The bill proposes the establishment of the Department of Financial Services within the Department of Commerce in Arkansas. It introduces a new section to the Arkansas Code, specifically 23-45-107, which outlines the creation of this department. The Department of Financial Services will include the State Bank Department and the State Securities Department, with the Bank Commissioner serving as its Director.

Additionally, the bill amends existing legal references to reflect this new structure. It updates Arkansas Code 25-43-302(a)(21) to indicate that the State Bank Department will now operate within the newly created Department of Financial Services. Furthermore, it adds a new subdivision to the same code section to formally recognize the Department of Financial Services as a state entity within the Department of Commerce.

Statutes affected:
SB 229: 25-43-302(a)