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23-48-105. Agents for affiliate — Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-105. Agents for affiliate — Definitions.
(a)(1) As used in this section, “institution” means a bank, savings and loan association, or savings bank organized under the laws of any state or the United States.
(2) For the purpose of determining what constitutes an affiliated institution in this section, “control”, as it pertains to the definition of “affiliate”, has the meaning set forth in § 2(a)(2) of the Bank Holding Company Act of 1956, 12 U.S.C. § 1841.
(b) Any state bank may, upon compliance with the requirements of this section, agree to receive deposits, renew time deposits, close loans, service loans, receive payments on loans and other obligations, perform such other services as may receive the prior approval of the Bank Commissioner, and act as an agent for any affiliated institution.
(c) A state bank that proposes to enter into an agency agreement under this section shall, prior to entering into such an agreement, file with the commissioner:
(1) A notice of intention to enter into an agency agreement with an affiliated institution;
(2) A description of the services proposed to be performed under the agency agreement; and
(3) A copy of the agency agreement.
(d)(1) If any proposed service is not specifically designated in subsection (b) of this section, and has not previously been approved in a State Bank Department rule, the commissioner shall decide whether to approve the offering of the service after receipt of the notice required in subsection (c) of this section.
(2) In deciding whether to approve any proposed service that is not specifically designated in subsection (b) of this section, the commissioner shall consider whether the service would be consistent with applicable federal and state law and the safety and soundness of the pri
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-105
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.
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Stable record: arkansas_code:legal_authorities:23-48-105
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4b1fb2d409ddcd9387d2e5ec0f5a41e09f2208001e028d7842a5c21494587273
Source location: content.xml paragraph 23279
Stored source content
23-48-105. Agents for affiliate — Definitions.
(a)(1) As used in this section, “institution” means a bank, savings and loan association, or savings bank organized under the laws of any state or the United States.
(2) For the purpose of determining what constitutes an affiliated institution in this section, “control”, as it pertains to the definition of “affiliate”, has the meaning set forth in § 2(a)(2) of the Bank Holding Company Act of 1956, 12 U.S.C. § 1841.
(b) Any state bank may, upon compliance with the requirements of this section, agree to receive deposits, renew time deposits, close loans, service loans, receive payments on loans and other obligations, perform such other services as may receive the prior approval of the Bank Commissioner, and act as an agent for any affiliated institution.
(c) A state bank that proposes to enter into an agency agreement under this section shall, prior to entering into such an agreement, file with the commissioner:
(1) A notice of intention to enter into an agency agreement with an affiliated institution;
(2) A description of the services proposed to be performed under the agency agreement; and
(3) A copy of the agency agreement.
(d)(1) If any proposed service is not specifically designated in subsection (b) of this section, and has not previously been approved in a State Bank Department rule, the commissioner shall decide whether to approve the offering of the service after receipt of the notice required in subsection (c) of this section.
(2) In deciding whether to approve any proposed service that is not specifically designated in subsection (b) of this section, the commissioner shall consider whether the service would be consistent with applicable federal and state law and the safety and soundness of the principal and agent institutions.
(e) A state bank may not under an agency agreement:
(1) Conduct any activity as an agent that it would be prohibited from conducting as a principal under applicable state or federal law; or
(2) Have an agent conduct any activity that the state bank, as principal, would be prohibited from conducting under applicable state or federal law.
(f) The commissioner may order a state bank or any other institution subject to the commissioner's enforcement powers to cease acting as an agent or principal under any agency agreement that the commissioner finds to be inconsistent with safe and sound banking practices.
(g) Notwithstanding any other provision of the law of this state, a state bank acting as an agent for an affiliated institution in accordance with this section shall not be considered to be a branch of that institution.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)**
(1) Except as provided in paragraph (5) of this subsection, “bank holding company” means any company which has control over any bank or over any company that is or becomes a bank holding company by virtue of this chapter.
(2) Any company has control over a bank or over any company if—
(A) the company directly or indirectly or acting through one or more other persons owns, controls, or has power to vote 25 per centum or more of any class of voting securities of the bank or company;
(B) the company controls in any manner the election of a majority of the directors or trustees of the bank or company; or
(C) the Board determines, after notice and opportunity for hearing, that the company directly or indirectly exercises a controlling influence over the management or policies of the bank or company.
(3) For the purposes of any proceeding under paragraph (2)(C) of this subsection, there is a presumption that any company which directly or indirectly owns, controls, or has power to vote less than 5 per centum of any class of voting securities of a given bank or company does not have control over that bank or company.
(4) In any administrative or judicial proceeding under this chapter, other than a proceeding under paragraph (2)(C) of this subsection, a company may not be held to have had control over any given bank or company at any given time unless that company, at the time in question, directly or indirectly owned, controlled, or had power to vote 5 per centum or more of any class of voting securities of the bank or company, or had already been found to have control in a proceeding under paragraph (2)(C).
(5) Notwithstanding any other provision of this subsection—
(A) No bank and no company owning or controlling voting shares of a bank is a bank hold
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1841
Stored review status: release_metadata_unconfirmed. The source passage cites 12 U.S.C. § 1841. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1216
TITLE 12—BANKS AND BANKING
§ 1841
Sec.
1842.
Acquisition of bank shares or assets.
1843.
Interests in nonbanking organizations.
1844.
Administration.
1845.
Repealed.
1846.
Reservation of rights to States.
1847.
Penalties.
1848.
Judicial review.
1848a.
Repealed.
1849.
Saving provision.
1850.
Acquisition of subsidiary and tying arrange-
ment: Federal Reserve Board proceedings;
application for authorization; competitor as
party in interest and person aggrieved; judi-
cial review.
1850a.
Securities holding companies.
1851.
Prohibitions on proprietary trading and cer-
tain relationships with hedge funds and pri-
vate equity funds.
1852.
Concentration limits on large financial firms.
§ 1841. Definitions
(a)(1) Except as provided in paragraph (5) of
this subsection, ‘‘bank holding company’’ means
any company which has control over any bank
or over any company that is or becomes a bank
holding company by virtue of this chapter.
(2) Any company has control over a bank or
over any company if—
(A) the company directly or indirectly or
acting through one or more other persons
owns, controls, or has power to vote 25 per
centum or more of any class of voting securi-
ties of the bank or company;
(B) the company controls in any manner the
election of a majority of the directors or
trustees of the bank or company; or
(C) the Board determines, after notice and
opportunity for hearing, that the company di-
rectly or indirectly exercises a controlling in-
fluence over the management or policies of the
bank or company.
(3) For the purposes of any proceeding under
paragraph (2)(C) of this subsection, there is a
presumption that any company which directly
or indirectly owns, controls, or has power to
vote less than 5 per centum of any
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1841
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 1841. This identifies an authority to review, not proof of applicability.