2012 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 50 - Miscellaneous Violations of Banking Laws
§ 23-50-101 - Prosecution of violations -- Nonliability of commissioner.
(a) The Bank Commissioner may initiate any appropriate civil or administrative action or remedy upon discovering a violation of the Arkansas Banking Code of 1997 or any other statute or regulation the enforcement of which is within the scope of his or her duty.
(b) Civil, administrative, or criminal actions initiated by the commissioner under this section which expose him or her or his or her estate to personal liability for damages, or otherwise, shall be defended by the State of Arkansas, and judgments, if any shall be obtained against him or her or his or her estate, shall be borne by the State of Arkansas.
(c) No person shall be subjected to any civil or criminal liability for any act or omission to act in good faith reliance upon an order or regulation of the State Bank Department notwithstanding a subsequent decision by a court invalidating the order or regulation.
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