23 CAR § 303-110 – Powers commensurate with federal associations

(a) It is the intention of the Savings and Loan Association Board that, within the limitations of the provisions of the Arkansas Constitution not preempted by federal law, state-chartered savings and loan associations shall not operate at a competitive disadvantage with federal savings and loan associations and shall have the same rights, powers, privileges, benefits, immunities, and exemptions, all of which are hereinafter in this section collectively referred to as “powers" or "power", as federal savings and loan associations in addition to those powers conferred by Arkansas law upon state-chartered savings and loan associations.
(b) To this end, under and pursuant to Acts 1963, No. 227, § 58, as amended, and all other powers conferred by the act and Arkansas law, the board adopts for state-chartered savings and loan associations all of the powers hereinafter set forth and further states that the board does not disallow any of such powers within the meaning of 23 CAR § 303-108(b)(2) of this part:
1. (1) All powers granted to state or federal savings and loan associations by the Depository Institutions Deregulation and Monetary Control Act of 1980, Pub. L. No. 96-221, and all rules and regulations which have been issued pursuant thereto;
2. (2) All other powers which may hereafter be extended to state or federal savings and loan associations by any rule or regulation which may hereafter be issued pursuant to the Depository Institutions Deregulation and Monetary Control Act of 1980, Pub. L. No. 96-221, as well as by any amendments which may hereafter be made to said act, unless within a period of thirty (30) days after the effective date of such authorization, the board at a public hearing shall disallow such powers;
3. (3) The power to offer any form of mortgage which now may be offered by federal savings and loan associations; and
4. (4) The power to offer any form of mortgage which may hereafter be authorized for federal savings and loan associations under any rule, regulation, or law which may hereafter be adopted, unless within a period of thirty (30) days after the effective date of such authorization, the board at a public hearing shall disallow such powers.
(c) If any provision, clause, or phrase of this section or the application thereof to any association or circumstance is held invalid, such invalidity shall not affect any other provision or application of this part which can be given effect without the invalid provision or application, and to this end the provisions of this part are declared to be severable.