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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

3,921 sections·Filtered byTitle 23✕

Ark. Code Ann. § 23-39-520 Corporate governance for covered institution servicers
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(a) A covered institution servicer shall establish and maintain a board of directors who are responsible for the oversight of the covered institution servicer. (b) For a covered institution servicer that is not approved to service loans by a government-sponsored enterprise, the F…
Ark. Code Ann. § 23-39-521 Standards for safeguarding customer information
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(a) A financial institution shall develop, implement, and maintain a comprehensive information security program. (b) The information security program under subsection (a) of this section shall:(1) Be written in one (1) or more readily accessible parts; and(2) Contain administrati…
Ark. Code Ann. § 23-39-522 Information security program required elements
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(a) In order for a financial institution to develop, implement, and maintain an information security program, the financial institution shall comply with this section. (b) (1) A financial institution shall designate a qualified individual responsible for overseeing and implementi…
Ark. Code Ann. § 23-39-523 Exceptions

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This subchapter does not apply to a financial institution that maintains customer information concerning fewer than five thousand (5,000) consumers.

Ark. Code Ann. § 23-40-101 Short title

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This chapter shall be known as the “Arkansas Prepaid Funeral Benefits Law”.

Ark. Code Ann. § 23-40-102 Purpose

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The purpose of this chapter is to provide for the regulation of the sale of prepaid funeral benefits by the Insurance Commissioner.

Ark. Code Ann. § 23-40-103 Definitions

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(1) As used in this chapter:(1) “Annuity funding” means contract proceeds that are used by a seller to purchase an annuity contract that names the seller as the beneficiary of the annuity contract, the proceeds of which shall be used to pay for the funeral benefits specified in a…

Ark. Code Ann. § 23-40-104 Arkansas Insurance Code not affected

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Except as provided in § 23-40-112(h)(2), this chapter shall not apply to any licensed insurance company or alter or affect any provisions of the Arkansas Insurance Code.

Ark. Code Ann. § 23-40-105 Burial associations exempted

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Nothing in this chapter shall apply to organizations or associations operating in this state as burial associations pursuant to § 23-78-101 et seq.

Ark. Code Ann. § 23-40-106 Violations — Penalties

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(a) (1) An officer, director, agent, or employee of an organization subject to this chapter who makes, or attempts to make, a contract in violation of this chapter, or refuses to allow an inspection of the organization's records shall be punished by a fine of not less than one th…

Ark. Code Ann. § 23-40-107 Division of Prepaid Funeral Benefits — State Insurance Department Prepaid Trust Fund

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(a) The Insurance Commissioner shall be responsible for the regulation of the sale of prepaid funeral benefits, and there is hereby established the Division of Prepaid Funeral Benefits within the State Insurance Department. This division shall be funded annually by the fees requi…

Ark. Code Ann. § 23-40-108 Administration

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(a) This chapter shall be administered by the Insurance Commissioner. (b) The commissioner is authorized to prescribe reasonable rules concerning keeping and inspection of records, the filing of contracts and reports, and all other matters incidental to the orderly administration…

Ark. Code Ann. § 23-40-109 Permit required

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(a) Any individual, firm, partnership, corporation, society, association, or other entity, hereinafter called an “organization”, desiring to sell prearranged or prepaid funeral services or funeral merchandise, including caskets, grave vaults, and all other articles of merchandise…

Ark. Code Ann. § 23-40-110 Application for initial or renewed permit

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(a) Each organization desiring to sell prepaid funeral benefits or any organization desiring to purchase an interest in or assume the liability of any contract for prepaid funeral benefits shall file an application for a permit with the Insurance Commissioner. Each initial and re…

Ark. Code Ann. § 23-40-111 Issuance of permit — Cancellation or denial

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(a) (1) The Insurance Commissioner may issue a permit conditioned upon satisfactory completion of all requirements of this chapter prior to the applicant's offering for sale or selling prepaid funeral benefits.(2) In addition, prior to the issuance of either an initial or renewal…

