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 provisions in the Arkansas Code to reflect this new department. It updates the list of state entities within the Department of Commerce to include the Department of Financial Services and specifies that the State Bank Department will now operate under this new department. These changes aim to streamline financial oversight and regulation within the state.

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