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23-35-204. Reports — Penalty for failure to file.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-35-204. Reports — Penalty for failure to file.
(a) Credit unions subject to the provisions of this chapter shall report to the State Credit Union Supervisor annually, on or before February 1, on forms supplied by him or her for that purpose. Additional reports may be required by the supervisor, as is deemed necessary.
(b)(1) If any report remains in arrears for more than fifteen (15) days, a fine of five dollars ($5.00) for each day the report remains in arrears shall be levied against the offending credit union.
(2) If the report is not returned within thirty (30) days of the due date, the supervisor may, after written notice to the president of the credit union of his or her intention to do so, suspend or revoke the certificate of approval, take possession of the business and property of the credit union, and order its dissolution in accordance with § 23-35-704.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-35-204
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-35-204
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 454a03db11795ee00cd43b73e57786f801d91bda30dc37af456f1affc480987c
Source location: content.xml paragraph 16369
Stored source content
23-35-204. Reports — Penalty for failure to file.
(a) Credit unions subject to the provisions of this chapter shall report to the State Credit Union Supervisor annually, on or before February 1, on forms supplied by him or her for that purpose. Additional reports may be required by the supervisor, as is deemed necessary.
(b)(1) If any report remains in arrears for more than fifteen (15) days, a fine of five dollars ($5.00) for each day the report remains in arrears shall be levied against the offending credit union.
(2) If the report is not returned within thirty (30) days of the due date, the supervisor may, after written notice to the president of the credit union of his or her intention to do so, suspend or revoke the certificate of approval, take possession of the business and property of the credit union, and order its dissolution in accordance with § 23-35-704.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-35-704. Suspension of operations — Involuntary liquidation.
(a) If it shall appear that any credit union is bankrupt or insolvent, that it has willfully violated any of the provisions of this chapter, or that it is operating in an unsafe or unsound manner, the State Credit Union Supervisor shall issue an order temporarily suspending the credit union's operations. The board of directors of the credit union shall be given notice by registered mail of the suspension, which notice shall include a list of the reasons for the suspension and a list of the specific violations of this chapter.
(b) Upon receipt of the suspension notice, the credit union shall immediately cease all operations.
(c) The directors of the credit union shall then file a reply to the suspension notice with the supervisor within fifteen (15) days. They may request a hearing to present a plan of corrective actions proposed if they desire to continue operations, or they may request that the credit union be declared insolvent and that a liquidating agent be appointed.
(d)(1) If the credit union fails to answer the suspension notice or request a hearing, the supervisor may then revoke the credit union's charter, appoint a liquidating agent, and liquidate the credit union in accordance with § 23-35-705.
(2)(A) If the supervisor, after issuing notice of suspension and providing opportunity for a hearing, rejects the credit union's plan to continue operations, the supervisor may issue a notice of involuntary liquidation and appoint a liquidating agent.
(B) The credit union may request a stay of execution of this action by appealing to the circuit court of the jurisdiction in which the credit union is located.
(C) Involuntary liquidation may not be ordered prior to following the suspension proce
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-35-704
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-35-704. This identifies an authority to review, not proof of applicability.