Discontinuance as bank depository.
Ark. Code Ann. § 19-3-516
in effect(a) A bank depository that refuses to cash upon presentation by the payee within thirty (30) days of issuance a state warrant of five hundred dollars ($500) or less drawn upon the State Treasury or a bank check of five hundred dollars ($500) or less issued by a state agency shall:
(1) Be discontinued immediately as a bank depository; and
(2) For a period of time determined by the State Board of Finance, be ineligible for reinstatement as a bank depository.
(b) This section does not prevent a bank depository from:
(1) Taking a reasonable time to make proper identification of the persons and signatures of payees named in warrants or checks; or
(2) Seeking indemnification for losses from cashing warrants or checks for persons other than the payees named in the warrants or checks.
Source: Public.Resource.Org / UniCourt, Official Code of Arkansas Annotated, Release 78 (2020) (unicourt.github.io/cic-code-ar)URL: https://unicourt.github.io/cic-code-ar/transforms/ar/ocar/r78/gov.ar.code.title.19.htmlFetched: 11/8/2026