AffectingLegislationBanks

Senate Bill 418

Sponsor: Sen. Jonathan Dismang, Rep. John Maddox

AN ACT TO TRANSFER THE ADMINISTRATIVE FUNCTIONS OF THE STATE SECURITIES DEPARTMENT TO THE STATE BANK DEPARTMENT; TO AMEND THE LAW CONCERNING THE ORGANIZATION OF THE STATE SECURITIES DEPARTMENT; AND FOR OTHER PURPOSES.

This bill would put the Arkansas Securities Department under the supervision of the Arkansas Bank Department.

House Bill 1431

Sponsors: Rep. Robin Lundstrum, Rep. John Maddox, Sen. Clint Penzo

AN ACT TO AMEND DEFINITIONS UNDER THE ARKANSAS TRUST CODE; TO AMEND THE ARKANSAS TRUST CODE TO ALLOW FOR THE DECANTING OF TRUSTS; AND FOR OTHER PURPOSES.

This bill redefines a number of areas of the Arkansas trust code. Specifically, it offers new definitions and requirements for a pooled trust, second trust, special needs trust, third-party trust and unitrust.

House Bill 1439

Sponsors: Rep. John Maddox, Sen. Jonathan Dismang

AN ACT TO MODIFY THE FAIR MORTGAGE LENDING ACT; TO CLARIFY THE PROCESS OF SPONSORSHIP UNDER THE FAIR MORTGAGE LENDING ACT; AND TO AMEND THE REQUIREMENTS FOR A LICENSE UNDER THE FAIR MORTGAGE LENDING ACT.

The biggest aspect of this measure deals with loan officers who leave their organizations and their rights to engage in mortgage loan activity. The bill states that “if the employment of a loan officer or transitional loan officer is surrendered or canceled, then the sponsor [a mortgage broker or mortgage banker] shall terminate the sponsorship of the loan officer or transitional loan officer with the [bank] commissioner within thirty (30) days from the date that the loan officer or transitional loan officer ceased to be employed or ceased activities for the sponsor. The termination of a sponsorship extinguishes the right of the loan officer or transitional loan officer to engage in any mortgage loan activity.”

Hb 1484

Sponsors: Rep. John Maddox, Sen. Jonathan Dismang

AN ACT TO AMEND THE LAW CONCERNING THE OPERATION OF BANK FACILITIES; AND FOR OTHER PURPOSES.

If an Arkansas bank is required to temporarily close a branch office in another state due to an event beyond a bank's control (such as an emergency), then upon written permission by the Bank Commissioner, the bank may close a branch office temporarily if the services at the site are expected to be restored in a timely manner.

A branch office shall not be closed for more than three consecutive business days due to a temporary interruption in service.

The commissioner may grant an extension for a bank to close a branch office temporarily for an additional two business days if the bank submits a written request that demonstrates the necessity for a longer closure period. "Business day" means Monday through Saturday, except for a state or federal holiday.