Browse Arkansas Code titles and sections
23-66-609. Prohibited activities.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-66-609. Prohibited activities.
No person, depository institution, or affiliate of a depository institution who lends money or extends credit may:
(1) Use an advertisement or other insurance promotional material that would cause a reasonable person to mistakenly believe that the federal government or the state is responsible for the insurance sales activity of or stands behind the credit of the person, depository institution, or its affiliate;
(2) Use an advertisement or other insurance promotional material that would cause a reasonable person to mistakenly believe that the federal government or the state guarantees any return on an insurance product or is a source of payment on any insurance obligation of or sold by the person, depository institution, or its affiliate;
(3) Solicit or sell insurance unless it maintains separate books and records relating to the insurance transactions, including all files relating to and reflecting consumer complaints; or
(4)(A) Pay or receive any commission, brokerage fee, or other compensation as a producer unless the person holds a valid producer's license for the applicable class of insurance.
(B) However, an unlicensed person may make a referral to a licensed producer provided that the person does not:
(i) Sell, solicit, or negotiate insurance;
(ii) Discuss specific insurance policy terms and conditions; or
(iii) Make recommendations or offer advice concerning insurance policies or coverages.
(C)(i) The unlicensed person may be compensated for the referral.
(ii) However, in the case of a referral of a customer, the unlicensed person may be compensated only if the compensation is a fixed dollar amount for each referral that does not depend on whether the customer purchases the insurance product from the license
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-66-609
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:23-66-609
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c3526ccf864e0da2f678811a75901b74981a42337d20d953286d92337479562c
Source location: content.xml paragraph 38604
Stored source content
23-66-609. Prohibited activities.
No person, depository institution, or affiliate of a depository institution who lends money or extends credit may:
(1) Use an advertisement or other insurance promotional material that would cause a reasonable person to mistakenly believe that the federal government or the state is responsible for the insurance sales activity of or stands behind the credit of the person, depository institution, or its affiliate;
(2) Use an advertisement or other insurance promotional material that would cause a reasonable person to mistakenly believe that the federal government or the state guarantees any return on an insurance product or is a source of payment on any insurance obligation of or sold by the person, depository institution, or its affiliate;
(3) Solicit or sell insurance unless it maintains separate books and records relating to the insurance transactions, including all files relating to and reflecting consumer complaints; or
(4)(A) Pay or receive any commission, brokerage fee, or other compensation as a producer unless the person holds a valid producer's license for the applicable class of insurance.
(B) However, an unlicensed person may make a referral to a licensed producer provided that the person does not:
(i) Sell, solicit, or negotiate insurance;
(ii) Discuss specific insurance policy terms and conditions; or
(iii) Make recommendations or offer advice concerning insurance policies or coverages.
(C)(i) The unlicensed person may be compensated for the referral.
(ii) However, in the case of a referral of a customer, the unlicensed person may be compensated only if the compensation is a fixed dollar amount for each referral that does not depend on whether the customer purchases the insurance product from the licensed producer.
(D) Any person who accepts deposits from the public in an area where such transactions are routinely conducted in the depository institution may receive for each customer referral no more than a one-time, nominal fee of a fixed dollar amount for each referral that does not depend on whether the referral results in a transaction.
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.
No explicit source connection was found. This does not mean there are no relevant authorities.