SB418

Senate Bill 418 facilitates the administrative transfer of the Arkansas State Securities Department into the State Bank Department, both of which operate under the state's Department of Commerce. While the Securities Department maintains its own statutory authority, personnel, property, and budgetary functions, it is placed under the organizational umbrella of the State Bank Department. The bill formalizes administrative reporting lines, requiring the Securities Commissioner to report to the Bank Commissioner and allowing the Bank Commissioner to serve as the Securities Commissioner. Additionally, the bill updates various sections of the Arkansas Code to ensure that the Securities Commissioner coordinates with the Bank Commissioner when performing investigations, issuing rules, or managing supervised entities like credit unions and savings and loan associations. Existing rules, licenses, and registrations remain in effect following this transition. The legislation aims to streamline the oversight of state financial institutions by aligning administrative functions between the two departments.