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
§ 23-39-511. Records -- Escrow funds or trust accounts

AR Code ยง 23-39-511 (2016) What's This?

(a) The Securities Commissioner shall keep a list of all applicants for licensure under this subchapter that includes:

(1) The applicant's name;

(2) The date of application;

(3) The applicant's place of residence; and

(4) Whether the license was granted or refused.

(b) (1) The commissioner shall keep a current roster showing the names and places of business of all licensees that shows their respective loan officers.

(2) The roster under subdivision (b)(1) of this section shall:

(A) Be kept on file in the office of the commissioner;

(B) Contain information regarding all orders or other actions taken against the licensees, loan officers, and other persons; and

(C) Be open to public inspection.

(c) Every licensee shall make and keep the accounts, correspondence, memoranda, papers, books, and other records as prescribed in rules adopted by the commissioner.

(d) (1) If the information contained in any document filed with the commissioner is or becomes inaccurate or incomplete in any material respect, the licensee shall file a correcting amendment to the information contained in the document within thirty (30) days from the date on which the change takes place.

(2) (A) Any licensee that does not comply with subdivision (d)(1) of this section shall pay 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.

(e) (1) A licensee shall maintain in a segregated escrow fund or trust account any funds that come into the licensee's possession but that are not the licensee's property and which the licensee is not entitled to retain under the circumstances.

(2) The escrow fund or trust account under subdivision (e)(1) of this section shall be held on deposit in a federally insured financial institution.

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