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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-51-188. Administrative orders--Penalties for violation

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

(a) In addition to any other powers conferred by this chapter, the Bank Commissioner shall have the power to:

(1) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist violating any provision of this chapter or any lawful rule issued thereunder;

(2) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist from a course of conduct that is unsafe or unsound and which is likely to cause insolvency or dissipation of assets or is likely to jeopardize or otherwise seriously prejudice the interests of the public in their relationship with the authorized trust institution;

(3) Order any company to cease engaging in an unauthorized trust activity; and

(4) Enter any order pursuant to § 23-51-182.

(b) The commissioner may impose a civil money penalty of not more than one thousand dollars ($1,000) for each violation by any authorized trust institution, or subsidiary thereof, or any director, officer, or employee of an order issued under subdivision (a)(1) of this section. Provided further, the commissioner may impose a civil money penalty of not more than five hundred dollars ($500) per day for each day that an authorized trust institution, or subsidiary thereof, or any director, officer, or employee violates a cease and desist order issued under subdivision (a)(2) or subdivision (a)(3) of this section.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-51-188. Administrative orders--Penalties for violation - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-51-188/

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