Arkansas Code Title 23, Subtitle 2, Chapter 36 - Industrial Loan Institutions
- § 23-36-101 - Definition.
As used in this chapter, unless the context otherwise requires, "industrial loan institution" means any corporation organized under the general corporation laws of this...
- § 23-36-102 - Stock Ownership.
At least two-thirds (2/3) of the stock of an industrial loan institution shall be owned by bona fide residents of the State of Arkansas.
- § 23-36-103 - Directors.
(a) At least three-fourths (3/4) of the number of directors of any industrial loan institution shall be residents of the county in which the...
- § 23-36-104 - Corporate Title.
(a) Every corporation authorized by the Bank Commissioner to operate pursuant to the provisions of this chapter shall be known as an industrial loan...
- § 23-36-105 - Supervision by Bank Commissioner.
(a) Every institution transacting the business of an industrial loan institution as defined by this chapter, whether as a separate business or in connection...
- § 23-36-106 - Statement on Call.
(a) Every industrial loan institution operating under the supervision of the Bank Commissioner shall make to the commissioner, whenever required by him or her,...
- § 23-36-107 - Examinations and Fees.
(a) (1) Every industrial loan institution shall pay to the Bank Commissioner, within ten (10) days after notice from the commissioner, in the months...
- § 23-36-108 - Powers Generally.
(a) Industrial loan institutions shall be empowered to purchase, sell, discount, or negotiate bonds, notes, or other choses in action and issue, as evidence...
- § 23-36-109 - Loan Limits.
The total liabilities to any industrial loan institution of any person, corporation, company, or firm for money borrowed, including in the liabilities of the...
- § 23-36-110 - Loans Insured by Federal Government.
(a) Subject to any regulations which the Bank Commissioner finds to be necessary and proper, industrial loan institutions are authorized: (1) To make loans...
- § 23-36-111 - Prohibited Loans.
No industrial loan institution shall make any loans directly or indirectly to its officers or directors or to any employee, nor make any loans...
- § 23-36-112 - Late Charge for Default in Payment.
Industrial loan institutions are authorized under this chapter to impose a late charge of five cents (5cent(s)) for each default of the payment of...
- § 23-36-113 - Reserves.
(a) All industrial loan institutions shall establish, as a reserve against the choses in action, investment certificates, contracts, or agreements, described in ยง 23-36-108,...
- § 23-36-114 - Deposit of Funds.
No industrial loan institution shall deposit any of its funds in any banking corporation unless the corporation has been designated as a depository by...
- § 23-36-115 - Dividends.
An industrial loan institution operating under this chapter may, under proper authority from the board of directors of the industrial loan institution, declare a...
- § 23-36-116 - Authority of Bank Commissioner to Take Charge.
(a) The Bank Commissioner may forthwith take possession of the business and property of any industrial loan institution to which this chapter is applicable...
- § 23-36-117 - Classification of Creditors -- Payment of Claims.
(a) All creditors of an industrial loan institution of which the commissioner has taken charge are classifiable either as secured creditors, prior creditors, or...
Last modified: November 15, 2016