Arkansas Code Title 4. Business and Commercial Law § 4-25-102. Bonds

(a) Except as provided in § 23-37-314, § 23-37-511, § 23-37-603, § 23-39-505, § 23-42-305, or § 23-55-204, if the laws of this state provide for the furnishing of a corporate security or surety bond to assure financial responsibility, the person, firm, or corporation required to provide the bond, in lieu of providing the corporate security or surety bond, may furnish the principal amount of at least the amount of the bond to be provided in the form of:

(b) It is not the intention of this section to prohibit the furnishing of personal bond or the furnishing of a property or other bond in any other such manner as is now provided by law.

(c) This section shall not apply to banks, savings and loan associations, any case where federal law requires a corporate surety bond, or in any case where performance of contractual obligations is required on the part of the person required to provide bond.

(d) Every governmental agency affected by this section is authorized and directed to issue such rules as are necessary and appropriate for the carrying out of this section.