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Arkansas Statutes, Title 23

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Arkansas/Statutes

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Title 23, Public Utilities and Regulated Industries

95 chapters · 3,921 sections in this title.

All chapters in Title 233,921 Ch 63, Insurance Companies Generally230 Ch 79, Insurance Policies Generally211 Ch 99, Healthcare Providers165 Ch 4, Regulation of Rates and Charges Gene…162 Ch 18, Light, Heat, and Power Utilities154 Ch 69, Domestic Stock and Mutual Insurers109 Ch 13, Motor Carriers107 Ch 17, Telephone and Telegraph Companies97 Ch 81, Life Insurance Policies And Annuities97 Ch 112, Arkansas Motor Vehicle Commission Act97 Ch 61, State Insurance Department95 Ch 48, Organization and Operation94 Ch 51, ARKANSAS TRUST INSTITUTIONS ACT OF 202589 Ch 12, Operation and Maintenance of Railroads87

46 sections·Filtered byTitle 23✕Ch 42✕

Ark. Code Ann. § 23-42-101 Title
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This chapter may be cited as the “Arkansas Securities Act”.
Ark. Code Ann. § 23-42-102 Definitions
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(1) As used in this chapter, unless the context otherwise requires:(1) (A) “Agent” means an individual, other than a broker-dealer, who:(i) Represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities; or(ii) Supervises individuals wh…
Ark. Code Ann. § 23-42-103 Applicability
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(a) (1) Sections 23-42-106, 23-42-108, 23-42-109, 23-42-212, 23-42-301(a), 23-42-501, and 23-42-507 apply to persons who sell or offer to sell when:(A) An offer to sell is made in this state; or(B) An offer to buy is made and accepted in this state.(2) Sections 23-42-212, 23-42-3…
Ark. Code Ann. § 23-42-104 Criminal penalties
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(a) Any person who knowingly violates § 23-42-507 shall be guilty of the offense of “securities fraud”. Securities fraud is a Class B felony. (b) Any person who knowingly violates § 23-42-501 shall be guilty of the offense of “felony offer or sale of unregistered and nonexempt se…

Ark. Code Ann. § 23-42-105 Prosecution of criminal offenses

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(a) (1) Prosecutions for offenses described in § 23-42-104 must be commenced within the following periods of limitation:(A) Felonies — five (5) years from the date of the occurrence; and(B) Misdemeanors — one (1) year from the date of the occurrence.(2) The five-year felony and o…

Ark. Code Ann. § 23-42-106 Civil liability — Definitions

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(a) (1) A person is liable to a buyer of a security if the person offers or sells the security:(A) In violation of § 23-42-212(b), § 23-42-301, or § 23-42-501(1) or (2), a rule or order of the Securities Commissioner under § 23-42-502 which requires the affirmative approval of sa…

Ark. Code Ann. § 23-42-107 Consent to service of process

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(a) (1) (A) Every applicant for registration under this chapter, every person making a notice filing, and every issuer for whom a registration, exemption from registration, or notice filing is required under this chapter, shall file with the Securities Commissioner, in the form w…

Ark. Code Ann. § 23-42-108 Rights and remedies cumulative

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The rights and remedies provided by this chapter are in addition to any other rights that may exist at law or in equity.

Ark. Code Ann. § 23-42-109 Waiver of compliance void

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Any condition, stipulation, or provision binding any person acquiring any security to waive compliance with any provision of this chapter or any rule or order under this chapter is void.

Ark. Code Ann. § 23-42-110 False or misleading statements unlawful

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It is unlawful for any person to make or cause to be made, in any document filed with the Securities Commissioner or the commissioner's designee or in any proceeding under this chapter, any statement which is, at the time in light of the circumstances under which it is made, fals…

Ark. Code Ann. § 23-42-201 Administration by Securities Commissioner — Conflicts of interest

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(a) (1) This chapter shall be administered by the Securities Commissioner.(2) Except as provided in subdivision (a)(3) of this section, the Securities Commissioner shall:(A) Be appointed by the Governor and serve at the pleasure of the Governor; and(B) Report to the Bank Commissi…

Ark. Code Ann. § 23-42-202 Delegation of authority by Securities Commissioner

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(a) The Securities Commissioner may delegate to any person under any conditions which he or she deems appropriate any responsibilities of the commissioner as set forth in this chapter, the Credit Union Act, § 23-35-101 et seq., the Savings and Loan Act, § 23-37-101 et seq., or an…

Ark. Code Ann. § 23-42-203 Confidentiality of information or proceedings generally

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(a) It is unlawful for the Securities Commissioner or any of the officers or employees of the State Securities Department or officers or employees of the Department of Commerce working for the State Securities Department to use for personal benefit any information which is filed …

