§ 23-50-101 — Prosecution of violations - Nonliability of commissioner

Arkansas § 23-50-101

• Jurisdiction: Arkansas
• Title: 23

Text

(a) The Bank Commissioner may initiate any appropriate civil or administrative action or remedy upon discovering a violation of the Arkansas Banking Code of 1997 or any other statute or rule the enforcement of which is within the scope of his or her duty. (b) Civil, administrative, or criminal actions initiated by the commissioner under this section which expose him or her or his or her estate to personal liability for damages, or otherwise, shall be defended by the State of Arkansas, and judgments, if any shall be obtained against him or her or his or her estate, shall be borne by the State of Arkansas. (c) No person shall be subjected to any civil or criminal liability for any act or omission to act in good faith reliance upon an order or rule of the State Bank Department notwithstanding a subsequent decision by a court invalidating the order or rule.

Legislative History

Amended by Act 2019, No. 315,§ 2559, eff. 7/24/2019. Acts 1997, No. 89, § 1.