§ 23-46-207 — Interests in financial institutions prohibited

Arkansas § 23-46-207

• Jurisdiction: Arkansas
• Title: 23

Text

(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, shall be an officer, director, attorney, owner, or holder of stock in any state bank, registered out-of-state bank, or bank holding company which controls a state bank or a registered out-of-state bank, or receive, directly or indirectly, any payment or gratuity from any such organizations. (2) A person subject to this section may not borrow money from a state bank or registered out-of-state bank which is an out-of-state state-chartered bank except as provided in subsection (b) of this section. (b) A person subject to this section may: (1) Be a depositor in any financial institution that the department regulates and participate in such overdraft programs associated with such deposit relationships as the commissioner may, by rule, allow; and (2) Purchase banking services, other than credit services, under rates and terms generally available to other customers of the financial institution.

Legislative History

Amended by Act 2019, No. 315,§ 2525, eff. 7/24/2019. Amended by Act 2019, No. 910,§ 583, eff. 7/1/2019. Acts 1997, No. 89, § 1; 1997, No. 408, § 3.