Arkansas § 23-40-106 Violations - Penalties

Arkansas Statutes

§ 23-40-106 — Violations - Penalties

Arkansas § 23-40-106

Title23

This text of Arkansas § 23-40-106 (Violations - Penalties) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 23-40-106 (2026).

Text

(a)(1) An officer, director, agent, or employee of an organization subject to this chapter who makes, or attempts to make, a contract in violation of this chapter, or refuses to allow an inspection of the organization's records shall be punished by a fine of not less than one thousand dollars ($1,000) and not more than ten thousand dollars ($10,000), or by imprisonment in the county jail for at least six (6) months and not more than twelve (12) months, or by both fine and imprisonment.

(2)(A) An officer, director, agent, or employee of an organization is guilty of a Class D felony if the officer, director, agent, or employee:

(i)Collects contract proceeds on cash-funded prepaid funeral contracts and fails to deposit the proceeds with a trustee as required under § 23-40-114 ; or (ii) Col

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(a) (1) An officer, director, agent, or employee of an organization subject to this chapter who makes, or attempts to make, a contract in violation of this chapter, or refuses to allow an inspection of the organization's records shall be punished by a fine of not less than one thousand dollars ($1,000) and not more than ten thousand dollars ($10,000), or by imprisonment in the county jail for at least six (6) months and not more than twelve (12) months, or by both fine and imprisonment. (2) (A) An officer, director, agent, or employee of an organization is guilty of a Class D felony if the officer, director, agent, or employee: (i) Collects contract proceeds on cash-funded prepaid funeral contracts and fails to deposit the proceeds with a trustee as required under § 23-40-114 ; or (ii) Collects proceeds on insurance-funded or annuity-funded contracts, or both, and fails to forward the proceeds to the insurance company or the third-party administrator within twenty (20) business days. (B) A person convicted of a violation of § 23-40-114 shall be ordered to pay restitution to persons aggrieved by the violation. (C) Restitution shall be ordered in addition to a fine or imprisonment. (b) Each violation of any provision of this chapter shall be deemed a separate offense and prosecuted individually. (c) The Criminal Investigation Division shall have jurisdiction to investigate and prosecute any officer, director, agent, or employee of any organization who collects contract proceeds on cash-funded prepaid funeral contracts and fails to deposit such funds with a trustee as required under § 23-40-114 .