AR HB1604

Amends Arkansas Code § 23-46-503 to authorize the State Bank Department to conduct annual examinations of nonprofit corporations registered as regulated economic development enterprises with approval from the State Banking Board.

Establishes eligibility requirements for nonprofit corporations seeking regulated economic development enterprise status, including previous registration under the Development Finance Corporation Act, minimum equity of $5 million, provision of Arkansas business financing, and loan receivables exceeding $15 million.

Requires regulated economic development enterprises to pay assessment fees in January and July each year according to a commissioner-approved schedule, with authority to establish additional registration and service fees.

Grants the Bank Commissioner authority to issue cease and desist orders against violating enterprises or individuals, assess monetary penalties up to $1,000 per day, and revoke enterprise status for violations of state or federal law or failure to maintain minimum equity requirements.

Allows registered compliant enterprises to withdraw their regulated status and provides aggrieved parties the right to seek judicial review of commissioner orders within 30 days of issuance.