Skip to main content
Find a Lawyer

Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-42-305. Corporate surety bonds--Alternatives

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

(a)(1) The Securities Commissioner shall require registered broker-dealers, investment advisers, and an agent for the issuer to maintain a bond in such form and amount as he or she may by rule prescribe.

(2) However, this subsection does not apply to any registered investment adviser that maintains its principal place of business in a state other than Arkansas that:

(A) Is registered or licensed as such in the state in which it maintains its principal place of business; and

(B) Is in compliance with the applicable bonding requirements of the state in which it maintains its principal place of business.

(b) The following apply to those bonds required to be posted with the commissioner under subsection (a) of this section:

(1) The total liability of the surety to all persons, cumulative or otherwise, shall not exceed the amounts specified in the bond;

(2) Every bond shall provide that a suit shall not be maintained to enforce any liability on the bond unless brought within five (5) years after the sale or other act upon which it is based; and

(3) Every bond shall provide for suit on the bond by any person who has a cause of action under this chapter.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-42-305. Corporate surety bonds--Alternatives - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-42-305/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard