Stricken language would be deleted from and underlined language would be added to present law.
Act 576 of the Regular Session
1 State of Arkansas
2 93rd General Assembly A Bill
3 Regular Session, 2021 SENATE BILL 511
4
5 By: Senator J. Dismang
6
7 For An Act To Be Entitled
8 AN ACT TO AMEND THE LAW CONCERNING A BROKER OF A
9 SAVINGS AND LOAN ASSOCIATION; TO REMOVE THE LICENSURE
10 REQUIREMENTS TO ACT AS A BROKER OF A SAVINGS AND LOAN
11 ASSOCIATION; TO AMEND THE LAW CONCERNING FOREIGN
12 SAVINGS AND LOAN ASSOCIATIONS; AND FOR OTHER
13 PURPOSES.
14
15
16 Subtitle
17 TO AMEND THE LAW CONCERNING A BROKER OF A
18 SAVINGS AND LOAN ASSOCIATION; AND TO
19 AMEND THE LAW CONCERNING FOREIGN SAVINGS
20 AND LOAN ASSOCIATIONS.
21
22
23 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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25 SECTION 1. Arkansas Code 19-6-201(27), concerning savings and loan
26 associations' application fees, is amended to read as follows:
27 (27) Savings and loan associations' application fees, annual
28 fees, amendment fees, examination fees, broker's license fees, and other
29 miscellaneous fees, as enacted by Acts 1963, No. 227, 23-37-101 23-37-
30 107, 23-37-201, 23-37-202, 23-37-203 [repealed], 23-37-204, 23-37-205
31 [repealed], 23-37-206 23-37-212, 23-37-213 [repealed], 23-37-214, 23-37-301
32 23-37-315, 23-37-401, 23-37-403, 23-37-405, 23-37-406, 23-37-501 23-37-
33 510, 23-37-511 [repealed], 23-37-512, 23-37-601 23-37-603 23-37-601, and
34 23-37-701 23-37-705;
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36 SECTION 2. Arkansas Code 23-37-101(3), concerning the definition of
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1 "broker" used in reference to savings and loan associations, is repealed.
2 (3) Broker means a person, firm, or corporation who acts for
3 or on behalf of any foreign savings and loan association or its agents, in
4 soliciting or receiving applications for or funds for a savings account in
5 any foreign savings and loan association;
6
7 SECTION 3. Arkansas Code 23-37-107(10), concerning the fees for a
8 broker license, is repealed.
9 (10) For issuing a broker's license or for the annual renewal of
10 a broker's license, a fee of five hundred dollars ($500);
11
12 SECTION 4. Arkansas Code 23-37-602 is repealed.
13 23-37-602. Agents, brokers, etc., generally.
14 Unless acting as an agent for and on behalf of an association, no
15 person, firm, or corporation shall, in this state, unless then licensed
16 therefor pursuant to this chapter:
17 (1) Act or hold himself or herself out as an agent, broker, or
18 solicitor for others of savings accounts for foreign savings and loan
19 associations;
20 (2) Advertise in this state for the placing of savings accounts
21 in foreign savings and loan associations; or
22 (3) Collect, receive, or transmit any funds or take applications
23 for the opening of savings accounts in any foreign savings and loan
24 association.
25
26 SECTION 5. Arkansas Code 23-37-603 is repealed.
27 23-37-603. Broker's license.
28 (a) Application for a broker's license shall be made to the Supervisor
29 of Savings and Loan Associations by the applicant and signed and sworn to by
30 the applicant. The form of the application shall be prescribed by the
31 supervisor and shall require full answers to any questions which may
32 reasonably be necessary to determine the applicant's identity, residence,
33 personal history, business record, experience, and other facts required by
34 the supervisor to determine whether the applicant meets the qualifications
35 for the license applied for.
36 (b) All applications shall be accompanied by the applicable license
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1 fee.
2 (c) As a prerequisite to issuing a broker's license, the applicant
3 shall file with the supervisor a bond, in the form prescribed by the
4 supervisor. This bond shall be in the principal amount of twenty thousand
5 dollars ($20,000) with a corporate surety, conditioned on the faithful
6 performance of the applicant's duties as a broker and the payment of all
7 claims arising out of the performance by the applicant of his or her duties
8 as a broker. The bond shall remain in full force and effect so long as the
9 broker's license is outstanding.
10 (d) The supervisor shall promptly issue licenses applied for to
11 persons qualified therefor in accordance with this section. The license
12 shall state the name and address of the licensee, the date of issue, and
13 shall provide for a termination on January 31 of each year.
14 (e) For the protection of the people of this state, the supervisor
15 shall not issue, continue, or permit to exist any broker's license except in
16 compliance with this chapter, and as to any person not possessing the
17 following qualifications:
18 (1) The person must be of legal age;
19 (2) The person must be of good character;
20 (3) The person must have filed with the supervisor a bond
21 pursuant to the terms of this section; and
22 (4) The person must have filed with the supervisor copies of all
23 advertisements which the broker proposes to use in this state.
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25
26 APPROVED: 4/6/21
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Statutes affected: SB 511: 19-6-201(27), 23-37-101(3), 23-37-107(10)
Act 576: 19-6-201(27), 23-37-101(3), 23-37-107(10)