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23-51-188. Administrative orders — Penalties for violation.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-188. Administrative orders — Penalties for violation.
(a) In addition to any other powers conferred by this chapter, the Bank Commissioner shall have the power to:
(1) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist violating any provision of this chapter or any lawful rule issued thereunder;
(2) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist from a course of conduct that is unsafe or unsound and which is likely to cause insolvency or dissipation of assets or is likely to jeopardize or otherwise seriously prejudice the interests of the public in their relationship with the authorized trust institution;
(3) Order any company to cease engaging in an unauthorized trust activity;
(4) Enter any order pursuant to § 23-51-182.
(b) The commissioner may impose a civil money penalty of not more than one thousand dollars ($1,000) for each violation by any authorized trust institution, or subsidiary thereof, or any director, officer, or employee of an order issued under subdivision (a)(1) of this section. Provided further, the commissioner may impose a civil money penalty of not more than five hundred dollars ($500) per day for each day that an authorized trust institution, or subsidiary thereof, or any director, officer, or employee violates a cease and desist order issued under subdivision (a)(2) or subdivision (a)(3) of this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-188
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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Record provenance
Stable record: arkansas_code:legal_authorities:23-51-188
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 12ae021e242cc41990a28347317aa28138ee3661f1ca7528c547ea5518ada7c6
Source location: content.xml paragraph 26217
Stored source content
23-51-188. Administrative orders — Penalties for violation.
(a) In addition to any other powers conferred by this chapter, the Bank Commissioner shall have the power to:
(1) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist violating any provision of this chapter or any lawful rule issued thereunder;
(2) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist from a course of conduct that is unsafe or unsound and which is likely to cause insolvency or dissipation of assets or is likely to jeopardize or otherwise seriously prejudice the interests of the public in their relationship with the authorized trust institution;
(3) Order any company to cease engaging in an unauthorized trust activity;
(4) Enter any order pursuant to § 23-51-182.
(b) The commissioner may impose a civil money penalty of not more than one thousand dollars ($1,000) for each violation by any authorized trust institution, or subsidiary thereof, or any director, officer, or employee of an order issued under subdivision (a)(1) of this section. Provided further, the commissioner may impose a civil money penalty of not more than five hundred dollars ($500) per day for each day that an authorized trust institution, or subsidiary thereof, or any director, officer, or employee violates a cease and desist order issued under subdivision (a)(2) or subdivision (a)(3) of this section.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-182. Enforcement.
(a)(1) Consistent with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., after notice and opportunity for hearing, the Bank Commissioner may determine:
(A) That an office maintained by an out-of-state trust institution in this state is being operated in violation of any provision of the laws of this state or in an unsafe and unsound manner; or
(B) That a company is engaged in an unauthorized trust activity
(2) In either event, the commissioner shall have the authority to take all such enforcement actions as he or she would be empowered to take if the office or the company were a state trust company, including but not limited to issuing an order temporarily or permanently prohibiting the company from engaging in a trust business in this state.
(b) In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any action permitted by subsection (a) of this section without notice or opportunity for hearing, but shall promptly afford a subsequent hearing upon an application to rescind the action taken. The commissioner shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state trust institution and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-182
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 23-51-182. This identifies an authority to review, not proof of applicability.