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Can you summarize 23 ARCO Chapter 50?
Financial Institutions And Securities > Miscellaneous Violations of Banking Laws
Short Summary
The provided legal document content covers various violations of banking laws in Arkansas. It includes provisions for the prosecution of violations of the Arkansas Banking Code of 1997 or any other relevant statute or rule within the Bank Commissioner’s duty. The document also addresses the forfeiture of charter for institutions under the supervision of the State Bank Department if their directors knowingly violate any laws or department rules. It prohibits unauthorized persons from using certain words or phrases in connection with their business that may lead others to believe they are authorized to engage in banking activities. Spreading false rumors or statements about a bank is also prohibited. The document outlines actions that constitute a felony for officers, directors, agents, and employees of banks or subsidiary trust companies, such as embezzlement or willful misapplication of funds. It also prohibits false statements or entries in the books of financial institutions and the disclosure of information obtained by examiners. Additionally, the document addresses the certification of checks drawn upon a bank and the penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Bank Commissioner, individuals or entities violating the Arkansas Banking Code of 1997 or relevant statutes or rules, directors of institutions under the supervision of the State Bank Department, unauthorized persons using certain words or phrases in connection with their business, individuals spreading false rumors or statements about a bank, officers, directors, agents, and employees of banks or subsidiary trust companies, receivers or liquidating agents and their agents, attorneys, employees, or assistants, examiners, officers, directors, agents, or employees of any financial institution organized or doing business under the laws of the state
What does it govern?
Prosecution of violations of the Arkansas Banking Code of 1997 or any other relevant statute or rule within the Bank Commissioner's duty, forfeiture of charter for institutions under the supervision of the State Bank Department, unauthorized use of certain words or phrases in connection with business, spreading false rumors or statements about a bank, actions constituting a felony for officers, directors, agents, and employees of banks or subsidiary trust companies, false statements or entries in the books of financial institutions, disclosure of information obtained by examiners, certification of checks drawn upon a bank
What are exemptions?
Persons who can prove their authority to use certain prohibited words or phrases under the laws of this or another state or of the United States
What are the Penalties?
Violations of unauthorized use of certain words or phrases in connection with business are considered Class A misdemeanors. Actions constituting a felony for officers, directors, agents, and employees of banks or subsidiary trust companies may result in fines of up to one million dollars ($1,000,000) and imprisonment for up to thirty (30) years in the Arkansas penitentiary, or both. Violations of spreading false rumors or statements about a bank are considered Class A misdemeanors. Violations of false statements or entries in the books of financial institutions are considered Class A misdemeanors. Violations of disclosure of information obtained by examiners are considered Class D felonies. Violations of certification of checks drawn upon a bank are considered Class A misdemeanors.
Jurisdiction
Arkansas