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2017 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
Universal Citation: AR Code § 23-39-510 (2017)
- (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) At the time a mortgage servicer accepts assignment of servicing rights for a mortgage loan in this state, the mortgage servicer shall disclose to the borrower the following:
- (1) Any notice required by the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. § 2601 et seq., as it existed on January 1, 2017, or by regulations promulgated thereunder; and
- (2) A notice in a clear and conspicuous form and content that the mortgage servicer is licensed in Arkansas and that complaints about the mortgage servicer may be submitted to the commissioner.
- (c) 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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