23-47-709. Revocation — Procedures available.

23-47-709. Revocation — Procedures available. (a)(1) In addition to the authority conferred by any other law, if, in the opinion of the Bank Commissioner, a state bank is unlawfully or unsoundly operating a trust department or exercising, or has unlawfully or unsoundly operated or exercised, or has failed for a period of five (5) consecutive years to operate a trust department or exercise the powers granted by this subchapter, or otherwise fails or has failed to comply with the requirements of this subchapter, the commissioner may issue and serve upon the bank a notice of intent to revoke the authority of the bank to operate its trust department and exercise the powers granted by this subchapter. (2) The notice shall contain a statement of the facts constituting the alleged unlawful or unsound operation or exercise of powers, or failure to operate or exercise powers, or failure to comply, and shall fix a time and place at which a hearing will be held to determine whether an order revoking the authority to exercise the powers should issue against the bank. (b) The hearing shall be conducted in accordance with the provisions of the Arkansas Administrative Procedure Act, § 25-15-201 et seq., and shall be fixed for a date not earlier than thirty (30) days nor later than sixty (60) days after service of the notice unless an earlier or later date is set by the commissioner at the request of any state bank so served. (c)(1) Unless the state bank so served shall appear at the hearing by an authorized representative, it shall be deemed to have consented to the issuance of the revocation order. (2) In the event of consent, or if upon the record made at the hearing, the commissioner shall find that any allegation specified in the notice of charges has been established, the commissioner may issue and serve upon the state bank an order prohibiting it from accepting any new or additional trust accounts and revoking authority to operate its trust department and exercise any and all powers granted by this subchapter, except that the order shall permit the bank to continue to service all previously accepted trust accounts pending their expeditious divestiture or termination. (d) A revocation order shall become effective not earlier than the expiration of thirty (30) days after service of the order upon the state bank so served, except in the case of a revocation order issued upon consent, which shall become effective at the time specified therein, and shall remain effective and enforceable, except to the extent that it is stayed, modified, terminated, or set aside by action of the commissioner or a reviewing court.