As used in this chapter, unless the context otherwise requires, “industrial loan institution” means any corporation organized under the general corporation laws of this state, which is engaged in lending money, to be paid in weekly, monthly, or other periodical installments or principal sums, as a business. However, this definition shall not be construed to […]
At least two-thirds (2/3) of the stock of an industrial loan institution shall be owned by bona fide residents of the State of Arkansas.
(a) At least three-fourths (¾) of the number of directors of any industrial loan institution shall be residents of the county in which the city is located in which an industrial loan institution is organized or becomes active under this chapter. (b) Every director shall own and hold unencumbered not less than five hundred dollars […]
(a) Every corporation authorized by the Bank Commissioner to operate pursuant to the provisions of this chapter shall be known as an industrial loan institution and shall use the words “industrial loan institution” as part of its corporate title or in connection with its corporate title. (b) All persons, firms, associations, and corporations, except those […]
(a) Every institution transacting the business of an industrial loan institution as defined by this chapter, whether as a separate business or in connection with any other business, under the laws of and within this state, shall be subject to the provisions of this chapter and shall be under the supervision of the Bank Commissioner. […]
(a) Every industrial loan institution operating under the supervision of the Bank Commissioner shall make to the commissioner, whenever required by him or her, a statement of its assets and liabilities at the close of business on the day designated, which day shall be prior to the call of the commissioner. (b) The commissioner shall […]
(a) (1) Every industrial loan institution shall pay to the Bank Commissioner, within ten (10) days after notice from the commissioner, in the months of January and July of each year, a fixed fee of fifteen dollars ($15.00). In addition thereto, the industrial loan institution shall pay the commissioner a sum, ascertained according to the […]
(a) Industrial loan institutions shall be empowered to purchase, sell, discount, or negotiate bonds, notes, or other choses in action and issue, as evidence therefor, investment certificates, contracts, or agreements under any descriptive name. They may bear such interest, if any, as their terms may provide and may require the payment to the industrial loan […]
The total liabilities to any industrial loan institution of any person, corporation, company, or firm for money borrowed, including in the liabilities of the company or firm the liabilities of the several members thereof, shall at no time exceed twenty percent (20%) of the actually paid-up capital and surplus of the industrial loan institution. However, […]
(a) Subject to any rules which the Bank Commissioner finds to be necessary and proper, industrial loan institutions are authorized: (1) To make loans and advances of credit and purchases of obligations representing loans and advancement of credit which are insured by the Federal Housing Administrator and to obtain such insurance; (2) To make any […]
No industrial loan institution shall make any loans directly or indirectly to its officers or directors or to any employee, nor make any loans on capital stock of its own issue.
Industrial loan institutions are authorized under this chapter to impose a late charge of five cents (5¢) for each default of the payment of one dollar ($1.00), or a fraction thereof, at the time any periodical installment upon a certificate assigned as collateral security for the payment of a loan, under § 23-36-108, after payment […]
(a) All industrial loan institutions shall establish, as a reserve against the choses in action, investment certificates, contracts, or agreements, described in § 23-36-108, not less than fifteen percent (15%) of the amount of the indebtedness thus created. (b) (1) Not less than twenty percent (20%) of this reserve shall be in cash in the […]
No industrial loan institution shall deposit any of its funds in any banking corporation unless the corporation has been designated as a depository by vote of a majority of directors, or of the executive committee, exclusive of any director who is an officer, director, or trustee of the depository so designated, present at any duly […]
An industrial loan institution operating under this chapter may, under proper authority from the board of directors of the industrial loan institution, declare a dividend of so much of the net profits of the industrial loan institution, after providing for all expenses, losses, reserves, interest, and taxes accrued or due by the industrial loan institution, […]
(a) The Bank Commissioner may forthwith take possession of the business and property of any industrial loan institution to which this chapter is applicable whenever it shall appear that the industrial loan institution: (1) Has violated its charter or any laws applicable thereto; (2) Is conducting its business in an unauthorized or unsafe manner; (3) […]
(a) All creditors of an industrial loan institution of which the commissioner has taken charge are classifiable either as secured creditors, prior creditors, or general creditors. (b) (1) A secured creditor shall be a creditor who has security for his or her debt upon the property of the industrial loan institution of a nature to […]
