Arkansas § 23-47-707 Loans of trust funds to officers and employees prohibited - Penalties

Arkansas Statutes

§ 23-47-707 — Loans of trust funds to officers and employees prohibited - Penalties

Arkansas § 23-47-707

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This text of Arkansas § 23-47-707 (Loans of trust funds to officers and employees prohibited - 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. § 23-47-707 (2026).

Text

(a)It shall be unlawful for any state bank to lend to any officer, director, or employee any funds held in trust under the powers conferred by this subchapter, or to sell assets held in trust to any such persons, without the prior written approval of the Bank Commissioner.

(b)In the absence of the prior written approval of the commissioner, any officer, director, or employee making the loan or sale, or to whom the loan or sale is made is guilty of a Class D felony.

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(a) It shall be unlawful for any state bank to lend to any officer, director, or employee any funds held in trust under the powers conferred by this subchapter, or to sell assets held in trust to any such persons, without the prior written approval of the Bank Commissioner. (b) In the absence of the prior written approval of the commissioner, any officer, director, or employee making the loan or sale, or to whom the loan or sale is made is guilty of a Class D felony.