| 1 | 1 | | Stricken language would be deleted from and underlined language would be added to present law. |
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| 2 | 2 | | *ANS154* 02/13/2025 12:55:44 PM ANS154 |
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| 3 | 3 | | State of Arkansas 1 |
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| 4 | 4 | | 95th General Assembly A Bill 2 |
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| 5 | 5 | | Regular Session, 2025 SENATE BILL 229 3 |
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| 6 | 6 | | 4 |
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| 7 | 7 | | By: Senator J. Boyd 5 |
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| 8 | 8 | | By: Representative Achor 6 |
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| 9 | 9 | | 7 |
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| 10 | 10 | | For An Act To Be Entitled 8 |
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| 11 | 11 | | AN ACT TO CREATE THE DEPARTMENT OF FINANCIAL SERVICES 9 |
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| 12 | 12 | | WITHIN THE DEPARTMENT OF COMMERCE; AND FOR OTHER 10 |
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| 13 | 13 | | PURPOSES. 11 |
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| 14 | 14 | | 12 |
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| 15 | 15 | | 13 |
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| 16 | 16 | | Subtitle 14 |
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| 17 | 17 | | TO CREATE THE DEPARTMENT OF FINANCIAL 15 |
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| 18 | 18 | | SERVICES WITHIN THE DEPARTMENT OF 16 |
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| 19 | 19 | | COMMERCE. 17 |
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| 20 | 20 | | 18 |
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| 21 | 21 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 19 |
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| 22 | 22 | | 20 |
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| 23 | 23 | | SECTION 1. Arkansas Code Title 23, Chapter 45, Subchapter 1, is 21 |
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| 24 | 24 | | amended to add an additional section to read as follows: 22 |
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| 25 | 25 | | 23-45-107. Department of Financial Services — Creation. 23 |
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| 26 | 26 | | (a) There is created within the Department of Commerce the Department 24 |
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| 27 | 27 | | of Financial Services. 25 |
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| 28 | 28 | | (b) The Department of Financial Services shall consist of: 26 |
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| 29 | 29 | | (1) The State Bank Department; and 27 |
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| 30 | 30 | | (2) State Securities Department. 28 |
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| 31 | 31 | | (c) The Bank Commissioner shall be the Director of the Department of 29 |
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| 32 | 32 | | Financial Services. 30 |
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| 33 | 33 | | 31 |
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| 34 | 34 | | SECTION 2. Arkansas Code § 25 -43-302(a)(21), concerning the state 32 |
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| 35 | 35 | | entities within the Department of Commerce, is amended to read as follows: 33 |
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| 36 | 36 | | (21) The State Bank Department, created under § 23 -46-201, 34 |
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| 37 | 37 | | within the Department of Financial Services ; 35 |
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| 38 | 38 | | 36 SB229 |
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| 39 | 39 | | |
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| 40 | 40 | | 2 02/13/2025 12:55:44 PM ANS154 |
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| 41 | 41 | | SECTION 3. Arkansas Code § 25 -43-302(a), concerning the state entities 1 |
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| 42 | 42 | | within the Department of Commerce, is amended to add an additional 2 |
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| 43 | 43 | | subdivision to read as follows: 3 |
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| 44 | 44 | | (26) The Department of Financial Services, created under § 23 -4 |
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| 45 | 45 | | 45-107. 5 |
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