Title 23, Public Utilities and Regulated Industries

(a) The Bank Commissioner shall be charged with the general supervision of financial institutions, the execution of all laws passed by the State of Arkansas relating to the organization, operations, inspection, supervision, control, liquidation, and dissolution of banks, bank hol…

(a) (1) The Bank Commissioner, in consultation with the Secretary of the Department of Commerce, shall employ from time to time the assistants, examiners, clerks, stenographers, counsel, and other personnel as he or she may find necessary to properly and efficiently discharge the…

(a) (1) No employee or officer of the State Bank Department, or employee or officer of the Department of Commerce working within the State Bank Department, who participates in the examination of a financial institution, or who may be called upon to make an official decision or de…

(a) The Bank Commissioner shall keep a true and perfect record of all of the business of the State Bank Department and shall make monthly reports to the Auditor of State of all fees he or she collects. (b) All fees and other revenues received by the department shall be deposited …

(a) The Bank Commissioner shall make an annual report to the Secretary of the Department of Commerce of the work and the business of the State Bank Department, which shall embrace a statement of all receipts and expenditures and the name, officers, directors, domicile, capital, s…

(a) The State Bank Department shall retain its general records for at least ten (10) years, with the following exceptions:(1) Transcripts of hearings before the State Banking Board or the Bank Commissioner shall be retained for at least three (3) years;(2) Applications submitted …

(a) The General Assembly:(1) Finds that in the event of an emergency, the Bank Commissioner should be authorized to take appropriate action to expedite the recovery of a community affected by the emergency and to encourage banks to meet the credit, deposit, and other financial ne…

(a) There is created a commission which shall be known as the “State Banking Board”. (b) (1) The board shall be composed of six (6) members appointed by the Governor, subject to confirmation by the Senate, for terms of five (5) years or until a successor has been appointed and qu…

(a) When any member of the State Banking Board is disqualified for any reason to hear and participate in the determination of any matter pending before the board, the Governor shall appoint a qualified person to hear and participate in the decision on the particular matter. (b) T…

The State Banking Board is authorized, at such times as it deems appropriate, to request a review or study of state banking law and to recommend any changes that it may deem appropriate to the Secretary of the Department of Commerce.

(a) In addition to all other powers conferred by Arkansas law, the State Banking Board shall have the power and duty to:(1) Approve or disapprove all applications for charters for new state banks, except applications for new state bank charters in connection with failed instituti…

(a) All applications which the State Banking Board is empowered to consider for approval or disapproval shall, as soon as practicable, be submitted by the Bank Commissioner to the board for consideration at a regular meeting of the board or at a special meeting called for the pur…

(1) Nothing in this subchapter is intended to have any application to:(1) A merger under which a state bank merges into a national bank which is an Arkansas bank;(2) Any consolidation proceeding under which a state bank becomes consolidated into a national bank which is an Arkans…

(a) (1) The Chair of the State Banking Board or the Bank Commissioner may call a special meeting of the board upon notice through a personal communication with each member of the board by telephone or through a written notice transmitted by ordinary, certified, or registered mail…

(1) When any of the following applications are filed with the Bank Commissioner, the sponsors of the applications shall give notice of filing in accordance with State Bank Department rules:(1) An application for the issuance of a new state bank charter;(2) An application for the …

(a) The State Banking Board shall have the power to set and impose fees for any and all applications, regardless of whether the applications are of a type described in § 23-46-403, which are reasonably calculated to defray the costs associated with the consideration, investigatio…

(a) When the departmental investigation pursuant to § 23-46-205 or § 23-48-304 is closed and the application fees have been paid, an application filed pursuant to § 23-46-403 shall be referred to the State Banking Board for consideration by it and the Bank Commissioner at a publi…

(a) (1) No person shall appear in opposition to the application unless the person has filed a written protest to the application within fifteen (15) days after the actual filing of the application.(2) The protest must be accompanied by a filing fee of not less than two thousand d…

