This bill proposes the transfer of the administrative functions of the State Securities Department to the State Bank Department within the Department of Commerce. It establishes that while the administrative functions will be transferred, the statutory authority, powers, duties, functions, records, personnel, property, and unexpended balances of appropriations of the State Securities Department will remain intact. The bill also clarifies that existing orders, rules, and standards of the State Securities Department will continue to be in effect until amended or repealed.

Additionally, the bill amends various sections of the Arkansas Code to reflect this transfer and to enhance the collaboration between the Securities Commissioner and the Bank Commissioner. Notable amendments include the Securities Commissioner now reporting to the Bank Commissioner, and the creation of a Credit Union Division under the State Securities Department, which will also be administered in consultation with the Bank Commissioner. The bill aims to streamline the regulatory framework and improve the efficiency of oversight for financial institutions in Arkansas.

Statutes affected:
SB 418: 4-30-207(a), 15-4-1228, 15-4-1220, 18-50-102(a), 23-35-201, 23-37-206(b), 23-42-201(a)
Act 475: 4-30-207(a), 15-4-1228, 15-4-1220, 18-50-102(a), 23-35-201, 23-37-206(b), 23-42-201(a)