Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
Ark. Code Ann. § 23-47-509 Loans to minors
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Whenever a minor borrows money from a bank for the purpose of defraying the expenses of his or her higher education or for necessaries, any contract, promissory note, loan agreement, or other loan instrument entered into by and between the bank and the minor shall constitute a va…
Ark. Code Ann. § 23-47-510 Casualty insurance — Replacement cost coverage
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(a) A state bank, when making a mortgage loan, may not require, as a condition or term of the mortgage, that the mortgagor purchase casualty insurance on property which is the subject of the mortgage in an amount in excess of the fair market value of the buildings or appurtenance…
Ark. Code Ann. § 23-47-601 Operating subsidiaries
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(a) (1) With the prior approval of the Bank Commissioner, and subject to such conditions as may be prescribed by him or her, a state bank may engage in any activities which are a part of the business of banking or incidental thereto by means of an operating subsidiary and other a…
Ark. Code Ann. § 23-47-602 Real estate subsidiaries
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(a) A state bank acting through an operating subsidiary or a bank holding company acting, directly or through a subsidiary, may, with the prior approval of the Bank Commissioner, engage in real estate investment and development, including without limitation:(1) Development of sub…
Ark. Code Ann. § 23-47-603 Bank service companies
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(a) As used in this section, unless the context otherwise requires:(1) “Bank service company” means a corporation or limited liability company organized for the exclusive purpose of performing bank services for one (1) or more persons, which is owned by one (1) or more state bank…
Ark. Code Ann. § 23-47-604 [Repealed.]
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A.C.A. § 23-47-604Current 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. § 23-47-605 Community development corporations
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(a) As used in this section, the term “public welfare” means developing housing, fostering economic growth and revitalization, creating small businesses, including minority-owned businesses, and supporting other community development initiatives approved by the Bank Commissioner.…
Ark. Code Ann. § 23-47-606 Small business investment companies
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(a) A state bank may purchase up to one hundred percent (100%) of the capital stock of small business investment companies and minority enterprise small business investment companies as defined by the Small Business Investment Act of 1958. (b) However, in no event may any state b…
Ark. Code Ann. § 23-47-607 Investment in stock of certain banks authorized to do foreign banking
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(a) Any state bank may purchase up to one hundred percent (100%) of the capital stock of any corporation organized and existing under the Edge Act, and any amendments thereto. (b) However, in no event may any state bank acquire shares of any such corporation if, upon the making o…
Ark. Code Ann. § 23-47-608 Authority to act through subsidiaries
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With prior notice to the Bank Commissioner and in accordance with the state and federal law, state banks are authorized to engage in activities through financial subsidiaries.
Ark. Code Ann. § 23-47-701 Authority of Bank Commissioner
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The Bank Commissioner shall be authorized and empowered to grant to state banks applying therefor the right to operate a trust department to act as trustee, executor, administrator, custodian, registrar, paying agent or transfer agent of stocks and bonds, guardian of estates, ass…
Ark. Code Ann. § 23-47-702 Considerations determinative of grant or denial of applications
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In determining whether to grant an application by a state bank for permission to operate a trust department to exercise the powers enumerated in this subchapter, the Bank Commissioner may take into consideration the sufficiency of the capital base of the applying state bank, the …
Ark. Code Ann. § 23-47-703 Grant and exercise of powers deemed not in contravention of Arkansas law
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The granting and exercise of such powers as are authorized by this subchapter shall not be deemed to be in contravention of any other provision of Arkansas law.