Ark. Code Ann. § 23-42-204 Rules, forms, and orders of Securities Commissioner

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(a) The Securities Commissioner, from time to time, may make, amend, and rescind any rules, forms, and orders which are necessary to carry out the provisions of this chapter. This includes rules and forms governing registration statements, applications, notice filings, and report…

Ark. Code Ann. § 23-42-205 Investigations

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(a) The Securities Commissioner, in his or her discretion, may:(1) Make any public or private investigations within or outside of this state which he or she deems necessary to determine whether any person has violated or is about to violate any provision of this chapter or any ru…

Ark. Code Ann. § 23-42-206 Records of Securities Commissioner generally — Interpretive opinions

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(a) (1) A document is filed when it is received by the Securities Commissioner or when the commissioner receives notice from his or her designee that a document was received by the designee.(2) The disposition of any document received by the commissioner shall be in accordance wi…

Ark. Code Ann. § 23-42-207 Public inspection of records — Exceptions

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(a) (1) Unless otherwise specified below, all information filed with the Securities Commissioner shall be available for public inspection.(2) The information contained in or filed with any registration statement, notice filing, application, or report may be made available to the …

Ark. Code Ann. § 23-42-208 Cooperation with other regulatory agencies

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(a) The Securities Commissioner may enter into an arrangement, agreement, or other working relationship with federal, other state, and self-regulatory authorities whereby documents may be filed and maintained in the Central Registration Depository with the Financial Industry Regu…

Ark. Code Ann. § 23-42-209 Injunction, mandamus, or other ancillary relief

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(a) (1) (A) Whenever it appears to the Securities Commissioner, upon sufficient grounds or evidence satisfactory to the commissioner, that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of this chapter, except the pro…

Ark. Code Ann. § 23-42-210 Judicial review

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(a) (1) A person aggrieved by a final order of the Securities Commissioner may obtain a review of the order in any state court of competent jurisdiction by filing in court, within thirty (30) days after the entry of the order, a written petition praying that the order be modified…

Ark. Code Ann. § 23-42-211 Disposition of fees

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(a) (1) There is created on the books of the Chief Fiscal Officer of the State, the Auditor of State, and the Treasurer of State a fund to be known as the “State Securities Department Fund”.(2) The State Securities Department Fund shall be used for the maintenance, operation, sup…

Ark. Code Ann. § 23-42-212 Registration or availability of exemption not construed as approval by Securities Commissioner — Inconsistent representation

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(a) (1) Neither the fact that an application for registration, a notice filing, or a registration statement has been filed nor the fact that a person or security is effectively registered constitutes a finding by the Securities Commissioner that any document filed under this chap…

Ark. Code Ann. § 23-42-213 Disposition of fines — Investor Education Fund

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(a) There is created on the books of the Chief Fiscal Officer of the State, the Auditor of State, and the Treasurer of State a fund to be known as the “Investor Education Fund”. (b) Except as provided by subsection (c) of this section, all fines imposed and collected under §§ 23-…

Ark. Code Ann. § 23-42-301 Registration required — Unlawful acts — Supervision requirements

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(a) It is unlawful for a person to transact business in this state as a broker-dealer or agent unless he or she is registered under this chapter. (b) (1) It is unlawful for a registered broker-dealer or issuer to employ an unregistered agent except a nonresident agent who is regi…

Ark. Code Ann. § 23-42-302 Registration procedure

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(a) (1) A broker-dealer, agent, investment adviser, representative, or branch office may obtain an initial or renewal registration by filing with the Securities Commissioner or the commissioner's designee an application and fee, together with a consent to service of process under…

Ark. Code Ann. § 23-42-303 Minimum net capital requirement

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(a) The Securities Commissioner shall require a minimum net capital for registered broker-dealers in such amount as he or she may by rule prescribe and for registered investment advisers in the amount of twelve thousand five hundred dollars ($12,500). (b) However, subsection (a) …

Ark. Code Ann. § 23-42-304 Filing fees — Rules

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(a) Every applicant for initial or renewal registration, every person making a notice filing as required by § 23-42-301, every exempt reporting adviser, and every investment adviser to a private fund shall pay a filing fee of:(1) Three hundred dollars ($300) in the case of a brok…

Ark. Code Ann. § 23-42-305 Corporate surety bonds — Alternatives

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(a) (1) The Securities Commissioner shall require registered broker-dealers, investment advisers, and an agent for the issuer to maintain a bond in such form and amount as he or she may by rule prescribe.(2) However, this subsection does not apply to any registered investment adv…

Ark. Code Ann. § 23-42-306 Records and reports — Examinations

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(a) Every applicant, registered issuer, registered broker-dealer, or registered investment adviser shall make and keep any accounts, correspondence, memoranda, papers, books, and other records which the Securities Commissioner by rule prescribes. However, this subsection shall no…

Ark. Code Ann. § 23-42-307 Unlawful acts by investment advisers

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(a) It is unlawful for any investment adviser or representative:(1) To employ any device, scheme, or artifice to defraud the other person;(2) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the other person; or(3) To…

