§ 23-50-101 - Prosecution of violations -- Nonliability of commissioner. - Arkansas Statutes

23-50-101. Prosecution of violations -- Nonliability of commissioner.

(a) The Bank Commissioner may initiate any appropriate civil or administrative action or remedy upon discovering a violation of this chapter or any other statute or regulation the enforcement of which is within the scope of his duty.

(b) Civil, administrative, or criminal actions initiated by the commissioner under this section which expose him or his estate to personal liability for damages, or otherwise, shall be defended by the State of Arkansas, and judgments, if any shall be obtained against him or his estate, shall be borne by the State of Arkansas.

(c) No person shall be subjected to any civil or criminal liability for any act or omission to act in good faith reliance upon an order or regulation of the State Bank Department notwithstanding a subsequent decision by a court invalidating the order or regulation.