Browse Arkansas Code titles and sections
23-40-118. Agent for deposit of contract proceeds.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-40-118. Agent for deposit of contract proceeds.
(a) Each organization subject to this chapter shall designate an agent or agents, either by names of the individuals or by titles of their offices or positions, who shall be responsible for the deposit of contract proceeds collected under contracts for prepaid funeral benefits. The organization shall notify the Insurance Commissioner of the designation within ten (10) days after it becomes subject to this chapter and shall also notify the commissioner of any change in the designation within ten (10) days after the change occurs.
(b) If any person acting on behalf of the seller collects any contract proceeds under a contract for prepaid funeral benefits and fails to deliver it within ten (10) days after collection to a designated agent, or if any designated agent fails to deposit the contract proceeds within twenty (20) days after receipt of proceeds, he or she shall be punished as prescribed in § 23-40-106(a)(2).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-40-118
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:23-40-118
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3f491a56818ba4ab445cf8d1acb7feb766985cec6f09c430c049e0f488a9cd4d
Source location: content.xml paragraph 19517
Stored source content
23-40-118. Agent for deposit of contract proceeds.
(a) Each organization subject to this chapter shall designate an agent or agents, either by names of the individuals or by titles of their offices or positions, who shall be responsible for the deposit of contract proceeds collected under contracts for prepaid funeral benefits. The organization shall notify the Insurance Commissioner of the designation within ten (10) days after it becomes subject to this chapter and shall also notify the commissioner of any change in the designation within ten (10) days after the change occurs.
(b) If any person acting on behalf of the seller collects any contract proceeds under a contract for prepaid funeral benefits and fails to deliver it within ten (10) days after collection to a designated agent, or if any designated agent fails to deposit the contract proceeds within twenty (20) days after receipt of proceeds, he or she shall be punished as prescribed in § 23-40-106(a)(2).
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
23-40-106. Violations — Penalties.
(a)(1) An officer, director, agent, or employee of an organization subject to this chapter who makes, or attempts to make, a contract in violation of this chapter, or refuses to allow an inspection of the organization's records shall be punished by a fine of not less than one thousand dollars ($1,000) and not more than ten thousand dollars ($10,000), or by imprisonment in the county jail for at least six (6) months and not more than twelve (12) months, or by both fine and imprisonment.
(2)(A) An officer, director, agent, or employee of an organization is guilty of a Class D felony if the officer, director, agent, or employee:
(i) Collects contract proceeds on cash-funded prepaid funeral contracts and fails to deposit the proceeds with a trustee as required under § 23-40-114; or
(ii) Collects proceeds on insurance-funded or annuity-funded contracts, or both, and fails to forward the proceeds to the insurance company or the third-party administrator within twenty (20) business days.
(B) A person convicted of a violation of § 23-40-114 shall be ordered to pay restitution to persons aggrieved by the violation.
(C) Restitution shall be ordered in addition to a fine or imprisonment.
(b) Each violation of any provision of this chapter shall be deemed a separate offense and prosecuted individually.
(c) The Criminal Investigation Division shall have jurisdiction to investigate and prosecute any officer, director, agent, or employee of any organization who collects contract proceeds on cash-funded prepaid funeral contracts and fails to deposit such funds with a trustee as required under § 23-40-114.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-40-106
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 23-40-106. This identifies an authority to review, not proof of applicability.