Browse Arkansas Code titles and sections
23-47-208. Deferred income investment accounts.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-47-208. Deferred income investment accounts.
(a) On behalf of depositors, state banks may create and open deferred income investment accounts of the following types:
(1) The depositor makes a deposit of a lump sum, and the bank agrees to pay the depositor an agreed monthly or annual payment for life or for a term certain beginning immediately or at some time in the future; and
(2) The depositor makes a deposit periodically on an agreed basis, and the bank agrees to pay the depositor, on a periodic basis beginning at some time in the future for life or a term certain, an agreed monthly or annual payment.
(b) The depositor and the state bank may agree that:
(1) A partial refund of the deposit may occur upon specified events, or no refund may occur;
(2) The depositor may elect to stop payments from the bank for a term;
(3) The payments may go to designated beneficiaries in all cases both before and after death of the depositor;
(4) The amount of the payments to the bank and to the depositor will be fixed for the term agreed upon; or
(5) The payment to the depositor will be determined by an index or criteria beyond the control of the depositor or bank.
(c) The Bank Commissioner shall promulgate such rules as may be necessary and proper to carry out the intent and purpose of this section and to issue cease and desist orders to any state bank found to be violating this section or State Bank Department rules. These department rules shall incorporate §§ 23-81-121 — 23-81-128, where applicable.
(d) The deferred income investment accounts allowed in this section shall be exempt from §§ 23-42-501 and 23-42-502.
(e) It is the intent of this section that distributions from deferred income investment accounts be treated as nontaxable to the greatest extent
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-47-208
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:23-47-208
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 55a2c0a44982fa6f1c85afdd02f3a9f392d55b39fc5673aeb6398e10079e318d
Source location: content.xml paragraph 22670
Stored source content
23-47-208. Deferred income investment accounts.
(a) On behalf of depositors, state banks may create and open deferred income investment accounts of the following types:
(1) The depositor makes a deposit of a lump sum, and the bank agrees to pay the depositor an agreed monthly or annual payment for life or for a term certain beginning immediately or at some time in the future; and
(2) The depositor makes a deposit periodically on an agreed basis, and the bank agrees to pay the depositor, on a periodic basis beginning at some time in the future for life or a term certain, an agreed monthly or annual payment.
(b) The depositor and the state bank may agree that:
(1) A partial refund of the deposit may occur upon specified events, or no refund may occur;
(2) The depositor may elect to stop payments from the bank for a term;
(3) The payments may go to designated beneficiaries in all cases both before and after death of the depositor;
(4) The amount of the payments to the bank and to the depositor will be fixed for the term agreed upon; or
(5) The payment to the depositor will be determined by an index or criteria beyond the control of the depositor or bank.
(c) The Bank Commissioner shall promulgate such rules as may be necessary and proper to carry out the intent and purpose of this section and to issue cease and desist orders to any state bank found to be violating this section or State Bank Department rules. These department rules shall incorporate §§ 23-81-121 — 23-81-128, where applicable.
(d) The deferred income investment accounts allowed in this section shall be exempt from §§ 23-42-501 and 23-42-502.
(e) It is the intent of this section that distributions from deferred income investment accounts be treated as nontaxable to the greatest extent possible under section 72 of the Internal Revenue Code of 1986.
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
23-42-501. Sale of unregistered nonexempt securities.
It is unlawful for any person to offer or sell any security in this state unless:
(1) It is registered under this chapter;
(2) The security or transaction is exempted under § 23-42-503 or § 23-42-504; or
(3) It is a covered security.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-501
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 23-42-501. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-42-502. Filing of prospectus, sales literature, etc.
The Securities Commissioner, by rule or order, may require the filing of any prospectus, pamphlet, circular, form letter, advertisement, television, radio, or other sales literature or advertising communication addressed or intended for distribution to prospective investors, including clients or prospective clients of an investment adviser, as part of a registered offering or as part of an exempt offering required to be filed under § 23-42-503(d) or § 23-42-504(b).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-502
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 23-42-502. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-121. Annuity and pure endowment contracts — Standard provisions required.
(a) No annuity or pure endowment contract, other than reversionary annuities, survivorship annuities, or group annuities and except as stated in this section, shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions specified in §§ 23-81-122 — 23-81-127. Any of the provisions not applicable to single premium annuities or single premium pure endowment contracts shall not, to that extent, be incorporated therein.
(b) This section shall not apply to contracts for deferred annuities included in, or upon the lives of beneficiaries under, life insurance policies.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-121
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 23-81-121. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-128. Reversionary annuities — Standard provisions required.
(a) Except as stated in this section, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions:
(1) Any reversionary annuity contract shall contain the provisions specified in §§ 23-81-122 — 23-81-126, except that under § 23-81-122 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue or deferred payment in lieu of providing for deduction of the payments from an amount payable upon settlement under the contract; and
(2) In reversionary annuity contracts, there shall be a provision that the contract may be reinstated at any time within three (3) years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the issuer on account of the contract be paid, or, within the limits permitted by the then-cash values of the contract, reinstated, with interest as to both payments and indebtedness at a rate to be specified in the contract but not exceeding six percent (6%) per annum compounded annually.
(b) This section shall not apply to group annuities or to annuities included in life insurance policies, and any of the provisions not applicable to single premium annuities shall not to that extent be incorporated therein.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-128
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 23-81-128. This identifies an authority to review, not proof of applicability.