This legal document governs the requirements for anti-money laundering (AML) programs and reports. It applies to licensees and authorized delegates operating in the financial services industry. The document mandates that licensees comply with state and federal laws, rules, and regulations related to the detection and prevention of money laundering. Licensees are required to maintain an AML program, which includes internal controls, independent compliance testing, designated individuals responsible for compliance, training for personnel, and risk-based procedures for ongoing customer due diligence.

The Personal Information Protection Act in Arkansas requires any person or business that acquires, owns, or licenses computerized data containing personal information to disclose any breach of the security of the system to affected residents of Arkansas. The disclosure must be made in a timely manner and without unreasonable delay, taking into account the needs of law enforcement and measures necessary to determine the scope of the breach and restore the integrity of the data system.

(a) Except as provided by subsection (c) of this section, a corporation may not lend money to or guarantee the obligation of a director of the corporation unless: (1) the particular loan or guarantee is approved by a majority of the votes represented by the outstanding voting shares of all classes, voting as a single voting group, except the votes of shares owned by or voted under the control of the benefited director; or (2) the corporation’s board of directors determines that the loan or guarantee benefits the corporation and either approves the specific loan or guarantee or a general plan authorizing loans and guarantees.

This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearinghouse rules, or agreement. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve bank or specified by the person to receive settlement. The time of settlement varies depending on the method of tender, such as cash, credit in a Federal Reserve bank account, credit or debit to a bank account, or funds transfer.

This legal document, part of the Arkansas Code under the Uniform Commercial Code, pertains to the final payment of items by payor banks, provisional settlements, and the availability of funds for withdrawal. It outlines the conditions under which an item is considered finally paid by a payor bank, including payment in cash, settlement without the right to revoke, or failure to revoke a provisional settlement within the permitted time. It also explains that if provisional settlement does not become final, the item is not considered finally paid.

This legal document governs the procedures and requirements related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. It applies specifically to payor banks. The document outlines the conditions under which a payor bank can settle for a demand item and the actions it can take to revoke the settlement and recover the payment. It also specifies the time limits and methods for returning items or sending notice of dishonor.

This legal document, found in the Arkansas Code under Business and Commercial Law, specifically in the Uniform Commercial Code section on Bank Deposits and Collections, pertains to the collection of items by payor banks. It states that any knowledge, notice, stop-payment order, or legal process received by the bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account if certain conditions are met.

This legal document, found in the Arkansas Code under Business and Commercial Law, specifically in the Uniform Commercial Code section, pertains to the relationship between a payor bank and its customer regarding bank deposits and collections. According to this document, a bank has the authority to charge a customer’s account for an item that is properly payable from that account, even if it creates an overdraft. An item is considered properly payable if it is authorized by the customer and complies with any agreement between the customer and the bank.

This legal document, found in the Arkansas Code under the Business and Commercial Law section, specifically in the Uniform Commercial Code related to Bank Deposits and Collections, addresses the customer’s right to stop payment and the burden of proof of loss. According to this document, a customer or any authorized person can stop payment of any item drawn on the customer’s account or close the account by providing an order to the bank.

A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than six (6) months after its date, but it may charge its customer’s account for a payment made thereafter in good faith. History. Acts 1961, No. 185, 4-404; A.S.A. 1947, 85-4-404; Acts 1991, No. 572, 6. Research References U. Ark. Little Rock L.J. SurveyBusiness Law, 14 U.