Arkansas Statutes
§ 23-64-223 — Fiduciary duties of licensees
Arkansas·Title 23
(a)All funds, fees, moneys, premiums, or return premiums received by a licensee in the capacity as a licensee shall be trust funds so received by the licensee in a fiduciary capacity, and the licensee shall in the applicable regular course of business account for and pay these funds, fees, moneys, premiums, or return premiums to the insured, insurer, licensee, or any other person entitled thereto.
(b)Any licensee who, not being lawfully entitled thereto, diverts or appropriates those funds or any portion thereof to his or her own use shall upon conviction be guilty of theft of property and shall be punished as provided by law.
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Related
State v. Hagan-Sherwin
158 S.W.3d 156 (Supreme Court of Arkansas, 2004)
Dyer v. Arkansas Insurance Department
2015 Ark. App. 446 (Court of Appeals of Arkansas, 2015)
Legislative History
Acts 1959, No. 148, § 174; 1985, No. 804, § 14; A.S.A. 1947, § 66-2831; Acts 1997, No. 1004, § 1.
Nearby Sections
15
§ 23-1-101
Definitions§ 23-1-103
Compliance with Acts 1935, No. 324, and rules of commission required - Penalties for noncompliance§ 23-1-106
Penalties cumulative - Recovery of penalty not bar to further penalty or criminal prosecution§ 23-1-108
Jurisdiction and venue of actions§ 23-1-110
Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
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