Ark. Code Ann. § 23-42-308 Denial, suspension, revocation, or withdrawal of registration, and other penalties

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(a) The Securities Commissioner may by order deny, suspend, make conditional or probationary, or revoke any registration if he or she finds that:(1) The order is in the public interest; and(2) The applicant or registrant or, in the case of a broker-dealer or investment adviser, a…

Ark. Code Ann. § 23-42-309 Protection of vulnerable adults from financial exploitation — Definitions

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(a) As used in this section:(1) “Agencies” means:(A) The Adult Protective Services Unit of the Department of Human Services; and(B) The Securities Commissioner;(2) “Financial exploitation” means:(A) The wrongful or unauthorized taking, withholding, appropriation, or use of funds,…

Ark. Code Ann. § 23-42-401 Registration by notification

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(a) The following securities may be registered by notification, whether or not they are also eligible for registration by coordination under § 23-42-402:(1) Any security whose issuer and any predecessors have been in continuous operation for at least five (5) years if:(A) There h…

Ark. Code Ann. § 23-42-402 Registration by coordination

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(a) Any security for which a registration statement has been filed under the Securities Act of 1933 in connection with the same offering may be registered by coordination. (b) A registration statement under this section shall contain the following information and be accompanied b…

Ark. Code Ann. § 23-42-403 Registration by qualification

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(a) Any security may be registered by qualification. (b) A registration statement under this section shall contain the following information and be accompanied by the following documents in addition to the information specified in § 23-42-404(c), and the consent to service of pro…

Ark. Code Ann. § 23-42-404 Registration statements generally

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(a) A registration statement may be filed by the issuer, any other person on whose behalf the offering is to be made, or a registered broker-dealer. (b) (1) Every person filing a registration statement shall pay a filing fee of one-tenth percent (0.1%) of the maximum aggregate of…

Ark. Code Ann. § 23-42-405 Stop order denying, suspending, or revoking registration statement

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(a) The Securities Commissioner may issue a stop order denying effectiveness to, or suspending or revoking the effectiveness of, any registration statement if he or she finds that:(1) The order is in the public interest; and(2) (A) The registration statement is incomplete in any …

Ark. Code Ann. § 23-42-501 Sale of unregistered nonexempt securities

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(1) It is unlawful for any person to offer or sell any security in this state unless:(1) It is registered under this chapter;(2) The security or transaction is exempted under § 23-42-503 or § 23-42-504; or(3) It is a covered security. (1) It is registered under this chapter; (2) …

Ark. Code Ann. § 23-42-502 Filing of prospectus, sales literature, etc

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The Securities Commissioner, by rule or order, may require the filing of any prospectus, pamphlet, circular, form letter, advertisement, television, radio, or other sales literature or advertising communication addressed or intended for distribution to prospective investors, incl…

Ark. Code Ann. § 23-42-503 Exempted securities

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(a) The following securities are exempted from §§ 23-42-501 and 23-42-502:(1) (A) Any security, including a revenue obligation, issued or guaranteed by this state, any political subdivision of this state, or any agency or corporate or other instrumentality of one (1) or more of t…

Ark. Code Ann. § 23-42-504 Exempted transactions

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(a) The following transactions are exempted from §§ 23-42-501 and 23-42-502:(1) Any isolated nonissuer transactions, whether effected through a broker-dealer or not, provided that repeated or successive transactions shall be prima facie evidence that the transactions are not isol…

Ark. Code Ann. § 23-42-505 Denial or revocation of exemption

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(a) The Securities Commissioner may, by order, deny or revoke any exemption specified in § 23-42-503(a)(7) or (8), (b), or (c) or § 23-42-504(a) with respect to a specific security or transaction. (b) (1) No such order may be entered without appropriate prior notice to all intere…

Ark. Code Ann. § 23-42-506 Burden of proof of exemption

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In any proceeding under this chapter, the burden of proving an exemption or an exception from a definition is upon the person claiming it.

Ark. Code Ann. § 23-42-507 Fraud or deceit in connection with offer, sale, or purchase of securities

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(1) It is unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly:(1) To employ any device, scheme, or artifice to defraud;(2) To make any untrue statement of a material fact or to omit to state a material fact necessary in…

Ark. Code Ann. § 23-42-508 Market manipulation

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(1) It is unlawful for any person, directly or indirectly, in this state:(1) To effect any transaction in a security which involves no change in the beneficial ownership thereof, or to enter any orders for the purchase or sale of any security with the knowledge that orders of sub…

Ark. Code Ann. § 23-42-509 Covered securities

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(a) The Securities Commissioner, by rule or order, may require a notice filing consisting of any or all of the following documents with respect to a covered security under section 18(b)(2) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(2):(1) (A) Prior to the initial offering …