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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-46-602. Definitions

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

As used in this subchapter:

(1) “Bank supervisory agency” means the same as defined in § 23-45-102;

(2)(A) “Covered service” means a service provided by a technology service provider to a depository institution in this state to the extent that the service is designed and marketed specifically for use by depository institutions to provide financial services to their customers.

(B) “Covered service” includes:

(i) Data processing services;

(ii) Activities that support financial services, including without limitation lending, funds transfer, fiduciary activities, trading activities, and deposit-taking;

(iii) Internet-related services, including without limitation web services, electronic bill payments, mobile applications, system and software development and maintenance, and security monitoring; and

(iv) Activities related to the business of banking;

(3) “Depository institution” means an entity or financial institution as defined in § 23-45-102(a)(19) or § 23-45-102(a)(21), including any subsidiary or affiliate of the depository institution that is subject to examination by the Bank Commissioner;

(4) “Internet service provider” means any provider that provides a subscriber with access to the internet; and

(5)(A) “Technology service provider” means a person, company, corporation, or other legal entity that provides a covered service.

(B) “Technology service provider” does not mean:

(i) An internet service provider or a general audience internet platform;

(ii) A person, company, corporation, or other legal entity licensed under the Uniform Money Services Act, § 23-55-101 et seq.; or

(iii) An authorized delegate of a licensee under the Uniform Money Services Act, § 23-55-101 et seq.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-46-602. Definitions - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-46-602/

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