1. (a) State banks may establish, create, or invest in bank service companies, which may be corporations or limited liability companies, to perform the bank services defined in the statute, including:

   1. (1) Computer and data processing services; and
   2. (2) Such other services as the Bank Commissioner may from time to time by order permit.
2. (b) The stock, in the case of a corporation, or the membership interest, in the case of a limited liability company, of a bank service company may also be owned by persons other than state banks.
3. (c) The operation of bank service companies shall be subject to regulation and examination by the commissioner so long as any state bank utilizes the services thereof and owns any equity interest in such organization or has any loans outstanding to such organization.

Codification Notes: This section was promulgated as Section 47-603.1 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. § 23-47-603)"