Title 23, Public Utilities and Regulated Industries

(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…

(a) Subject to any State Bank Department rule and consistent with any restrictions imposed by the Arkansas Banking Code of 1997, each state bank shall, unless it shall be determined to be unsafe and unsound by the Bank Commissioner, and without specific mention thereof in its art…

(a) No state bank shall be the purchaser or holder of its own capital stock, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. (b) Stock so purchased or acquired shall be sold or disposed of as expeditiously as po…

(a) A state bank or subsidiary trust company, acting with the prior approval of the Bank Commissioner, may acquire bank premises to be used, occupied, or owned by it. (b) (1) Any state bank acting with the prior approval of the commissioner may cause the title to its bank premise…

Banks, bank holding companies, and subsidiaries of banks or bank holding companies may not engage in business as real estate salespersons or brokers.

(a) (1) Banks shall have the power to make rules governing deposits, including provisions for reasonable notice, not to exceed ninety (90) days, for the withdrawal of deposits and for changes in or amendments to those rules to be made by the bank without approval of the depositor…

When any deposit is made in any bank by a minor, the bank may pay to the depositor the sums due him or her and the receipt or check of the minor shall be, in all respects, valid in law.

(a) It shall be lawful for any state bank to secure deposits made with it by any of the following:(1) The United States, the State of Arkansas, any county of this state, any municipality of this state, or any agency, corporate instrumentality, or political subdivision of any of t…

(a) (1) As used in this section:(A) “Multiple-party deposit account” means a deposit account established in the names of two (2) or more persons and payable to or in a form subject to withdrawal by one (1) or more of the persons named on the deposit account; and(B) “Single-party …

(1) Notice to a bank of an adverse claim to a deposit standing on its books to the credit of any person shall not be sufficient to require the bank to pay the deposit to the adverse claimant or otherwise recognize the adverse claim unless the adverse claimant also:(1) Procures a …

(a) No state bank shall settle any check drawn on it against an account with a sufficient balance otherwise than at par. (b) However, the provisions of this section shall not apply with respect to the settlement of a check sent to a state bank for special handling or as a special…

(a) Any officer or employee who knowingly pays out the funds of any state bank upon the check, order, or draft of any individual, firm, corporation, or association which does not have on deposit with the bank a sum equal to the check, order, or draft is personally liable to it fo…

(a) On behalf of depositors, state banks may create and open deferred income investment accounts of the following types:(1) The depositor makes a deposit of a lump sum, and the bank agrees to pay the depositor an agreed monthly or annual payment for life or for a term certain beg…

(a) As used in this section:(1) (A) “Financial institution” means a banking institution that may accept deposits from depositors under any state or federal law, the accounts of which are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administrat…

(1) In this subchapter:(1) “Account” means a contract of deposit between a depositor and a bank, and includes a checking account, savings account, and certificate of deposit;(2) “Agent” means a person authorized to make account transactions for a party;(3) “Beneficiary” means a p…

(a) This subchapter applies to accounts in this state. (b) This subchapter does not apply to:(1) An account established for a partnership, joint venture, or other organization for a business purpose;(2) An account controlled by one (1) or more persons as an agent or trustee for a…

A contract of deposit that substantially contains the following form establishes an agency account, and the account is governed by the provisions of this subchapter applicable to agency accounts: “AGENCY (POWER OF ATTORNEY) DESIGNATION Agents may make account transactions for par…

(a) Unless the terms of an agency designation provide that the authority of the agent terminates on disability or incapacity of a party, the agent's authority survives disability and incapacity. The agent may act for a disabled or incapacitated party until the authority of the ag…

On request of an agent under an agency designation for an account, a bank may, unless it actually knows that the authority of agency has terminated, pay to the agent sums on deposit in the account.