There is created and established, at the seat of government of this state, a department to be known as the “State Bank Department”. The State Bank Department shall be a division of the Department of Commerce.
(a) An appropriate seal shall be procured to be the official seal for the State Bank Department. (b) Every paper executed by the Bank Commissioner in pursuance of the authority conferred upon him or her by law and sealed with the seal of the department or certified by the department shall be received in evidence […]
(a) The Governor, by and with the advice and consent of the Senate, shall appoint a Bank Commissioner who shall: (1) Be a resident of this state; (2) Be at least thirty (30) years of age; and (3) Have not less than five (5) years’ experience either in practical banking or in the bank department […]
(a) The Bank Commissioner shall be charged with the general supervision of financial institutions, the execution of all laws passed by the State of Arkansas relating to the organization, operations, inspection, supervision, control, liquidation, and dissolution of banks, bank holding companies, subsidiary trust companies, and the general commercial banking business of Arkansas, and such other […]
(a) (1) The Bank Commissioner, in consultation with the Secretary of the Department of Commerce, shall employ from time to time the assistants, examiners, clerks, stenographers, counsel, and other personnel as he or she may find necessary to properly and efficiently discharge the duties of his or her office. (2) The commissioner shall be authorized […]
(a) (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, […]
(a) The Bank Commissioner shall keep a true and perfect record of all of the business of the State Bank Department and shall make monthly reports to the Auditor of State of all fees he or she collects. (b) All fees and other revenues received by the department shall be deposited into the State Treasury […]
(a) The Bank Commissioner shall make an annual report to the Secretary of the Department of Commerce of the work and the business of the State Bank Department, which shall embrace a statement of all receipts and expenditures and the name, officers, directors, domicile, capital, surplus, net profits, and deposits of each state bank, in […]
(a) The State Bank Department shall retain its general records for at least ten (10) years, with the following exceptions: (1) Transcripts of hearings before the State Banking Board or the Bank Commissioner shall be retained for at least three (3) years; (2) Applications submitted to the department shall be retained for at least three […]
(a) The General Assembly: (1) Finds that in the event of an emergency, the Bank Commissioner should be authorized to take appropriate action to expedite the recovery of a community affected by the emergency and to encourage banks to meet the credit, deposit, and other financial needs of the community; and (2) Intends by the […]
