All savings and loan or building and loan associations operating under the authority of the statutes of Arkansas may hereafter enter into agreements with and act as agents for all banks insured by the Federal Deposit Insurance Corporation operating in Arkansas and may, upon consummation of a satisfactory agreement with such banks, act as agents thereunder in a bank-sponsored credit card program whereby:

1. (1) All credit cards issued thereunder shall be mailed by the bank to the holders and subscribers thereof;
2. (2) All operational expenses and liabilities incurred in connection with the issuance of such credit cards shall be paid and borne by the bank;
3. (3) None of the receivable generated by the use of such cards shall be carried on the books of the association; and

4. (4) As an agent under a bank-sponsored credit card program, a savings and loan or building and loan association operating under the authorities of the statutes of Arkansas may:

   1. (A) Advertise the existence of and encourage the use of such cards, furnishing applications for such cards to association members;
   2. (B) Forward such applications when received to the sponsoring bank for such credit investigation as the bank shall deem necessary, provided, however, that the association shall neither pay nor be responsible for any portion of such expense;
   3. (C) Receive such income as agreed upon by the parties; and
   4. (D) Do such other acts as may be necessary or appropriate, in acting as an agent under such program, as will be consistent with the foregoing.