1. (a) A state bank may file a notice with the Bank Commissioner to relocate any existing full-service branch to another location then authorized by law.

2. (b) The following rules govern such notice:

   1. (1) Fees. A fee of three hundred dollars ($300) shall accompany the notice to the commissioner as set by this part;
   2. (2) Notice to the commissioner. Written notice shall be filed with the commissioner (on a form prescribed by the commissioner) at least thirty (30) days prior to the proposed relocation of the existing full-service branch;

   3. (3) Publication of notice.

      1. (A) The state bank shall publish a notice of the proposed relocation of the existing full-service branch in a newspaper of statewide circulation one (1) time prior to filing notice of relocation with the commissioner.
      2. (B) A proof of publication must accompany the notice of relocation to the commissioner.
      3. (C) The publication may be run no more than three (3) weeks before the filing of the notice;
   4. (4) Approval by commissioner. A notice of relocation of an existing full-service branch is deemed approved if the commissioner takes no action on the notice within thirty (30) days after filing of the notice;

   5. (5) Formal protest.

      1. (A) Each bank, corporation, or individual that files with the commissioner a formal written protest to the relocation of an existing full-service branch shall be required to pay a protest fee of three hundred dollars ($300).
      2. (B) The fee must accompany or precede the formal written protest, which must be received by the commissioner within fifteen (15) calendar days of the actual filing of the notice of relocation.
      3. (C) The written protest must include a specific reason or reasons for protesting the relocation.
      4. (D) Further, the State Banking Board requires all formal protests be specific to those principles set forth in Arkansas Code § 23-48-703(a);
   6. (6) Letters of opposition. Any aggrieved bank, corporation, or individual may file a letter of opposition (not an official protest) to a notice of relocation of an existing full-service branch without incurring any liability for the fee assessed to formal protesting parties;
   7. (7) Date of filing. Written notice to the commissioner to relocate an existing full-service branch, formal protest or protests, and letter or letters of opposition are considered filed on the date stamped as filed by the commissioner; and

   8. (8) Public hearing at the commissioner’s discretion.

      1. (A) The commissioner at his or her discretion may hold a public hearing on a notice of relocation of an existing full-service branch.
      2. (B) If a hearing is to be held, the commissioner shall give notice in a newspaper of statewide circulation once at least ten (10) days prior to the date of the hearing.
      3. (C) Further, the commissioner shall notify by mail the party sending notice of relocation and official protestant or protestants at least ten (10) days prior to the hearing.

Codification Notes: This section was promulgated as Section 48-702.1 of the State Bank Department Rules prior to codification into the Code of Arkansas Rules. This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "(Reference A.C.A. § 23-48-702)"