2016 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions and Securities
Chapter 39 - Mortgage Loan Companies and Loan Brokers
Subchapter 5 - -- Fair Mortgage Lending Act
§ 23-39-510. Licensee duties

AR Code ยง 23-39-510 (2016) What's This?

(a) In addition to duties imposed by other statutory or common law, a person required to be licensed under this subchapter shall:

(1) Safeguard and account for any money received for, from, or on behalf of the borrower;

(2) Follow reasonable and lawful instructions from the borrower;

(3) Act with reasonable skill, care, and diligence;

(4) Make reasonable efforts with lenders with whom a mortgage broker regularly does business to secure a loan that is reasonably advantageous to the borrower considering all the circumstances, including the rates, charges, and repayment terms of the loan and the loan options for which the borrower qualifies with such lenders;

(5) Include the full name, address, and telephone number of the licensee in all solicitations and advertisements; and

(6) (A) Provide the Securities Commissioner with a quarterly report of mortgage activity.

(B) The commissioner may designate by rule or order the information to be provided in the quarterly report.

(b) The unique identifier of a person soliciting or originating a mortgage loan shall be clearly shown on all mortgage loan application forms, solicitations, advertisements, business cards, websites, and any other document or medium established by rule or order of the commissioner.

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