§ 19-2-501. Purpose
The State of Arkansas and its political subdivisions have the responsibility to properly account for all financial transactions. In order to help fulfill this responsibility, the State of Arkansas and other public entities are required to maintain books and records of transactions. The State of Arkansas and its political subdivisions recognize that through the use […]
§ 19-2-502. Definition
As used in this subchapter, “public entity” means state agencies, including all constitutional offices and agencies, boards, and commissions, state institutions of higher education, municipalities, counties, school districts, education service cooperatives, improvement districts, and other public officials or public offices. Public entities shall maintain records of all transactions with financial institutions.
§ 19-2-503. Eligibility to accept public funds
In order for a financial institution to be eligible to be a depository of public funds, the financial institution must furnish the public entity documentation, as required in this subchapter, of transactions with or through that institution.
§ 19-2-504. Transaction summaries
On a monthly basis, financial institutions shall furnish public entities with statements summarizing all transactions of the public entity. Unless the public entity and the financial institution have a written agreement to receive digital images or copies in compliance with the provisions of this subchapter, the financial institutions shall return all original canceled checks to […]
§ 19-2-505. Approval by Arkansas Legislative Audit
(a) A financial institution desiring to provide public entities with images of canceled checks as provided in this subchapter shall provide a sample of imaged documents in one (1) or more of the following formats to Arkansas Legislative Audit for review: (1) Stored on a CD-ROM or similar tangible digital media; (2) Accessible through the […]
§ 19-2-506. Digital images or copies of documentation
(a) After a financial institution has received written notification from Arkansas Legislative Audit that the submitted samples of its imaged documents under § 19-2-505 comply with this subchapter and upon agreement with the public entity, the financial institution may provide the public entity canceled check images in the format and quality approved by Arkansas Legislative […]
§ 19-2-507. Request of records by Legislative Auditor
(a) Upon request by the Legislative Auditor, a financial institution shall provide a copy of a public entity’s financial information directly to Arkansas Legislative Audit staff without delay or approval from the public entity. (b) The financial institutions may provide the digital transaction statements and digital canceled check images to Arkansas Legislative Audit in a […]
§ 19-2-509. Effect on other laws
The provisions of this subchapter do not change, amend, or repeal any laws or rules regarding a financial institution’s normal obligations and responsibilities to maintain customer financial records.