Arkansas Code of 1987 (2023)
Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105)
Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007)
Chapter 39 - MORTGAGE LOAN COMPANIES AND LOAN BROKERS (§§ 23-39-101 — 23-39-518)
Subchapter 5 - FAIR MORTGAGE LENDING ACT (§§ 23-39-501 — 23-39-518)
Section 23-39-506 - License renewal - Termination

Universal Citation:
AR Code § 23-39-506 (2023)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

  • (a) A licensed mortgage broker, mortgage banker, and mortgage servicer wishing to renew a license shall:
    • (1) File a renewal application with the Securities Commissioner in the form prescribed by the commissioner between November 1 and December 31 of the calendar year;
    • (2) Present proof to the commissioner that the surety bond required in § 23-39-505(f)(1) is still in effect; and
    • (3) Pay the commissioner an annual renewal fee of three hundred fifty dollars ($350) for the licensee's principal place of business and one hundred dollars ($100) for each of the licensee's branch offices.
  • (b) The failure of a mortgage broker, mortgage banker, or mortgage servicer to timely file a renewal application shall subject the licensee to a late fee of one hundred dollars ($100).
  • (c)
    • (1) Each licensed loan officer wishing to renew a license shall:
      • (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).
    • (2) If an initial loan officer license is issued between November 1 through December 31 of the calendar year, the loan officer is not required to file a renewal application until the subsequent renewal period.
    • (3) A license of a loan officer may change from approved-inactive to approved if, before the license of the loan officer terminates, a licensed mortgage broker or mortgage banker:
      • (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.
  • (d) The failure of a loan officer to timely file a renewal application shall subject the loan officer to a late fee of fifty dollars ($50.00).
  • (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:
        • (i) Fails to file a renewal application within fifteen (15) days after the date the renewal application is due;
        • (ii) Unreasonably fails to remedy any deficiency in an application within thirty (30) days following the sending of written notice to the licensee; or
        • (iii) Unreasonably fails to deliver additional information or documents to the commissioner within thirty (30) days following the sending of written notice to the licensee.
      • (B) For purposes of this subdivision (e)(2), notice shall be complete upon:
        • (i) Deposit in the United States mail, postage prepaid, to the address of the licensee listed in the application; or
        • (ii) Delivery through an automated licensing system approved by the commissioner.
    • (3) The commissioner shall not reissue a license for which a late fee has accrued as a result of a person's failure to timely file a renewal application unless the late fee has been paid or waived by the commissioner for good cause.
  • (f)
    • (1) A mortgage banker or a mortgage servicer shall submit audited financial statements to the commissioner within ninety (90) days after the end of the mortgage banker's or mortgage servicer's fiscal year.
    • (2) The audited financial statements submitted to the commissioner under subdivision (f)(1) of this section shall:
      • (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.

Amended by Act 2023, No. 325,§ 4, eff. 8/1/2023.

Amended by Act 2021, No. 531,§ 8, eff. 7/28/2021.

Amended by Act 2019, No. 200,§ 18, eff. 7/24/2019.

Acts 2003, No. 554, § 1; 2005, No. 1679, § 1; 2007, No. 748, § 5; 2009, No. 731, § 18; 2011, No. 894, §§ 9 - 10.


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