§ 23-48-103 — Bank holidays - Definition

Arkansas § 23-48-103

• Jurisdiction: Arkansas
• Title: 23

Text

(a) (1) Any bank, subsidiary trust company, or national trust company doing business in this state may close its office for the transaction of business upon any day which has been or may hereafter be set apart or designated under the laws of this state or of the United States as a legal holiday. (2) All acts omitted or done by any bank, subsidiary trust company, or national trust company upon any such day shall have the same consequence and effect as if omitted or done upon the next succeeding business day. (b) (1) Any bank, subsidiary trust company, or national trust company transacting business in the State of Arkansas may close on any one (1) business day of each week unless a temporary interruption in service is authorized under subsection (d) of this section. (2) Any day upon which a bank, subsidiary trust company, or national trust company may elect to close shall, with respect to the institution, be deemed a holiday for all purposes and not a business day. (3) All acts omitted or done by a bank, subsidiary trust company, or national trust company upon any such day shall have the same consequence and effect as if omitted or done upon the next succeeding business day. (c) Any act authorized, required, or permitted to be performed at or with respect to any such bank, subsidiary trust company, or national trust company on the days closed may be performed on the next succeeding business day, and no liability or loss of rights of any kind shall result from the delay. (d) (1) If a bank is required to temporarily close a branch office due to an event beyond a bank's control, then upon written permission by the Bank Commissioner, the bank may close a branch office temporarily if the services at the site are expected to be restored in a timely manner. (2) A branch office shall not be closed for more than three (3) consecutive business days due to a temporary interruption in service under subdivision (d)(1) of this section. (3) The commissioner may grant an extension for a bank to close a branch office temporarily for an additional two (2) business days if the bank submits a written request that demonstrates the necessity for a longer closure period. (e) As used in this section, "business day" means Monday through Saturday, except for a state or federal holiday.

Legislative History

Amended by Act 2023, No. 298,§ 2, eff. 8/1/2023. Acts 1997, No. 89, § 1.