AR SB186

Amends the definition of "investment adviser" under Arkansas Securities Act to include financial planners and others providing investment advice as an integral component of other financially related services for compensation.

Modifies Securities Department Fund provisions to require transfer of excess moneys exceeding the department's next fiscal-year budget into the General Revenue Fund Account at the end of each fiscal year, replacing the $2,500,000 annual deposit cap.

Creates new exemption for securities offerings to non-residents of Arkansas not physically present in the state, provided the offer or sale does not violate other state laws or constitute an unlawful scheme to evade securities regulations.

Establishes renewal requirements and late filing penalties for covered securities offerings, requiring annual renewal by anniversary date and imposing $500 penalties for filings 15 days to 1 year late and $1,000 penalties for filings over 1 year late.

Adds the State Securities Department as a "claimant agency" authorized to collect debts owed to state agencies under Arkansas Code § 26-36-303.