Ark. Code Ann. § 23-47-704 Segregation of fiduciary and general assets — Separate books and records
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State banks exercising any or all of the powers enumerated in this subchapter shall segregate all assets held in its trust department from the general assets of the bank and shall keep a separate set of books and records showing in proper detail all transactions engaged in under …
Ark. Code Ann. § 23-47-705 Prohibited operations — Separate investment account — Collateral for certain funds used in conduct of business — Lien and claim upon state bank failure
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(a) (1) No state bank shall receive in its trust department deposits of current funds subject to check or the deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes.(2) Funds deposited or held in trust by the state bank awaiting investmen…
Ark. Code Ann. § 23-47-706 Official's oath or affidavit
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If Arkansas law requires that a corporation acting as trustee, executor, administrator, or in any capacity specified in this subchapter shall take an oath or make an affidavit, the president or chief executive officer, a vice president, or a trust officer of a state bank may take…
Ark. Code Ann. § 23-47-707 Loans of trust funds to officers and employees prohibited — Penalties
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(a) It shall be unlawful for any state bank to lend to any officer, director, or employee any funds held in trust under the powers conferred by this subchapter, or to sell assets held in trust to any such persons, without the prior written approval of the Bank Commissioner. (b) I…
Ark. Code Ann. § 23-47-708 Surrender of authorization — Board resolution — Commissioner certification — Activities affected
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(a) (1) Any state bank desiring to surrender its right to operate a trust department and to exercise the powers granted under this subchapter, in order to relieve itself of the necessity of complying with the requirements of this subchapter, or to have returned to it any securiti…
Ark. Code Ann. § 23-47-709 Revocation — Procedures available
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(a) (1) In addition to the authority conferred by any other law, if, in the opinion of the Bank Commissioner, a state bank is unlawfully or unsoundly operating a trust department or exercising, or has unlawfully or unsoundly operated or exercised, or has failed for a period of fi…
Ark. Code Ann. § 23-47-710 Services provided by affiliates
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(a) Any bank, subsidiary trust company, or national trust company qualified to act as a fiduciary in this state is hereby specifically authorized to utilize its respective affiliates to provide services for any trust or estate for which the bank, subsidiary trust company, or nati…
Ark. Code Ann. § 23-47-801 Definitions
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(1) For purposes of this subchapter, “affiliated bank” means a bank, having authority to conduct trust business and business incidental to trust business within this state, more than fifty percent (50%) of the voting stock of which is owned directly or indirectly by:(1) The same …
Ark. Code Ann. § 23-47-802 Subsidiary trust companies — Creation, formation, etc. — Powers — Location
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(a) Notwithstanding the provisions of § 23-48-405, bank holding companies that own, directly or indirectly, an affiliated bank are authorized and empowered by the provisions of this subchapter to apply to the Bank Commissioner for authority to:(1) Create, form, and establish subs…
Ark. Code Ann. § 23-47-803 Substitution of subsidiary trust company or national trust company for affiliated bank
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(a) A subsidiary trust company or national trust company and one (1) or more of its affiliated banks may enter into one (1) or more agreements under which the subsidiary trust company or national trust company is substituted as fiduciary for each affiliated bank in each fiduciary…
Ark. Code Ann. § 23-47-804 Removal of accounts from operation of substitution agreement — Denial of substitution
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(a) A fiduciary account may be removed from the operation of the agreement by an amendment to the agreement filed with the Bank Commissioner before the effective date stated in the agreement. (b) The substitution of a subsidiary trust company or national trust company as fiduciar…
Ark. Code Ann. § 23-47-805 Deposits
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(a) A subsidiary trust company or national trust company may deposit with an affiliated bank fiduciary funds that are being held pending investment, distribution, or payment of debts. (b) A subsidiary trust company or national trust company may deposit with an affiliated bank fid…
Ark. Code Ann. § 23-47-806 Responsibility for acts and omissions
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(a) The bank holding company owning a subsidiary trust company or national trust company shall file with the Bank Commissioner an irrevocable undertaking to be fully responsible for the existing and future fiduciary acts and omissions of its subsidiary trust company or national t…
Ark. Code Ann. § 23-47-807 Qualification as successor fiduciary
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(1) For the purposes of qualification as successor fiduciary under any requirements contained in any document creating a fiduciary account or any statute of this state relating to fiduciary accounts, the subsidiary trust company or national trust company:(1) Is considered to have…
Ark. Code Ann. § 23-47-901 Safe deposit facilities — Liability of lessor
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(a) A bank may lease safe-deposit boxes for the keeping of property on terms as may be agreed to by the parties. (b) No bank shall be liable for any loss of the property in a safe-deposit box by theft, robbery, fire, or other cause.
Ark. Code Ann. § 23-47-902 Multiple-party leases
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(a) If a safe-deposit box is held in the name of two (2) or more persons, any one (1) of such persons shall be entitled to access the safe-deposit box and shall be permitted to remove the contents thereof, and the bank shall not be responsible for any damage arising by reason of …
Ark. Code Ann. § 23-47-903 Lease to a minor
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A bank may lease a safe-deposit box to a minor and in connection therewith, deal with him or her to the same effect as if leasing to and dealing with a person of full legal capacity.
