(a) No corporation, institution, or entity coming under the provisions of this subchapter and confining its business operations in Arkansas within the limits herein provided shall be required to qualify to do business in this state by filing its charter in the office of the Secretary of State or to pay any tax or fee required to be paid by foreign corporations under any law of this state.
(b) However, the exemption shall not include:
(1) Ad valorem taxes assessed against any real property which the corporation, institution, or entity may own in the State of Arkansas;
(2) Arkansas income, franchise, and privilege tax which may result from the sale, ownership, or control after acquisition of the property by foreclosure, or acquisition in lieu of foreclosure, either by virtue of the value of the specific piece of property so foreclosed or to which title is taken in lieu of foreclosure, or by virtue of the rental or other income realized from the property; or
(3) Arkansas income taxes which may be levied upon financial institutions pursuant to § 26-51-1401 et seq.