Section 23-51-166 - Activities not requiring a charter, etcNotwithstanding any other provision of this chapter, a company does not engage in the trust business or in any other business in a manner requiring a charter or license under this chapter or in an unauthorized trust activity by:
(1) Acting in a manner authorized by law and in the scope of authority as an agent of a trust institution with respect to an activity which is not an unauthorized trust activity;(2) Rendering a service customarily performed as an attorney or law firm in a manner approved and authorized by the Supreme Court or the laws of this state;(3) Acting as trustee under a deed of trust delivered only as security for the payment of money or for the performance of another act;(4) Receiving and distributing rents and proceeds of sale as a licensed real estate broker on behalf of a principal in a manner authorized by the Real Estate License Law, § 17-42-101 et seq.;(5) Engaging in a securities transaction or providing an investment advisory service as a licensed and registered broker-dealer, investment advisor or registered representative thereof, provided the activity is regulated by the State Securities Department or the United States Securities and Exchange Commission;(6) Engaging in the sale and administration of an insurance product by an insurance company or agent licensed by the State Insurance Department to the extent that the activity is regulated by the State Insurance Department;(7) Engaging in the lawful sale of prepaid funeral benefits under a permit issued by the State Insurance Department under the Arkansas Prepaid Funeral Benefits Law, § 23-40-101 et seq., or engaging in the lawful business of maintaining a perpetual care cemetery trust pursuant to § 20-17-904 or a permanent maintenance fund for perpetually maintained cemeteries under the Cemetery Act for Perpetually Maintained Cemeteries, § 20-17-1001 et seq.;(8) Acting as trustee under a voting trust as provided by § 4-26-706 or § 4-27-730;(9) Engaging in other activities expressly excluded from the application of this chapter by rules issued by the Bank Commissioner;(10) Rendering services customarily performed by a public accountant or a certified public accountant in a manner authorized by the Arkansas State Board of Public Accountancy;(11) Provided the company is a trust institution and is not barred by order of the commissioner from engaging in a trust business in this state pursuant to § 23-51-182(b): (A) Marketing or soliciting in this state through the mails, telephone, any electronic means or in person with respect to acting or proposing to act as a fiduciary outside of this state;(B) Delivering money or other intangible assets and receiving the same from a client or other person in this state; or(C) Accepting or executing outside of this state a trust of any client or otherwise acting as a fiduciary outside of this state for any client; or(12) If the company is a foundation, serving as a fiduciary.Amended by Act 2019, No. 315,§ 2599, eff. 7/24/2019.Amended by Act 2019, No. 836,§ 5, eff. 7/24/2019.Acts 1997, No. 940, § 66.