Arkansas Code Title 23, Subtitle 2, Chapter 54 - Reverse Mortgage Protection Act
- § 23-54-101 - Title.
This chapter shall be known and may be cited as the "Reverse Mortgage Protection Act".
- § 23-54-102 - Applicability.
This chapter applies to reverse mortgage loans executed on or after January 1, 2006.
- § 23-54-103 - Definitions.
As used in this chapter, "reverse mortgage" means a nonrecourse loan secured by a borrower's principal residence that: (1) Provides cash advances to a...
- § 23-54-104 - Provisions of Reverse Mortgages.
(a) A reverse mortgage loan: (1) (A) Shall permit prepayment in whole or in part without penalty at any time during the term of...
- § 23-54-105 - Treatment of Loan Proceeds.
To the extent that implementation of this section does not conflict with federal law: (1) Reverse mortgage loan payments made to a borrower shall...
- § 23-54-106 - Loan Application -- Disclosures.
(a) No reverse mortgage loan application shall be taken by a lender unless the loan applicant has received from the lender the following plain...
- § 23-54-107 - Lien.
(a) A reverse mortgage shall constitute a lien against the subject property to the extent of all advances made under the reverse mortgage and...
- § 23-54-108 - Default.
(a) The reverse mortgage loan may become due and payable upon the occurrence of any one (1) of the following events: (1) The home...
- § 23-54-109 - Remedies.
(a) A lender who fails to make loan advances as required in the loan documents shall pay the borrower triple the amount wrongfully withheld...
Last modified: November 15, 2016