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Arkansas Code Title 19. Public Finance § 19-3-516. Discontinuance as bank depository

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) A bank depository that refuses to cash upon presentation by the payee within thirty (30) days of issuance a state warrant of five hundred dollars ($500) or less drawn upon the State Treasury or a bank check of five hundred dollars ($500) or less issued by a state agency shall:

(1) Be discontinued immediately as a bank depository; and

(2) For a period of time determined by the State Board of Finance, be ineligible for reinstatement as a bank depository.

(b) This section does not prevent a bank depository from:

(1) Taking a reasonable time to make proper identification of the persons and signatures of payees named in warrants or checks; or

(2) Seeking indemnification for losses from cashing warrants or checks for persons other than the payees named in the warrants or checks.

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Cite this article: FindLaw.com - Arkansas Code Title 19. Public Finance § 19-3-516. Discontinuance as bank depository - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-19-public-finance/ar-code-sect-19-3-516/

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