Ark. Code Ann. » Title 23 Chapter 46
Arkansas Code Annotated

Ark. Code Ann. § 23-46-207 (2020)

Interests in financial institutions prohibited

✓ Arkansas Code release r76: Acts through about 2020 (2021-2025 sessions missing)
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    1. No employee or officer of the State Bank Department, or employee or officer of the Department of Commerce working within the State Bank Department, who participates in the examination of a financial institution, or who may be called upon to make an official decision or determination affecting the operation of a financial institution, shall be an officer, director, attorney, owner, or holder of stock in any state bank, registered out-of-state bank, or bank holding company which controls a state bank or a registered out-of-state bank, or receive, directly or indirectly, any payment or gratuity from any such organizations.
    2. A person subject to this section may not borrow money from a state bank or registered out-of-state bank which is an out-of-state state-chartered bank except as provided in subsection (b) of this section.
  2. A person subject to this section may:
    1. Be a depositor in any financial institution that the department regulates and participate in such overdraft programs associated with such deposit relationships as the commissioner may, by rule, allow; and
    2. Purchase banking services, other than credit services, under rates and terms generally available to other customers of the financial institution.

History. Acts 1997, No. 89, § 1; 1997, No. 408, § 3; 2019, No. 315, § 2525; 2019, No. 910, § 583.

Amendments. The 2019 amendment by No. 315 substituted “rule” for “regulation” in (b)(1).

The 2019 amendment by No. 910 inserted “or employee or officer of the Department of Commerce working within the State Bank Department” in (a)(1).

Notes of Decisions
Cited in 1 case, 1999–1999 · leading case: Ford v. Keith, 996 S.W.2d 20 (Ark. 1999).
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Ford v. Keith, 996 S.W.2d 20 (Ark. 1999). · cites it 4× “This case was originally filed in the Court of Appeals, but certified to this court under Rule 1-2 of the Rules of the Supreme Court. Standard of Review Decisions of the Banking Board and Commissioner are subject to the Arkansas Administrative Procedure Act, Ark.”
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