§ 23-39-509 — Offices - Address changes - Location of records

Arkansas § 23-39-509

• Jurisdiction: Arkansas
• Title: 23

Text

(a) A mortgage broker, mortgage banker, and mortgage servicer shall maintain a principal place of business. (b) A mortgage broker, mortgage banker, and mortgage servicer shall identify the location in which the licensee's books, records, and files pertaining to mortgage loan transactions are maintained. (c) The Securities Commissioner by rule may impose terms and conditions under which the records and files shall be maintained, including if the records must be maintained in this state. (d) (1) A principal place of business or branch office from which a mortgage broker, mortgage banker, or mortgage servicer conducts mortgage loan activity or business shall be a physical address. (2) Mortgage loan activity or business includes without limitation the address appearing on business cards, stationery, promotional materials, or advertising. (3) The commissioner may by rule or order impose terms and conditions under which a loan officer may conduct mortgage loan activity or business from a location that is not licensed under this subchapter as a principal place of business or branch office. (e) (1) A mortgage banker, mortgage broker, or mortgage servicer shall not use any name or address to conduct mortgage loan activity or business other than the name and address specified on the license issued by the commissioner. (2) A mortgage broker, mortgage banker, or mortgage servicer may change the name of the licensee or address of the principal place of business or branch office specified on the most recent filing with the commissioner if: (A) (i) At least thirty (30) calendar days before the change, the licensee files a notice of the change with the commissioner. (ii) If necessary, the licensee shall provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the commissioner that reflects the new name or change of address of the licensee's principal place of business; and (B) The commissioner does not disapprove the name change or the change of address in writing or request additional information within the thirty-day time frame described in subdivision (e)(2)(A)(i) of this section. (f) A mortgage broker, mortgage banker, or mortgage servicer that ceases to do business in this state shall: (1) Notify the commissioner within thirty (30) days after the mortgage broker, mortgage banker, or mortgage servicer ceases to do business in this state that the mortgage broker, mortgage banker, or mortgage servicer has ceased to do business in this state; and (2) Provide the commissioner the address where all records pertaining to loans made or serviced in this state will be maintained for the period of time required by this subchapter or rule of the commissioner.

Legislative History

Amended by Act 2021, No. 531,§ 10, eff. 7/28/2021. Amended by Act 2021, No. 531,§ 9, eff. 7/28/2021. Acts 2003, No. 554, § 1; 2005, No. 1679, § 1; 2007, No. 748, § 7; 2009, No. 731, § 20; 2011, No. 894, § 11.