Arkansas Code Title 23, Subtitle 2, Chapter 39, Subchapter 5 - Fair Mortgage Lending Act

• § 23-39-501 - Title.
  This subchapter may be referred to as the "Fair Mortgage Lending Act".
• § 23-39-502 - Definitions.
  As used in this subchapter: (1) "Applicant" means a person who has applied to become licensed under this subchapter as a loan officer, mortgage...
• § 23-39-503 - License Required -- Licensee Records.
  (a) It is unlawful for any person located in Arkansas other than an exempt person to act or attempt to act, directly or indirectly,...
• § 23-39-504 - Rulemaking Authority.
  The Securities Commissioner may adopt any rules that he or she deems necessary to: (1) Carry out the provisions of this subchapter; (2) Provide...
• § 23-39-505 - Qualifications for Licensure -- Issuance.
  (a) (1) A person desiring to obtain a license as a loan officer, mortgage banker, mortgage broker, or mortgage servicer shall make written application...
• § 23-39-506 - License Renewal -- Termination.
  (a) A licensed mortgage broker, mortgage banker, and mortgage servicer wishing to renew a license shall: (1) File a renewal application with the Securities...
• § 23-39-507 - Continuing Education.
  (a) In addition to the other licensing requirements under this subchapter, the Securities Commissioner may adopt rules to require continuing education of licensees under...
• § 23-39-508 - Managing Principals and Branch Managers.
  (a) (1) Each mortgage broker, mortgage banker, or mortgage servicer licensed under this subchapter shall have a managing principal who operates the business under...
• § 23-39-509 - Offices -- Address Changes -- Location of Records.
  (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...
• § 23-39-510 - Licensee Duties.
  (a) In addition to duties imposed by other statutory or common law, a person required to be licensed under this subchapter shall: (1) Safeguard...
• § 23-39-511 - Records -- Escrow Funds or Trust Accounts.
  (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...
• § 23-39-512 - Public Inspection of Records -- Exceptions.
  (a) (1) Unless otherwise specified in this section, all information filed with the Securities Commissioner shall be available for public inspection. (2) The information...
• § 23-39-513 - Prohibited Activities.
  In addition to the other activities that are prohibited under this subchapter, it is unlawful for any person other than a person described in...
• § 23-39-514 - Disciplinary Authority.
  (a) The Securities Commissioner by order may deny, suspend, revoke, or refuse to issue or renew a license of a licensee or applicant under...
• § 23-39-515 - Review of Order of the Commissioner.
  (a) (1) Any person aggrieved by a final order of the Securities Commissioner may obtain a review of the order by filing in the...
• § 23-39-516 - Criminal Penalty.
  (a) It is unlawful for any person to make or cause to be made in any document filed with the Securities Commissioner or in...
• § 23-39-517 - [Repealed.]
• § 23-39-518 - Cooperation With Other Regulatory Agencies.
  (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...

Last modified: November 15, 2016