§ 23-39-501. Title
This subchapter may be referred to as the “Fair Mortgage Lending Act”.
This subchapter may be referred to as the “Fair Mortgage Lending Act”.
As used in this subchapter: (1) “Applicant” means a person that has applied to become licensed under this subchapter as a loan officer, transitional loan officer, mortgage broker, mortgage banker, or mortgage servicer; (2) “Branch manager” means the individual who is in charge of the business operations of one (1) or more branch offices of […]
(a) It is unlawful for any person located in Arkansas other than an exempt person to act or attempt to act, directly or indirectly, as a mortgage broker, mortgage banker, loan officer, transitional loan officer, or mortgage servicer without first obtaining a license from the Securities Commissioner under this subchapter. (b) It is unlawful for […]
The Securities Commissioner may adopt any rules that he or she deems necessary to: (1) Carry out the provisions of this subchapter; (2) Provide for the protection of the borrowing public; and (3) Provide any requirements necessary for the State of Arkansas to participate in a multistate automated licensing system; and (4) Instruct mortgage brokers, […]
(a) (1) A person desiring to obtain a license as a loan officer, transitional loan officer, mortgage banker, mortgage broker, or mortgage servicer shall make written application for licensure to the Securities Commissioner in the form prescribed by the commissioner. (2) The commissioner may approve by rule or order a limited license with limitations, qualifications, […]
(a) A licensed mortgage broker, mortgage banker, and mortgage servicer wishing to renew a license shall: (1) File a renewal application with the Securities Commissioner in the form prescribed by the commissioner between November 1 and December 31 of the calendar year; (2) Present proof to the commissioner that the surety bond required in § […]
(a) In addition to the other licensing requirements under this subchapter, the Securities Commissioner may adopt rules to require continuing education of licensees under this subchapter for the purpose of enhancing the professional competence and professional responsibility of mortgage bankers, mortgage brokers, mortgage servicers, and loan officers and may condition the renewal of a license […]
(a) (1) Each mortgage broker, mortgage banker, or mortgage servicer licensed under this subchapter shall have a managing principal who operates the business under that person’s full charge, control, and supervision. (2) The managing principal shall: (A) Have at least three (3) years of experience in mortgage lending; or (B) Meet the experience and competency […]
(a) A mortgage broker, mortgage banker, and mortgage servicer shall maintain a principal place of business. (b) A mortgage broker, mortgage banker, and mortgage servicer shall identify the location in which the licensee’s books, records, and files pertaining to mortgage loan transactions are maintained. (c) The Securities Commissioner by rule may impose terms and conditions […]
(a) In addition to duties imposed by other statutory or common law, a person required to be licensed under this subchapter shall: (1) Safeguard and account for any money received for, from, or on behalf of the borrower; (2) Follow reasonable and lawful instructions from the borrower; (3) Act with reasonable skill, care, and diligence; […]
(a) The Securities Commissioner shall keep a list of all applicants for licensure under this subchapter that includes: (1) The applicant’s name; (2) The date of application; (3) The applicant’s place of residence; and (4) Whether the license was granted or refused. (b) (1) The commissioner shall keep a current roster showing the names and […]
(a) (1) Unless otherwise specified in this section, all information filed with the Securities Commissioner shall be available for public inspection. (2) The information contained in or filed with any application or report may be made available to the public under any rules the commissioner prescribes that are consistent with state or federal law governing […]
In addition to the other activities that are prohibited under this subchapter, it is unlawful for any person other than a person described in § 23-39-502(9)(B)(vi) in the course of any mortgage loan transaction or activity: (1) To misrepresent or conceal any material fact or make any false promise likely to influence, persuade, or induce […]
(a) The Securities Commissioner by order may deny, suspend, revoke, or refuse to issue or renew a license of a licensee or applicant under this subchapter or may restrict or limit the activities relating to mortgage loans of any licensee or any person who owns an interest in or participates in the business of a […]
(a) (1) Any person aggrieved by a final order of the Securities Commissioner may obtain a review of the order by filing in the Pulaski County Circuit Court within sixty (60) days after the entry of the order a written petition praying that the order be modified or set aside in whole or in part. […]
(a) It is unlawful for any person to make or cause to be made in any document filed with the Securities Commissioner or in any proceeding under this subchapter any statement that is, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect. […]
(a) The Securities Commissioner may: (1) Enter into an arrangement, agreement, or other working relationship with federal, state, or self-regulatory authorities, the Conference of State Bank Supervisors, or a subsidiary of the Conference of State Bank Supervisors to file and maintain documents in a multistate automated licensing system or other central depository system; (2) Waive […]