Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-39-506. License renewal--Termination

(A) File an application with the commissioner in the form prescribed by the commissioner between November 1 and December 31 of the calendar year;

(B) Comply with the continuing education requirements as required by rules promulgated by the commissioner; and

(C) Pay an annual renewal fee of fifty dollars ($50.00).

(A) Files an application for sponsorship of the license of the loan officer;

(B) Pays a fee of fifty dollars ($50.00); and

(C) Provides notice to the commissioner that the licensed mortgage broker or mortgage banker is sponsoring the loan officer.

(e)(1)(A) A late fee assessed under subsection (b) or subsection (d) of this section shall be in addition to the renewal application fee under subsection (a) or subsection (c) of this section.

(B) All or part of the late fee may be waived by the commissioner for good cause.

(2)(A) The commissioner may consider an application and a license to be abandoned and surrendered and may require the licensee to comply with the requirements for the initial issuance of a license under this subchapter in order to continue in business if the licensee:

(B) For purposes of this subdivision (e)(2), notice shall be complete upon:

(A) Reflect that the mortgage banker or mortgage servicer has a net worth of at least twenty-five thousand dollars ($25,000); and

(B) Comply with the requirements of § 23-39-505(g)(1)--(3).

(3)(A) Failure to timely submit audited financial statements to the commissioner shall result in a late fee of two hundred fifty dollars ($250).

(B) All or part of the late fee may be waived by the commissioner for good cause.