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From Fair Lending to Foreclosures: New Laws Impact a Variety of Banking Functions
NEW LAWS IMPACT A VARIETY OF BANKING FUNCTIONS
photographs courtesy Office of the Arkansas Secretary of State
Your Arkansas Bankers Association staff and members were hard at work in the legislative session that recessed in April. Nearly 20 bills that affected aspects of banking and finance became law.
Two of those new laws – Act 313 (cross-collateralization clauses) and Act 1015 (elder abuse protection) - have additional articles in this issue of our magazine.
OTHER BILLS THAT GARNERED ATTENTION INCLUDED:
ACT 248 (HB 1361) To provide for the tax treatment of certain loans, payments, and expenses related to coronavirus 2019 (COVID-19) relief programs; and to declare an emergency.
ACT 253 (SB 11) To allow Arkansas corporations and Arkansas banks to hold annual or special shareholder meetings remotely; and to declare an emergency.
ACT 423 (HB 1449)
To create "carmack's law"; and concerning the ability of a distributee of a small estate to make bank deposits on behalf of a deceased person's estate.
ACT 531 (SB 149)
To amend the fair mortgage lending act.
ACT 559 (HB 1487) Concerning business liability for a person exposed to coronavirus 2019 (COVID-19); and to declare an emergency.
ACT 570 (HB 1162) To amend the law concerning beneficiary deeds; and to prohibit the recovery of benefits against an interest acquired from a deceased recipient by a grantee of a beneficiary deed in certain circumstances.
ACT 801 (HB 1718) To amend provisions of the Arkansas trust code concerning creditor claims against property held in spendthrift and discretionary trusts.
ACT 804 (HB 1518) To amend the law concerning the creation of a trust; and to amend the law concerning a power of attorney as it relates to the creation and validity of a trust.
ACT 984 (HB 1835) To amend the law concerning a residential contractor's lien notice requirement.
ACT 1025 (SB 599) To establish the Arkansas financial education commission.
ACT 1046 (SB 312) To amend the law concerning ownership and possession of real property.
ACT 1047 (SB 340) To regulate the witnessing of certain documents by a notary public; to allow for remote witnessing of certain documents by a notary public; and to declare an emergency.
ACT 1078 (HB 1926) Concerning the uniform commercial code; and to clarify control of virtual currency under the uniform commercial code
