1. (a) Arkansas Code § 23-47-204(e)(4) states: "The State Bank Department shall promulgate rules that set out procedures a bank may take before transferring ownership of a deposit account, closing a deposit account, and distributing the proceeds to a person designated by the account documents as a beneficiary."

2. (b) Before ownership of a deposit account is transferred or a pay on death account is closed and the funds disbursed, a bank may require:

   1. (1) For pay on death accounts, legal evidence of the death of all other account holders; and
   2. (2) Identification from each designated beneficiary.

3. (c) If a designated beneficiary is a non-natural person, the bank may require:

   1. (1) The non-natural person to provide proof of legal existence and/or good standing as an entity; and

   2. (2) Individuals representing the non-natural person to provide:

      1. (A) Identification; and
      2. (B) Evidence demonstrating their authority to collect the account on the non-natural person's behalf.

Codification Notes: This section was promulgated as Section 47-204.1 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. §23-47-204)"