23-37-103. Authority to do business as savings and loan association.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-37-103. Authority to do business as savings and loan association.

23-37-103. Authority to do business as savings and loan association. (a) From and after March 13, 1963, it shall be unlawful for any person, firm, company, association, fiduciary, partnership, or corporation, by whatever name called, except banks, to do business as a savings and loan association or a building and loan association within this state or to maintain any office in this state for the purpose of doing such business, except: (1) Associations organized under the laws of this state and subject to this chapter; and (2) Federal associations chartered to do business in this state. (b) Any person, firm, or corporation, by whatever name known, except banks, which accepts funds from the public in the form of savings accounts, deposits, certificates of deposit, or similar evidences of indebtedness, and a substantial part of whose business is the making of loans on the security of real estate, shall be subject to all of the laws of this state governing the operation of a savings and loan or building and loan association.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-37-103

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.