Ark. Code Ann. § 23-47-904 Limiting right of access for failure to comply with security procedures
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If any lessee is unwilling or unable to comply with any of the bank's normal requirements or procedures in connection with access to a safe-deposit box relating to security, safety, or protection, the bank has the right to limit or deny access to the safe-deposit box by that less…
Ark. Code Ann. § 23-47-905 Adverse claims to contents of safe-deposit box
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Notice to a bank of an adverse claim to the contents of a safe-deposit box shall not be sufficient to require the bank to deny access to its lessee unless the adverse claimant also procures a restraining order, injunction, or other process, which has become final and not further …
Ark. Code Ann. § 23-47-906 Remedies and procedures for nonpayment of rent
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(a) If the safe-deposit box rental is delinquent for six (6) months, the bank, after at least thirty (30) days' notice by certified mail, return receipt requested, addressed to the lessee at the lessee's last known address on the books of the bank, may, if the rent is not paid wi…
Ark. Code Ann. § 23-48-1001 Application for certificate of authority
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(a) An out-of-state bank that desires to operate a branch location in the State of Arkansas, whether initial entry into the state is by an interstate merger transaction or establishment of a full-service branch, shall apply for a certificate of authority to transact banking busin…
Ark. Code Ann. § 23-48-1002 Amended certificate of authority
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(a) A registered out-of-state bank shall apply for an amended certificate of authority from the Bank Commissioner if it changes:(1) The name of the bank;(2) The period of its duration; or(3) The state or country under which it is chartered. (1) The name of the bank; (2) The perio…
Ark. Code Ann. § 23-48-1003 Effect of certificate of authority
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(a) A certificate of authority authorizes the out-of-state bank to which it is issued to transact business in this state subject, however, to the right of the state to revoke the certificate as provided in this chapter. (b) An out-of-state bank with a valid certificate of authori…
Ark. Code Ann. § 23-48-1004 Registered office and registered agent of out-of-state bank
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(1) Each registered out-of-state bank must continuously maintain in this state:(1) A registered office that may be the same as any of its places of business; and(2) A registered agent, who may be:(A) An individual who resides in this state and whose business office is identical w…
Ark. Code Ann. § 23-48-1005 Change of registered office or registered agent of out-of-state bank
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(a) A registered out-of-state bank may change its registered office or registered agent by delivering to the Bank Commissioner for filing a statement of change that sets forth:(1) Its name;(2) The street address of its current registered office;(3) If the current registered offic…
Ark. Code Ann. § 23-48-1006 Resignation of registered agent of out-of-state bank
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(a) The registered agent of an out-of-state bank may resign his or her agency appointment by signing and delivering to the Bank Commissioner for filing the original and two (2) exact or conformed copies of a statement of resignation. The statement of resignation may include a sta…
Ark. Code Ann. § 23-48-1007 Service on out-of-state banks
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(a) The registered agent of a registered out-of-state bank is the bank's agent for service of process, notice, or demand required or permitted by law to be served on the out-of-state bank. (b) A registered out-of-state bank may be served by registered or certified mail, return re…
Ark. Code Ann. § 23-48-1008 Withdrawal of out-of-state bank
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(a) A registered out-of-state bank may not withdraw from this state until it obtains a certificate of withdrawal from the Bank Commissioner. (b) A registered out-of-state bank may apply for a certificate of withdrawal by delivering an application to the commissioner for filing. T…
Ark. Code Ann. § 23-48-1009 Grounds for revocation
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(1) The Bank Commissioner may commence a proceeding under § 23-48-1010 to revoke the certificate of authority of a registered out-of-state bank if:(1) The out-of-state bank does not deliver its annual franchise tax report to the Secretary of State within sixty (60) days after it …
Ark. Code Ann. § 23-48-101 Banks subject to gross receipts and compensating use taxes
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All banks shall be subject to the Arkansas Gross Receipts Act, § 26-52-101 et seq., and the Arkansas Compensating Tax Act, § 26-53-101 et seq.
Ark. Code Ann. § 23-48-1010 Procedure for and effect of revocation
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(a) If the Bank Commissioner determines that one (1) or more grounds exist under § 23-48-1009 for revocation of a certificate of authority, he or she shall serve the out-of-state bank with written notice of his or her determination under § 23-48-1007. (b) (1) If an out-of-state b…
Ark. Code Ann. § 23-48-1011 Appeal from revocation
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(a) (1) An out-of-state bank may appeal the Bank Commissioner's revocation of its certificate of authority to the Pulaski County Circuit Court within thirty (30) days after service of the certificate of revocation is perfected under § 23-48-1007.(2) The out-of-state bank appeals …
Ark. Code Ann. § 23-48-102 Trust companies no longer subject to banking laws
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(a) All trust companies, other than national trust companies and subsidiary trust companies, in existence on May 30, 1997, must cease operations as a trust company. (b) Trust companies, other than subsidiary trust companies and national trust companies, which have not become bank…
Ark. Code Ann. § 23-48-103 Bank holidays — Definition
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(a) (1) Any bank, subsidiary trust company, or national trust company doing business in this state may close its office for the transaction of business upon any day which has been or may hereafter be set apart or designated under the laws of this state or of the United States as …
Ark. Code Ann. § 23-48-104 Dealings with agents, fiduciaries, etc
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(1) A bank dealing, whether to its own benefit or otherwise, with, through, or under any person who is or may be an officer, employee, member, agent, trustee, representative, or other fiduciary of another person shall not be deemed to have notice of nor be obligated to inquire as…
Ark. Code Ann. § 23-48-105 Agents for affiliate — Definitions
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(a) (1) As used in this section, “institution” means a bank, savings and loan association, or savings bank organized under the laws of any state or the United States.(2) For the purpose of determining what constitutes an affiliated institution in this section, “control”, as it pe…
Ark. Code Ann. § 23-48-106 Exemption from posting bond in certain transactions
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(a) Except when the dollar amount of responsibility assumed exceeds its capital base, no bank chartered or licensed to do business in this state shall be required to furnish fidelity, surety, or performance bond, in business transactions involving:(1) Garnishment;(2) Replevin;(3)…