Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
Ark. Code Ann. § 23-37-101 Definitions
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(a) As used in this chapter, unless the context otherwise requires:(1) “Association” means a corporation carrying on the business of a savings and loan association or a building and loan association under a charter issued by the State of Arkansas;(2) “Board” means the Savings and…
Ark. Code Ann. § 23-37-102 Acts 1963, No. 227, controlling
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Insofar as the provisions of this act are inconsistent with the provisions of any other law affecting savings and loan associations or building and loan associations, the provisions of this act shall control.
Ark. Code Ann. § 23-37-103 Authority to do business as savings and loan association
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(a) From and after March 13, 1963, it shall be unlawful for any person, firm, company, association, fiduciary, partnership, or corporation, by whatever name called, except banks, to do business as a savings and loan association or a building and loan association within this state…
Ark. Code Ann. § 23-37-104 Preexisting associations
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(a) The name, rights, powers, privileges, and immunities of every corporation incorporated in this state prior to March 13, 1963, and authorized under the laws of this state to carry on the business of a building and loan association or savings and loan association shall be gover…
Ark. Code Ann. § 23-37-105 Arkansas Business Corporation Act applicable to stock savings and loan associations
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Hereafter the Arkansas Business Corporation Act, § 4-26-101 et seq., shall be applicable to permanent stock savings and loan associations created or operating under the provisions of Acts 1963, No. 227, and those savings and loan associations shall enjoy the same powers and privi…
Ark. Code Ann. § 23-37-106 Federal savings and loan associations
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Unless federal laws or regulations provide otherwise, federal associations and the members thereof, incorporated pursuant to the Home Owners' Loan Act of 1933, shall possess all of the rights, powers, privileges, benefits, immunities, and exemptions that are provided for associat…
Ark. Code Ann. § 23-37-107 Fees
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(1) The Supervisor of Savings and Loan Associations shall collect in advance, and the person or association so served shall pay, the following fees and charges:(1) In charter application proceedings:(A) For filing an application for charter, one thousand five hundred dollars ($1,…
Ark. Code Ann. § 23-37-108 Associations subject to gross receipts and compensating taxes
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All savings and loan associations organized pursuant to the laws of this state and doing business in this state and all federal savings and loan associations doing business in this state shall be subject to the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., and the Ark…
Ark. Code Ann. § 23-37-201 Regulatory agencies generally
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All associations subject to this chapter shall be supervised and regulated, and the provisions of this chapter shall be enforced by the Supervisor of Savings and Loan Associations, acting pursuant to the authority delegated by this chapter.
Ark. Code Ann. § 23-37-202 Disclosure of information
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(1) It shall be unlawful for any member of the Savings and Loan Association Board [abolished], the Supervisor of Savings and Loan Associations, or any employee of the state to divulge any information concerning an association acquired in the discharge of their duties under this c…
Ark. Code Ann. § 23-37-203 [Repealed.]
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A.C.A. § 23-37-203Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 23-37-204 Records of hearings and decisions
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The Supervisor of Savings and Loan Associations shall maintain permanent records of all hearings and decisions.
Ark. Code Ann. § 23-37-205 [Repealed.]
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A.C.A. § 23-37-205Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 23-37-206 Division of Savings and Loan Associations — Supervisor — Staff
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(a) There is created a Division of Savings and Loan Associations of the State Securities Department which shall be administered by the Supervisor of Savings and Loan Associations. (b) (1) (A) The Securities Commissioner, in consultation with the Secretary of the Department of Com…
Ark. Code Ann. § 23-37-207 Supervisor's powers and duties generally
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(a) The Supervisor of Savings and Loan Associations shall have general supervision of associations doing business in this state and shall be charged with the execution of the laws of this state relating to those associations. (b) In order to fulfill his or her responsibilities, t…
Ark. Code Ann. § 23-37-208 Supervisor's investigatory powers
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(a) For the purpose of any investigation, examination, inquiry, or proceeding under this chapter, the Supervisor of Savings and Loan Associations or any officer designated by the supervisor may administer oaths and affirmations, subpoena witnesses or documents, compel their atten…
Ark. Code Ann. § 23-37-209 Communications from supervisor — Manner of sending
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Every approval or rejection by the Supervisor of Savings and Loan Associations given pursuant to provisions of this chapter and every communication having the effect of an order or instruction to any association shall be sent by certified mail to the affected association, address…
Ark. Code Ann. § 23-37-210 Annual audit and examination
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(a) (1) The affairs of every association subject to this chapter shall be examined and audited periodically by the Supervisor of Savings and Loan Associations.(2) However, the audit and examination may be performed jointly by the supervisor and either the Federal Home Loan Bank B…
Ark. Code Ann. § 23-37-211 Accounting practices
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Every association shall use those forms and observe those accounting principles and practices which the Supervisor of Savings and Loan Associations, with the approval of the Savings and Loan Association Board [abolished], may require from time to time.
