1. (a)

   1. (1)

      1. (A) In accordance with Arkansas Code § 23-48-702(d)(5), the State Banking Board rules a bank may relocate an existing full-service branch within an immediate neighborhood without requiring publication of notice pursuant to Acts 2007, No. 42.
      2. (B) However, the bank must file written notice of relocation within an immediate neighborhood with the Bank Commissioner.

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

      1. (A) Fees. A fee of two hundred fifty dollars ($250) shall accompany the notice to the commissioner as set by this part;
      2. (B) 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 an existing full-service branch within an immediate neighborhood;
      3. (C) Approval by commissioner. A notice of relocation within an immediate neighborhood is deemed approved by the commissioner if the commissioner takes no action on the notice within thirty (30) days after filing of the notice; and
      4. (D) Date of filing. Notice to the commissioner to relocate a branch within an immediate neighborhood is considered filed on the date stamped as filed by the commissioner.

2. (b) Arkansas Code § 23-48-702 defines “within the immediate neighborhood” as including, but not limited to:

   1. (1) Across the street;
   2. (2) Around the corner;
   3. (3) Within two (2) blocks;
   4. (4) Within one thousand feet (1000’); or

   5. (5)

      1. (A) In densely populated areas, within five thousand feet (5000’).
      2. (B) For the purpose of relocating within the immediate neighborhood, “densely populated area” is defined as a community with a population of over five thousand (5,000) people.

Codification Notes: This section was promulgated as Section 48-702.2 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)"