commissioner, in the months of January and July of each year, a fixed fee of fifteen dollars ($15.00). In addition thereto, the industrial loan institution sha…
Ark. Code Ann. § 23-36-108 Powers generally
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(a) Industrial loan institutions shall be empowered to purchase, sell, discount, or negotiate bonds, notes, or other choses in action and issue, as evidence therefor, investment certificates, contracts, or agreements under any descriptive name. They may bear such interest, if any…
Ark. Code Ann. § 23-36-109 Loan limits
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The total liabilities to any industrial loan institution of any person, corporation, company, or firm for money borrowed, including in the liabilities of the company or firm the liabilities of the several members thereof, shall at no time exceed twenty percent (20%) of the actual…
Ark. Code Ann. § 23-36-110 Loans insured by federal government
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(a) Subject to any rules which the Bank Commissioner finds to be necessary and proper, industrial loan institutions are authorized:(1) To make loans and advances of credit and purchases of obligations representing loans and advancement of credit which are insured by the Federal H…
Ark. Code Ann. § 23-36-111 Prohibited loans
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No industrial loan institution shall make any loans directly or indirectly to its officers or directors or to any employee, nor make any loans on capital stock of its own issue.
Ark. Code Ann. § 23-36-112 Late charge for default in payment
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Industrial loan institutions are authorized under this chapter to impose a late charge of five cents (5¢) for each default of the payment of one dollar ($1.00), or a fraction thereof, at the time any periodical installment upon a certificate assigned as collateral security for th…
Ark. Code Ann. § 23-36-113 Reserves
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(a) All industrial loan institutions shall establish, as a reserve against the choses in action, investment certificates, contracts, or agreements, described in § 23-36-108, not less than fifteen percent (15%) of the amount of the indebtedness thus created. (b) (1) Not less than …
Ark. Code Ann. § 23-36-114 Deposit of funds
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No industrial loan institution shall deposit any of its funds in any banking corporation unless the corporation has been designated as a depository by vote of a majority of directors, or of the executive committee, exclusive of any director who is an officer, director, or trustee…
Ark. Code Ann. § 23-36-115 Dividends
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An industrial loan institution operating under this chapter may, under proper authority from the board of directors of the industrial loan institution, declare a dividend of so much of the net profits of the industrial loan institution, after providing for all expenses, losses, r…
Ark. Code Ann. § 23-36-116 Authority of Bank Commissioner to take charge
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(a) The Bank Commissioner may forthwith take possession of the business and property of any industrial loan institution to which this chapter is applicable whenever it shall appear that the industrial loan institution:(1) Has violated its charter or any laws applicable thereto;(2…
Ark. Code Ann. § 23-36-117 Classification of creditors — Payment of claims
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(a) All creditors of an industrial loan institution of which the commissioner has taken charge are classifiable either as secured creditors, prior creditors, or general creditors. (b) (1) A secured creditor shall be a creditor who has security for his or her debt upon the propert…