Ark. Code Ann. § 23-40-112 Prepaid funeral benefits contracts

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(a) (1) The Insurance Commissioner shall approve forms for prepaid funeral benefits contracts.(2) (A) Except as provided in subdivision (a)(2)(B) of this section, a nonguaranteed prepaid contract or a nonspecified prepaid contract shall be approved if the prepaid contract provide…

Ark. Code Ann. § 23-40-113 Change of ownership

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(a) The seller shall apply for change of ownership or control when:(1) The seller transfers all or a portion of the interest in any contract for prepaid funeral benefits;(2) The seller transfers one (1) or more of its establishments for providing funeral goods or services;(3) All…

Ark. Code Ann. § 23-40-114 Trust funds — Creation — Deposits, withdrawals, and transfers of funds

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(a) All contract proceeds collected under contracts for prepaid funeral benefits, including funds collected under contracts entered into before June 28, 1985, shall be deposited with a trustee within twenty (20) business days after receipt of proceeds, to be held, invested, and a…

Ark. Code Ann. § 23-40-115 Trust funds — Investments

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(a) The trustees shall invest the trust fund only in the following:(1) Demand deposits, savings accounts, certificates of deposit, and all other accounts that are insured by the Federal Deposit Insurance Corporation;(2) Bonds and obligations that are insured by, fully guaranteed …

Ark. Code Ann. § 23-40-116 Trust funds — Disbursements

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(1) The trustee shall disburse money or other property from the trust fund only as follows:(1) Upon the death of the contract beneficiary and upon proper proof and documentation being submitted to and approved by the Insurance Commissioner, or pursuant to such other method as may…

Ark. Code Ann. § 23-40-117 Trust funds — Exemption from attachment, etc

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(a) All contract proceeds held in trust pursuant to the provisions of this chapter and all income derived therefrom shall be exempt from attachment, garnishment, execution, and claims of creditors, receivers, or trustees in bankruptcy. The trust fund shall not be seized, taken, a…

Ark. Code Ann. § 23-40-118 Agent for deposit of contract proceeds

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(a) Each organization subject to this chapter shall designate an agent or agents, either by names of the individuals or by titles of their offices or positions, who shall be responsible for the deposit of contract proceeds collected under contracts for prepaid funeral benefits. T…

Ark. Code Ann. § 23-40-119 Annual report and fee

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(a) Each organization shall file an annual report and an annual report fee with the Insurance Commissioner on or before March 15 of each year in such form as the commissioner may require, showing:(1) The names or contract numbers, or both, of all persons with whom contracts for p…

Ark. Code Ann. § 23-40-120 Records required — Examination

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(a) Each organization which has outstanding contracts for prepaid funeral benefits shall maintain within this state any records which the Insurance Commissioner may require to enable him or her to determine whether the organization is complying with the provisions of this chapter…

Ark. Code Ann. § 23-40-122 Cancellation or transfer

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(a) A purchaser may cancel or transfer a prepaid contract under this section, whether revocable or irrevocable, or whether cash-funded or funded by insurance or an annuity, at any time before performance of the contract by the seller, under the following conditions:(1) In the cas…

Ark. Code Ann. § 23-40-123 Delinquency proceedings

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(a) If it appears upon sufficient grounds or evidence satisfactory to the Insurance Commissioner that a person or a licensee has engaged in or is about to engage in an act or a practice that violates this chapter or a rule adopted or an order issued under this chapter or that the…

Ark. Code Ann. § 23-40-124 Compliance

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Compliance with this act shall be required for all licensees on and after March 16, 1997.

Ark. Code Ann. § 23-40-125 Prepaid Funeral Contracts Recovery Program Fund — Created

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(a) There is established within the State Insurance Department Prepaid Trust Fund an account to be known as the “Prepaid Funeral Contracts Recovery Program Fund”. (b) No money is to be appropriated from this fund for any purpose except for expenses and payment of claims of the Pr…

Ark. Code Ann. § 23-40-126 Unfair competition or unfair or deceptive acts or practices prohibited — Penalties

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An unfair method of competition or an unfair or deceptive act or practice under §§ 23-66-206(1)-(4), 23-66-206(6)-(8), and 23-66-207 — 23-66-213 in the sale of a prepaid funeral benefits contract is a violation of this chapter and may be punished under this chapter or the Trade P…

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…