2012 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 54 - Reverse Mortgage Protection Act
§ 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 language statement, in conspicuous 16-point type or larger, advising the prospective borrower about counseling prior to obtaining the reverse mortgage loan:
Click here to view form
(b) Before giving the prospective borrower the statement described in subsection (a) of this section, the lender shall mark the appropriate alternative concerning annuity requirements.
(c) The lender shall be presumed to have satisfied any disclosure duty imposed by this chapter if the lender provides a disclosure statement in the same form as provided in this chapter.
Disclaimer: These codes may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
