The bill amends existing laws regarding the operation of bank facilities in Arkansas, specifically focusing on the powers of the Bank Commissioner during emergencies. It allows the Bank Commissioner to declare a state of emergency not only within Arkansas but also in another state, provided that the declaration is limited to an affected branch of an Arkansas state-chartered bank and that prior notice is given to the relevant banking authority in that state. Additionally, the bill authorizes the commissioner to temporarily modify or suspend banking laws and regulations to assist affected banks in maintaining customary services and financial stability.

Furthermore, the bill introduces provisions for bank holidays and temporary closures of bank branches. It specifies that banks may close for one business day each week unless a temporary interruption in service is authorized. In cases where a bank must temporarily close due to uncontrollable events, the Bank Commissioner can grant permission for the closure, which cannot exceed three consecutive business days, with the possibility of a two-day extension upon request. The bill also clarifies the definition of a "business day" as Monday through Saturday, excluding holidays.

Statutes affected:
HB 1484: 23-46-212(a)
Act 298: 23-46-212(a)