§ 23-55-1001. Uniformity of application and construction
In applying and construing this Uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among States that enact it.
§ 23-55-1002. Severability clause
If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable.
§ 23-55-1003. Effective date
This chapter takes effect January 1, 2008.
§ 23-55-1006. License terms
Effective January 1, 2012: (1) a license for a money transmission issued or renewed under this chapter shall expire on December 31 of each year unless it is terminated by surrender, abandonment, a change of employment, or order of the commissioner; and (2) a license for a currency exchange issued or renewed under this chapter […]
§ 23-55-1007. Multistate automated licensing system
(a) The Securities Commissioner may: (1) Enter into an arrangement, agreement, or other working relationship with federal, state, or self-regulatory authorities, the Conference of State Bank Supervisors, or a subsidiary entity owned by the Conference of State Bank Supervisors to file and maintain documents in a multistate automated licensing system or other central depository system; […]
§ 23-55-901. Administrative proceedings
All administrative proceedings under this chapter must be conducted in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.
§ 23-55-902. Hearings
(a) Except as otherwise provided in §§ 23-55-803 and 23-55-807, the commissioner may not suspend or revoke a license, issue an order to cease and desist, suspend or revoke the designation of an authorized delegate, or assess a civil penalty without notice and an opportunity to be heard. (b) The commissioner shall also hold a […]
§ 23-55-605. Records
(a) A licensee shall maintain the following records for determining its compliance with this chapter for at least three years: (1) a record of each payment instrument or stored-value or prepaid access obligation sold; (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts; (3) bank statements and […]
§ 23-55-606. Anti-money laundering program and reports
(a) Every licensee shall comply with all state and federal laws, rules, and regulations relating to the detection and prevention of money laundering. (b) Every licensee shall maintain an anti-money laundering program in accordance with 31 C.F.R. § 103.125. The program shall be reviewed and updated as necessary to ensure that the program continues to […]
§ 23-55-607. Confidentiality
(a) Unless otherwise specified in this section, all information filed with the commissioner shall be available for public inspection under rules promulgated by the commissioner consistent with state and federal law governing the disclosure of public information. (b) Except for reasonably segregable portions of information and records that by law would routinely be made available […]