Arkansas Administrative Code
Agency 210 - State Bank Department
Rule 210.00.03-001 - County or Regional Industrial Development Corporations

Universal Citation: AR Admin Rules 210.00.03-001
Current through Register Vol. 49, No. 9, September, 2024

Application Requirements: Applications submitted to the Bank Commissioner for consideration of preliminary approval must include such information that the Bank Commissioner determines is necessary in order to consider the qualifications of the organizers. This information must include, but not be limited to, a complete financial background review, permission to seek a current credit report, past and current business involvement, prior involvement with an industrial development corporation, a listing of the proposed Board of Directors or Management Committee, and a criminal background check.

Single purpose applications shall include information, in sufficient detail for the Bank Commissioner to consider, the potential economic development or community development, or similar project, that the applicant has under serious consideration.

Multiple purpose applications shall include, in sufficient detail for the Bank Commissioner to consider, at least three potential economic development or community development, or similar projects, that the applicant has under serious consideration.

Upon a preliminary approval of an application, applicant is required to provide the Arkansas State Bank Department with evidence that the required initial capital is being held in escrow pending final approval of the Arkansas State Banking Board.

Disclaimer: These regulations may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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