Arkansas Statutes
§ 23-39-508 — Managing principals and branch managers
Arkansas·Title 23
(a)(1) Each mortgage broker, mortgage banker, or mortgage servicer licensed under this subchapter shall have a managing principal who operates the business under that person's full charge, control, and supervision.
(2)The managing principal shall:
(A)Have at least three (3) years of experience in mortgage lending; or (B) Meet the experience and competency requirements prescribed by rule or order of the Securities Commissioner.
(b)Any individual licensee who operates as a sole proprietorship shall be considered a managing principal for the purposes of this subchapter.
(c)The managing principal for a licensee may also serve as the branch manager of one (1) or more of the licensee's branch offices.
(d)(1) Each branch office of a mortgage broker, mortgage banker, or mortgage servicer lic
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Legislative History
Acts 2003, No. 554, § 1; 2005, No. 1679, § 1; 2007, No. 748, § 6; 2009, No. 731, § 19.
Nearby Sections
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§ 23-1-101
Definitions§ 23-1-103
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Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
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