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Can you summarize 23 ARCO Chapter 46?
Financial Institutions And Securities > State Bank Department and State Banking Board
Short Summary
This legal document pertains to the State Bank Department and State Banking Board within the Arkansas Code, specifically under the section of Public Utilities and Regulated Industries. It governs the regulation and oversight of financial institutions and securities within the state. The document establishes the authority and responsibilities of the State Bank Department and State Banking Board in ensuring the proper functioning and compliance of financial institutions and securities in Arkansas. It also governs the confidentiality of records held by the State Bank Department, specifying certain records that shall be confidential and not exhibited or revealed to the public. The document grants the commissioner the power to promulgate rules regarding the disclosure of confidential information. Additionally, the document establishes the State Bank Department as a division of the Department of Commerce and outlines the powers and duties of the Bank Commissioner. It also establishes the State Banking Board, outlining its composition, responsibilities, and decision-making processes. The document provides guidelines for conducting regular and special meetings of the State Banking Board and outlines the filing requirements for applications related to state banks. It also addresses the power of the State Banking Board to set and impose fees for applications. Furthermore, the document establishes the Examination of Technology Service Providers Act, which addresses the risks associated with the connections between banks and technology service providers in Arkansas. The act grants the Bank Commissioner the authority to examine technology service providers and adopt additional procedures and impose sanctions for violations. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
State Bank Department in Arkansas, financial institutions, and entities engaging in financial activities
What does it govern?
State Bank Department and State Banking Board
What are exemptions?
Disclosure under a validly issued subpoena and in the interest of justice, official orders of the department, and disclosure to state and federal regulatory agencies with jurisdiction over financial institutions or entities engaging in financial activities
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Arkansas