AR SB511

Repeals the definition of "broker" for savings and loan associations, eliminating the licensure requirement to act as a broker for foreign savings and loan associations.

Repeals Arkansas Code § 23-37-107(10), which previously required a $500 fee for issuing or renewing a broker's license.

Repeals Arkansas Code § 23-37-602, which prohibited unlicensed persons from acting as agents or brokers for foreign savings and loan associations or collecting funds for such accounts.

Repeals Arkansas Code § 23-37-603, which previously established the application process, $20,000 bond requirement, and qualification standards for broker's licenses.

Removes all references to broker's license fees from the statutory fee structure for savings and loan associations.