Opinion No.

Colonel Winford E. Philips Director, Arkansas State Police

1 State Police Plaza Little Rock, Arkansas 72209-4822

Dear Colonel Philips:

I am writing in response to your request for an opinion regarding A.C.A. § 17-23-102 (Repl. 2001). You ask the following:

The Department of Arkansas State Police administers the Precious Metals Dealer License provisions in A.C.A. §§ 17-23-101 et seq. . . . A question has arisen as to the applicability of an exemption under A.C.A. § 17-23-102[, which states]:

The [licensing] provisions of this chapter shall not apply to . . . [a]ny financial institution, which is…