Ark. Code Ann. § 23-37-212 Cease and desist orders, injunctions, etc
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(a) (1) If after notice from the Supervisor of Savings and Loan Associations, an association continues to violate a section of this chapter or the rules or is engaging in an unsafe and unsound practice, then the supervisor may issue a cease and desist order to discontinue the pra…
Ark. Code Ann. § 23-37-213 [Repealed.]
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A.C.A. § 23-37-213Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 23-37-214 Appeal from decision of board
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(a) Any person affected by any action, decision, or order of the Savings and Loan Association Board [abolished] may, within thirty (30) days after a written copy of the action, decision, or order has been mailed to that person, appeal as a matter of right to the Pulaski County Ci…
Ark. Code Ann. § 23-37-301 Application for charter
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(a) Application for a charter for a savings and loan association may be made by ten (10) or more citizens of this state, hereinafter referred to as “incorporators”, by tendering to the supervisor, along with the prescribed filing fee, an application consisting of the following:(1…
Ark. Code Ann. § 23-37-302 Capitalization requirements generally
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The capitalization of a proposed stock or mutual association shall be in accordance with rules established by the Savings and Loan Association Board [abolished]. In establishing its requirements, the board may consider those requirements established by the Federal Savings and Loa…
Ark. Code Ann. § 23-37-303 Permanent capital stock
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(a) The charter of an association may provide for the issuance of permanent capital stock. The permanent capital stock, when issued, may not be retired or withdrawn, except as provided in this section, until all liabilities of the association shall have been satisfied in full, in…
Ark. Code Ann. § 23-37-304 Permanent stock associations — Paid-in surplus requirements
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As a prerequisite to the approval of any application for a permanent stock association, the incorporators must show to the satisfaction of the Supervisor of Savings and Loan Associations a paid-in surplus of not less than one-third (⅓) of the aggregate amount of the permanent cap…
Ark. Code Ann. § 23-37-305 Permanent stock associations — Initial subscriptions to savings accounts
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As a prerequisite to approval of any application for a proposed permanent stock association, the incorporators must show, to the satisfaction of the Savings and Loan Association Board [abolished], subscribed savings accounts from individuals in the aggregate number and amount whi…
Ark. Code Ann. § 23-37-306 Mutual associations — Expense fund requirement
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(a) In addition to the savings account subscriptions required by this chapter, the incorporators of a mutual association must show to the satisfaction of the Supervisor of Savings and Loan Associations that an expense fund has been subscribed and paid in to the credit of the prop…
Ark. Code Ann. § 23-37-307 Bylaws
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(1) In addition to any provisions which may be adopted by the incorporators and approved by the Supervisor of Savings and Loan Associations, the bylaws of every association shall provide:(1) For an annual meeting of the membership of the association, or of the owners of permanent…
Ark. Code Ann. § 23-37-308 Insurance of accounts
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No association chartered under this chapter shall carry on the business of a savings and loan association in this state until it has filed with the Supervisor of Savings and Loan Associations satisfactory evidence that its savings accounts are insured by the Federal Savings and L…
Ark. Code Ann. § 23-37-309 Hearings on charter applications
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When a proper application for a charter has been filed, the Supervisor of Savings and Loan Associations shall hold a public hearing on the application, after giving not less than twenty (20) days' written notice of the date and time of hearing to each existing association or fede…
Ark. Code Ann. § 23-37-310 Approval or denial of application for charter
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(a) The Savings and Loan Association Board [abolished] shall not approve any charter application unless the incorporators establish and the board shall have affirmatively found from the data furnished with the application, the evidence adduced at the hearing, and the official rec…
Ark. Code Ann. § 23-37-311 Failure to commence business — Cancellation of charter
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(a) Within one (1) year after the date of the action of the Savings and Loan Association Board [abolished] granting the charter, the association shall furnish satisfactory evidence to the Supervisor of Savings and Loan Associations that it has commenced business. If the order of …
Ark. Code Ann. § 23-37-312 Amendment of charter and bylaws
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By resolution adopted by a majority vote of its members if a mutual association, or by its stockholders if a permanent stock association, at any annual meeting or special meeting called for that purpose, any association may amend its articles of incorporation or bylaws in any man…
Ark. Code Ann. § 23-37-313 Changes in name, location, etc
