1. (a) Establishment of limited purpose office.

   1. (1) Within the State of Arkansas. Any bank may establish a limited purpose office anywhere in the state to conduct noncore banking activities upon satisfaction of the notice requirement set forth in this subsection.

   2. (2) Outside the State of Arkansas.

      1. (A) Any state bank may establish a limited purpose office in another state subject to the rules of the state in which it seeks to establish the limited purpose office.
      2. (B) The state bank must also satisfy the notice requirement set forth in this section.
2. (b) As to each limited purpose office which a state bank proposes to establish or use within or outside the State of Arkansas, the state bank shall give not less than thirty (30) days prior written notice of its intention to establish or use the limited purpose office to the Bank Commissioner.

3. (c)

   1. (1) The written notice to the commissioner (on a form prescribed by the commissioner) shall include the following information:

      1. (A) The location and general description of the surrounding area;
      2. (B) Whether the location will be owned or leased;
      3. (C) The noncore banking activities to be conducted;
      4. (D) An estimate of the initial cost of the limited purpose office; and
      5. (E) Such other relevant information as may be required by the regulatory authority.
   2. (2) If the limited purpose office involves an increase in fixed assets (acquisition of real estate or construction of facilities) the bank must request prior approval for incurring these costs.

Codification Notes: This section was promulgated as Section 48-702.3 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)"