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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-39-503. License required--Licensee records

Current as of March 28, 2024 | Updated by Findlaw Staff

(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 any person 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 with any person located in Arkansas without first obtaining a license from the commissioner under this subchapter.

(c) It is unlawful for any person other than an exempt person to employ, to compensate, or to appoint as its agent any person to act as a loan officer unless the loan officer is licensed as a loan officer or a transitional loan officer under this subchapter.

(d)(1)(A) If the employment of a loan officer or transitional loan officer is surrendered or canceled, then the sponsor shall terminate the sponsorship of the loan officer or transitional loan officer with the commissioner within thirty (30) days from the date that the loan officer or transitional loan officer ceased to be employed or ceased activities for the sponsor.

(B) The termination of a sponsorship extinguishes the right of the loan officer or transitional loan officer to engage in any mortgage loan activity.

(2) Upon receipt of a termination of sponsorship, the license of a loan officer shall be designated as approved-inactive until a licensed mortgage broker or mortgage banker files an application with the commissioner to sponsor the loan officer under § 23-39-506(c).

(3)(A) A licensee that does not comply with subdivision (d)(1)(A) of this section shall pay a late fee of two hundred fifty dollars ($250) for failure to timely notify the commissioner.

(B) The late fee may be waived, in whole or in part, at the sole discretion of the commissioner and for good cause shown.

(4) A loan officer or a transitional loan officer shall not be employed simultaneously by more than one (1) mortgage broker or mortgage banker licensed under this subchapter.

(e) Each mortgage broker and mortgage banker licensed under this subchapter shall maintain a list of all loan officers and all transitional loan officers employed by the mortgage broker or mortgage banker and who engage or attempt to engage in business with any person in Arkansas.

(f) No person other than an exempt person shall hold himself or herself out as a mortgage banker, mortgage broker, mortgage servicer, loan officer, or transitional loan officer unless the person is licensed in accordance with this subchapter.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-39-503. License required--Licensee records - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-39-503/

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