Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
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 § 23-37-213 [Repealed.]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…
Ark. Code Ann. § 23-37-507 Damages for refusal to pay withdrawal request
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In the event an association wrongfully and without legal right refuses to pay a withdrawal request for a savings account, the owner of the savings account shall be entitled to recover damages from the association equal to interest at the legal rate prescribed by the laws of this …
Ark. Code Ann. § 23-37-508 Power of attorney
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An association or a federal association may recognize, or continue to recognize, the authority of an attorney in fact authorized in writing to manage or to make withdrawals, either in whole or in part, from a savings account until it receives written notice of the revocation of t…
Ark. Code Ann. § 23-37-509 Lien on account of borrower — Pledge of third party's account as security on loan
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(a) Every association operating under this chapter or any federal association shall have a lien, without further agreement or pledge, upon all savings accounts owned by any borrower, or savings accounts subject to withdrawal by any borrower, to secure the payment of any indebtedn…
Ark. Code Ann. § 23-37-510 Validity of release or acquittance by officers of corporation or association
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A release or acquittance signed by either the president or the secretary of any corporation or any unincorporated association, whether foreign, domestic, charitable, public, or private, or signed by any person purporting to be the president or secretary of the corporation, who op…
Ark. Code Ann. § 23-37-511 [Repealed.]
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A.C.A. § 23-37-511Current 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. § 23-37-512 Legal investments in accounts
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(a) Administrators, executors, guardians, trustees, and other fiduciaries, business corporations, insurance companies and charitable or educational corporations or associations, banks, credit unions, and all other financial institutions, and any person acting as custodian under t…
Ark. Code Ann. § 23-37-601 Operation in city on state line
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A savings and loan association doing business in a state adjoining this state, in a city or incorporated town which borders on a city or incorporated town in this state and which is divided by a state line other than a navigable stream, may conduct its business in this state if i…
Ark. Code Ann. § 23-37-701 Conversion of state association into federal association
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(a) Any association subject to this chapter may convert itself into a federal savings and loan association in accordance with the provisions of Section 5 of the Home Owners' Loan Act of 1933, upon a majority vote of the members or stockholders at an annual meeting or any special …
Ark. Code Ann. § 23-37-702 Conversion of federal association into state association
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(a) Upon the approval of the Federal Home Loan Bank Board [abolished], or other applicable federal authority, any federal association may convert itself into an association under this chapter upon a majority vote of the members of the federal association cast at an annual meeting…
Ark. Code Ann. § 23-37-703 Conversion of mutual association into stock association
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(a) With the approval of the Savings and Loan Association Board [abolished], any mutual association may convert into a stock association under this chapter upon a majority vote of the members of the mutual association at an annual or any special meeting called to consider that ac…
Ark. Code Ann. § 23-37-704 Contemporaneous conversion from federal mutual to state stock association
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(a) A federal association may file with the Savings and Loan Association Board [abolished] a joint petition for authority to convert from a federal association to a state-chartered association and contemporaneously to convert from a mutual association to a stock association. (b) …
Ark. Code Ann. § 23-37-705 Reorganization, merger, consolidation, or sale of assets
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(a) Pursuant to a plan adopted by the board of directors and approved by the Savings and Loan Association Board [abolished] as being equitable to the members or stockholders of the association and as not impairing the usefulness and success of other properly conducted association…
Ark. Code Ann. § 23-37-706 Federal Savings and Loan Insurance Corporation [abolished] as receiver
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(a) The Federal Savings and Loan Insurance Corporation [abolished] is authorized and empowered to act, without bond, as receiver or liquidator of any building and loan or savings and loan association, hereinafter referred to as an “insured association”, which has the insurance pr…
Ark. Code Ann. § 23-37-801 Title
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This subchapter shall be known and may be cited as the “Regional Savings and Loan Act of 1987”.
Ark. Code Ann. § 23-37-802 Definitions
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(1) As used in this subchapter, unless the context otherwise requires:(1) “Acquire”, as applied to an association or a savings and loan holding company, means any of the following actions or transactions:(A) The merger or consolidation of an association with another association o…
Ark. Code Ann. § 23-37-803 Penalties and remedies
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(a) In the event any association or savings and loan holding company consummates an acquisition that is prohibited by this subchapter, the Savings and Loan Association Board [abolished] shall require the association or savings and loan holding company to divest itself within two …