§ 15-4-1226 - Supervision of companies. - Arkansas Statutes

15-4-1226. Supervision of companies.

(a) (1) Each company organized under the provisions of this subchapter shall be subject to the general supervision and control of the Bank Commissioner.

(2) In addition to the other duties imposed upon them by law, the powers of the Bank Commissioner are to:

(A) Make reasonable rules and regulations which may be necessary to regulate the safety and soundness of the companies for making this subchapter effective;

(B) Conduct investigations which may be necessary to determine whether any person has engaged in or is about to engage in any act or practice constituting a violation of any provision of this subchapter or of the laws of this state;

(C) Conduct any examinations, investigations, and hearings which may be necessary and proper for the efficient administration of the county and regional industrial development company laws of this state and to charge the company for the expense of such examination, investigation, or hearing at the rate of two hundred twenty-five dollars ($225) per examiner per day or partial day; and

(D) (i) Within the Bank Commissioner's discretion, classify as confidential certain records and information obtained by the State Bank Department when such matters are obtained from an investigation or examination by the department's staff.

(ii) However, applications shall be public documents.

(b) With respect to 15-4-1220, each company organized under the provisions of this subchapter shall be subject to the specific regulation and control of the Securities Commissioner, who shall have the authority to:

(1) Make reasonable rules and regulations which may be necessary for making 15-4-1220 effective;

(2) Conduct investigations and hearings which may be necessary to determine whether any person has engaged in or is about to engage in any act or practice constituting a violation of 15-4-1220 and to charge the company for the expense of such an investigation or hearing at the rate of two hundred twenty-five dollars ($225) per investigator per day or partial day;

(3) Conduct any examinations, investigations, and hearings which may be necessary and proper for the efficient administration and application of 15-4-1220 to county and regional industrial development companies; and

(4) Within the Securities Commissioner's discretion, classify as confidential certain records and information obtained by the Securities Commissioner when such matters are obtained from an investigation or examination by the State Bank Department's staff.