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23-49-102. Department taking possession — Procedure.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-49-102. Department taking possession — Procedure.
(a) In addition to the powers conferred upon the Bank Commissioner and the State Bank Department, the commissioner may take possession of the business and property of any institution which the commissioner supervises whenever it appears to the commissioner that the institution:
(1) Is insolvent or in imminent danger of insolvency;
(2) Is in an unsafe or unsound condition;
(3) Has refused to pay its deposits or obligations in accordance with the terms under which those deposits or obligations were incurred;
(4) Has concealed or refused to submit books, papers, records, or affairs of the institution for inspection to any examiner or to any lawful agent of the appropriate federal financial institution regulatory agency or of the department;
(5) Has substantially dissipated assets or earnings due to:
(A) Any violation of any law or rule; or
(B) An unsafe or unsound practice;
(6) Has requested through its board of directors that the department take possession for the benefit of depositors, other creditors, shareholders, or other persons;
(7) Has an impairment of its capital as is currently required to be maintained by the department;
(8) Has neglected or refused, for a period of at least thirty (30) days, to comply with the terms of a final order of the department or final order of a federal financial institution's regulatory agency essential to preserve the solvency of the institution; or
(9) Has failed to pay the fees charged by the department under § 23-46-509 after due notice of the amount of the fee has been given.
(b) Whenever it appears to the department that any one (1) or more of the conditions in subsection (a) of this section exists as to any institution, the department shall cause a ce
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-49-102
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:23-49-102
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b6186066642aa11444fd1c2ce92a334893c46fcaf63df4a87f377a6175d30efa
Source location: content.xml paragraph 24741
Stored source content
23-49-102. Department taking possession — Procedure.
(a) In addition to the powers conferred upon the Bank Commissioner and the State Bank Department, the commissioner may take possession of the business and property of any institution which the commissioner supervises whenever it appears to the commissioner that the institution:
(1) Is insolvent or in imminent danger of insolvency;
(2) Is in an unsafe or unsound condition;
(3) Has refused to pay its deposits or obligations in accordance with the terms under which those deposits or obligations were incurred;
(4) Has concealed or refused to submit books, papers, records, or affairs of the institution for inspection to any examiner or to any lawful agent of the appropriate federal financial institution regulatory agency or of the department;
(5) Has substantially dissipated assets or earnings due to:
(A) Any violation of any law or rule; or
(B) An unsafe or unsound practice;
(6) Has requested through its board of directors that the department take possession for the benefit of depositors, other creditors, shareholders, or other persons;
(7) Has an impairment of its capital as is currently required to be maintained by the department;
(8) Has neglected or refused, for a period of at least thirty (30) days, to comply with the terms of a final order of the department or final order of a federal financial institution's regulatory agency essential to preserve the solvency of the institution; or
(9) Has failed to pay the fees charged by the department under § 23-46-509 after due notice of the amount of the fee has been given.
(b) Whenever it appears to the department that any one (1) or more of the conditions in subsection (a) of this section exists as to any institution, the department shall cause a certified notice to be served on the president or other executive officer actively in charge of the institution and demand possession of the business, property, and records of the institution from the officer citing the reasons for such a demand from subsection (a) of this section. The institution shall immediately surrender the possession to the commissioner.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-46-509. Assessment fees, application fees, and other department fees.
(a) Every state bank and subsidiary trust company shall pay to the State Bank Department, within ten (10) days after notice from the Bank Commissioner in the months of January and July of each year, an assessment fee which will be charged in accordance with an assessment fee schedule approved by the commissioner.
(b) The commissioner, with the approval of the State Banking Board, shall also have the authority to establish a schedule of fees to be charged by the department relative to applications which are reviewed by the department, as well as a schedule of other fees to be charged for service performed by the department.
(c) For each examination made in excess of two (2) per year, the state bank or subsidiary trust company so examined shall pay an additional assessment equal to the January assessment of the year in which the excess examination is made.
(d)(1) The assessments provided for in this section may be reduced by the commissioner if the assessments, with other fees received by the department, produce a greater sum than is required to pay the expenses of the department.
(2) The assessments may be increased if not sufficient in connection with other fees received as aforesaid to defray the expenses of the department.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-46-509
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 23-46-509. This identifies an authority to review, not proof of applicability.