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(a) No association shall, without the prior approval of the Savings and Loan Association Board [abolished] or Supervisor of Savings and Loan Associations:(1) Establish any branch office other than the principal office stated in its articles of incorporation;(2) Move any principal…
Ark. Code Ann. § 23-37-314 Indemnity bonds of directors, officers, and employees
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(a) Every association shall maintain on file with the Supervisor of Savings and Loan Associations an effective blanket indemnity bond with a corporate surety protecting the association from loss by or through any fraud, dishonesty, forgery or alteration, larceny, theft, embezzlem…
Ark. Code Ann. § 23-37-315 Corporate name
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(a) (1) The name of every new association organized under this chapter shall include either the words “savings and loan association” or “building and loan association”.(2) These words shall be preceded by appropriate descriptive words approved by the Savings and Loan Association …
Ark. Code Ann. § 23-37-316 Standards of conduct
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(a) A director of a state-chartered savings and loan association or federal savings bank shall discharge his or her duties as a director, including his or her duties as a member of any committees:(1) In good faith;(2) With the care an ordinary prudent person in a like position wo…
Ark. Code Ann. § 23-37-401 Powers commensurate with federal associations
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(1) Irrespective of any limitations contained in this chapter, the Supervisor of Savings and Loan Associations may adopt rules authorizing or empowering any association chartered or operating under the provisions of this chapter to:(1) Pay or give any premium or other concession …
Ark. Code Ann. § 23-37-402 Authority to act as trustee for certain trusts
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(a) A savings and loan association created pursuant to the laws of the United States or the State of Arkansas may act as trustee, and may receive reasonable compensation for so acting, of any trust created or organized in the United States and forming part of a stock bonus, pensi…
Ark. Code Ann. § 23-37-403 Dividends
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(a) (1) After providing for payment of the expenses of operation of the association and for the required minimum transfer to its general loss reserves on each closing day as prescribed by the Supervisor of Savings and Loan Associations, the board of directors of an association ma…
Ark. Code Ann. § 23-37-404 Branch offices
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(a) The Supervisor of Savings and Loan Associations in either a protested or an unprotested application shall not approve the application for an association to open a branch unless the association satisfactorily establishes that the volume of business in the proposed service area…
Ark. Code Ann. § 23-37-405 Membership charges prohibited
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(a) No association shall directly or indirectly charge any membership, admission, withdrawal, or any other fee or sum of money for the privilege of becoming, remaining, or ceasing to be a member of the association, except charges upon the making or modification of a loan. (b) No …
Ark. Code Ann. § 23-37-406 Payment of commission on sale of stock
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An association shall pay no fee, commission, or other remuneration to any person for the sale of its permanent capital stock without prior approval of the Savings and Loan Association Board [abolished].
Ark. Code Ann. § 23-37-501 Accounts of minors
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(a) An association and any federal association may accept savings accounts from any minor, as the sole and absolute owner of the savings account, and receive payments thereon by or for the owner, and pay withdrawals, accept pledges to the association, and act in any other manner …
Ark. Code Ann. § 23-37-502 Accounts in the names of two or more persons
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(1) Savings accounts may be opened in any association or a federal association in the names of two (2) or more persons, either minor or adult, or a combination of minor and adult, and the savings accounts may be held as follows:(1) (A) If the person opening the savings account fa…
Ark. Code Ann. § 23-37-503 Accounts of fiduciaries
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(a) An association or a federal association may accept savings accounts in the name of any administrator, executor, custodian, guardian, trustee, or other fiduciary, with or without the designation of the name of the beneficiary or the court order creating the fiduciary relations…
Ark. Code Ann. § 23-37-504 Accounts of deceased nonresidents
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(a) When a savings account is held in any association or federal association by a person residing in another state or country, the account, together with additions thereto and earnings thereon, or any part thereof, may be paid to the administrator or executor appointed in the sta…
Ark. Code Ann. § 23-37-505 Withdrawals generally
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(a) Any savings account holder may, at any time, present a written application for withdrawal of all or any part of his or her savings account except to the extent the account may be pledged to the association or to another person on the books of the association. (b) (1) An assoc…
Ark. Code Ann. § 23-37-506 Conflicting claims to accounts
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In the event an association is given notice that conflicting claims of whatever kind and nature exist to the ownership or right to withdraw a savings account, the association may, at its option, without liability, withhold paying any withdrawals from the account until it receives…