Browse Arkansas Code titles and sections
23-36-113. Reserves.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-36-113. Reserves.
(a) All industrial loan institutions shall establish, as a reserve against the choses in action, investment certificates, contracts, or agreements, described in § 23-36-108, not less than fifteen percent (15%) of the amount of the indebtedness thus created.
(b)(1) Not less than twenty percent (20%) of this reserve shall be in cash in the actual possession of the industrial loan institution or on demand deposit in approved state or national banks located in Arkansas and insured by the Federal Deposit Insurance Corporation.
(2) The remaining portion of the reserve shall be invested in Treasury bills or certificates of deposit of not more than six (6) months' maturity, in repurchase agreements, in bankers' acceptances, or in federal funds.
(c) However, choses in action, investment certificates, contracts, or agreements issued under § 23-36-108 and held by the industrial loan institution as security for its own loans cannot be considered as an indebtedness for which a reserve must be maintained under this section.
(d) An industrial loan institution shall be given credit against the reserve requirements created as authorized by this chapter for any reserve funds held as required by the laws or regulations of the federal government.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-36-113
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:23-36-113
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6d98a0ef71a35e7df42a15110653f3ec8d9e26405c20365c5bff2ac983d9e3a2
Source location: content.xml paragraph 17036
Stored source content
23-36-113. Reserves.
(a) All industrial loan institutions shall establish, as a reserve against the choses in action, investment certificates, contracts, or agreements, described in § 23-36-108, not less than fifteen percent (15%) of the amount of the indebtedness thus created.
(b)(1) Not less than twenty percent (20%) of this reserve shall be in cash in the actual possession of the industrial loan institution or on demand deposit in approved state or national banks located in Arkansas and insured by the Federal Deposit Insurance Corporation.
(2) The remaining portion of the reserve shall be invested in Treasury bills or certificates of deposit of not more than six (6) months' maturity, in repurchase agreements, in bankers' acceptances, or in federal funds.
(c) However, choses in action, investment certificates, contracts, or agreements issued under § 23-36-108 and held by the industrial loan institution as security for its own loans cannot be considered as an indebtedness for which a reserve must be maintained under this section.
(d) An industrial loan institution shall be given credit against the reserve requirements created as authorized by this chapter for any reserve funds held as required by the laws or regulations of the federal government.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-36-108. Powers generally.
(a) Industrial loan institutions shall be empowered to purchase, sell, discount, or negotiate bonds, notes, or other choses in action and issue, as evidence therefor, investment certificates, contracts, or agreements under any descriptive name. They may bear such interest, if any, as their terms may provide and may require the payment to the industrial loan institution of such amounts, from time to time, as their terms may provide. The industrial loan institution may permit the withdrawal or cancellation of amounts paid upon the bonds, notes, or other choses in action, in whole or in part, from time to time, and may credit amounts thereon upon such conditions as may be set forth therein.
(b) The industrial loan institution shall have the right to lend money upon the collateral deposit of, and the compliance of the borrowers with the terms of, any investment certificate, contract, or agreements issued under subsection (a) of this section.
(c) All industrial loan institutions operating under the provisions of this chapter shall so distinguish their operations and so qualify them as not to perform any of the functions of a commercial bank, savings bank, or trust company, outside of the specific authority provided for their operation under this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-36-108
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 23-36-108. This identifies an authority to review, not proof of applicability.