(a) The State Banking Board shall render its decision in writing at or after a hearing before it, which decision shall include the board's findings of fact and conclusions of law. (b) (1) (A) If the application is approved by the board, the Bank Commissioner may, in the event tha…

The Bank Commissioner shall have power to call for reports from state banks and subsidiary trust companies whenever deemed necessary, in order to obtain a full and complete knowledge of their condition or the status of their reserves, but he or she shall call upon each of them fo…

(a) Every state bank and subsidiary trust company 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 as shown by its records at the close of business on the day design…

(a) The Bank Commissioner shall, as often as may be deemed necessary or proper, appoint suitable persons to make an examination of each state bank or subsidiary trust company. (b) (1) A thorough examination into the affairs of each state bank or subsidiary trust company shall be …

The Bank Commissioner may make at any time, and from time to time, such examinations of the affairs of affiliates of state banks or of affiliates of subsidiary trust companies as shall be necessary to disclose fully the relations between the state banks and their affiliates or be…

Whenever it shall come to the knowledge of the Bank Commissioner that any state bank or subsidiary trust company has failed or refused to comply with any of the provisions of the Arkansas Banking Code of 1997, with any provision of federal law or federal regulations applicable to…

(a) The Bank Commissioner or any examiner appointed by him or her shall have power to make a thorough examination of all the records and affairs of any state bank, any Arkansas bank holding company, or any subsidiary trust company. (b) (1) In making examinations, the representati…

(a) The Bank Commissioner may share with or furnish to any state or federal examiner or regulatory agency with jurisdiction over any financial institution or other entity conducting financial activities, including, but not limited to, insurance or securities brokerage or underwri…

(a) The Bank Commissioner may revoke a state bank's or subsidiary trust company's authority to transact business and may proceed to wind up its business whenever any officer of the state bank or subsidiary trust company:(1) Refuses to submit the books, papers, and effects thereof…

(a) Every state bank and subsidiary trust company shall pay to the State Bank Department, within ten (10) days after notice from the Bank Commissioner in the months of January and July of each year, an assessment fee which will be charged in accordance with an assessment fee sche…

(a) Any financial institution that refuses or fails, for thirty (30) days after notice from the Bank Commissioner, to make any report to the commissioner, or fails to pay any fees for ten (10) days after the date of notice by the commissioner, shall be given an additional notice …

(a) Every state bank or subsidiary trust company shall retain its business records for periods that are or may be prescribed by or in accordance with the terms of this section. (b) Each state bank or subsidiary trust company shall retain permanently the minute books of meetings o…

Every financial institution shall report promptly to the Bank Commissioner any change for whatever reason in the chief executive officer and directors, including in its report a statement of the past and current business and professional affiliations of the new chief executive of…

This subchapter shall be known and may be cited as the “Examination of Technology Service Providers Act”.

(1) As used in this subchapter:(1) “Bank supervisory agency” means the same as defined in § 23-45-102;(2) (A) “Covered service” means a service provided by a technology service provider to a depository institution in this state to the extent that the service is designed and marke…

When a depository institution receives a covered service, by contract or otherwise, the performance of that service by a technology service provider to the depository institution is subject to examination by the Bank Commissioner to the same extent as if the covered service were …

(1) The Bank Commissioner may enter into agreements with any bank supervisory agency that has jurisdiction over a technology service provider to:(1) Engage the services of the bank supervisory agency's examiners at a reasonable rate of compensation; or(2) Provide the services of …

The Bank Commissioner may enter into joint examinations or joint enforcement actions with a bank supervisory agency having jurisdiction over a technology service provider.

The Bank Commissioner may accept an examination that is conducted by a bank supervisory agency that has jurisdiction over a technology service provider as a substitution for an examination under this subchapter.

(1) The Bank Commissioner may by rule:(1) Adopt additional procedures to implement this subchapter; and(2) Impose sanctions under § 23-46-205 for violations of this subchapter by a technology service provider if the commissioner considers the enforcement action to be necessary or…