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23-39-502. Definitions.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-39-502. Definitions.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-39-502

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Stable record: arkansas_code:legal_authorities:23-39-502
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 33f0702c260b2ddd3d1a7fa415922a08ba222077dbd034faa5312a005732299d

Source location: content.xml paragraph 18528

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23-39-502. Definitions. As used in this subchapter: (1) “Applicant” means a person that has applied to become licensed under this subchapter as a loan officer, transitional loan officer, mortgage broker, mortgage banker, or mortgage servicer; (2) “Branch manager” means the individual who is in charge of the business operations of one (1) or more branch offices of a mortgage broker, mortgage banker, or mortgage servicer; (3) “Branch office” means a location that is separate and distinct from the licensee's principal place of business and includes a net branch or any location from which business is conducted under the license or in the name of the mortgage broker, mortgage banker, or mortgage servicer: (A) The address of which appears on business cards, stationery, or advertising used by the licensee in connection with business conducted under this subchapter at the branch office; (B) At which the licensee's name, advertising, promotional materials, or signage suggests that mortgage loans are originated, solicited, accepted, negotiated, funded, or serviced or from which mortgage loan commitments or interest rate guarantee agreements are issued; or (C) Which, due to the actions of any employee, associate, loan officer, or transitional loan officer of the licensee, may be construed by the public as a branch office of the licensee where mortgage loans are originated, solicited, accepted, negotiated, funded, or serviced or from which mortgage loan commitments or interest rate guarantee agreements are issued; (4) “Commissioner” means the Securities Commissioner and includes the commissioner's designees; (5)(A) “Control” means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. (B) A person is presumed to control a company if the person: (i) Is a director, general partner, or executive officer of the company; (ii) Directly or indirectly has the right to vote twenty-five percent (25%) or more of a class of a voting security of the company or has the power to sell or direct the sale of twenty-five percent (25%) or more of a class of voting securities of the company; (iii) In the case of a limited liability company, is a managing member of the limited liability company; or (iv) In the case of a partnership, has the right to receive upon dissolution or has contributed ten percent (10%) or more of the capital of the partnership; (6) “Control affiliate” means a partnership, corporation, trust, limited liability company, or other organization that directly or indirectly controls or is controlled by the applicant; (7) “Control person” means an individual who directly or indirectly exercises control over the applicant; (8) “Employee” means an individual who is licensed with or employed by a mortgage broker, mortgage banker, or mortgage servicer, whether by employment contract, agency, or other arrangement and regardless of whether the individual is treated as an employee for purposes of compliance with the federal income tax laws; (9)(A) “Exempt person” means a person not required to be licensed as a mortgage broker, mortgage banker, mortgage servicer, loan officer, or transitional loan officer under this subchapter. (B) “Exempt person” includes any of the following: (i) An employee of a licensee whose responsibilities are limited to clerical and administrative tasks for his or her employer and who does not solicit borrowers, accept applications, or negotiate the terms of loans on behalf of the employer; (ii) An agency or corporate instrumentality of the federal government or any state, county, or municipal government granting mortgage loans under specific authority of the laws of any state or of the United States; (iii) A trust company or industrial loan company chartered under the laws of Arkansas; (iv) A small-business investment corporation licensed under the Small Business Investment Act of 1958, 15 U.S.C. § 661 et seq., as it existed on January 1, 2011; (v) A real estate investment trust as defined in 26 U.S.C. § 856, as it existed on January 1, 2011; (vi) A state or federally chartered bank, an operating subsidiary of a state-chartered bank regulated by the State Bank Department, a savings bank, a savings and loan association, or a credit union, the accounts of which are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration; (vii) An agricultural loan organization that is subject to licensing, supervision, or auditing by the Farm Service Agency, Commodity Credit Corporation, Rural Development Housing and Community Facilities Programs, Farm Credit Administration, or the United States Department of Agriculture; (viii) A nonprofit corporation that: (a) Qualifies as a nonprofit entity under § 501(c)(3) of the Internal Revenue Code; (b) Is not primarily in the business of soliciting or brokering mortgage loans; and (c) Makes or services mortgage loans to promote home ownership or home improvements for the disadvantaged; (ix)(a) A licensed real estate agent or broker who is performing those activities subject to the regulation of the Arkansas Real Estate Commission. (b) Notwithstanding subdivision (9)(B)(ix)(a) of this section, “exempt person” does not include a real estate agent or broker who receives compensation of any kind in connection with the referral, placement, or origination of a mortgage loan; (x) A person who engages in seller-financed transactions or who as a seller of real property receives mortgages, deeds of trust, or other security instruments on real estate as security for a purchase money obligation if: (a) The person does not receive from or hold on behalf of the borrower any funds for the payment of insurance or taxes on the real property; and (b) The seller does not sell the liens or mortgages in the secondary market other than to affiliated or subsidiary persons; (xi) An individual or husband and wife who provide funds for investment in loans secured by a lien on real property on his or her or their own account and who do not: (a) Charge a fee or cause a fee to be paid for any service other than the normal and scheduled rates for escrow, title insurance, and recording services; and (b) Collect funds to be used for the payment of any taxes or insurance premiums on the property securing the loans; (xii) An attorney licensed in Arkansas rendering legal services to his or her client, when the conduct that would subject the attorney to the jurisdiction of this subchapter is ancillary to the provision of the legal services offered; (xiii) A person performing any act under order of any court; (xiv) A person acting as a mortgage broker, mortgage banker, or mortgage servicer for any person located in Arkansas, if the mortgage broker, mortgage banker, or mortgage servicer has no office or employee in Arkansas and the real property that is the subject of the mortgage is located outside of Arkansas; (xv) An officer or employee of an exempt person described in subdivisions (9)(B)(ii)-(xiv) of this section if acting in the scope of employment for the exempt person; and (xvi) A manufactured or modular home retailer and its employees if: (a) The manufactured or modular home retailer or its employees perform only administrative or clerical tasks on behalf of a person required to be licensed under this subchapter; or (b) The manufactured or modular home retailer and its employees: (1) Do not receive compensation or financial gain for engaging in loan officer activities that exceeds the amount of compensation or financial gain that could be received in a comparable cash transaction for a manufactured home; (2) Disclose to the consumer in writing any corporate affiliation with a mortgage banker; (3) Provide referral information for at least one (1) unaffiliated creditor if the manufactured or modular home retailer has a corporate affiliation with a mortgage banker and the mortgage banker offers a recommendation; and (4)(A) Do not directly negotiate loan terms with the consumer or lender. (B) As used in subdivision (9)(B)(xvi)(b)(4)(A) of this section, “loan terms” includes rates, fees, and other costs; (10) “Licensee” means a loan officer, transitional loan officer, mortgage broker, mortgage banker, or mortgage servicer that is licensed under this subchapter; (11)(A) “Loan officer” means an individual other than an exempt person described in subdivision (9) of this section who in exchange for compensation as an employee of or who otherwise receives compensation or remuneration from a mortgage broker or a mortgage banker: (i) Solicits or offers to solicit an application for a mortgage loan; (ii) Accepts or offers to accept an application for a mortgage loan; (iii) Negotiates or offers to negotiate the terms or conditions of a mortgage loan; (iv) Issues or offers to issue a mortgage loan commitment or interest rate guarantee agreement; or (v) Provides or offers to provide modification of a mortgage loan. (B) “Loan officer” does not include: (i) An individual who performs clerical or administrative tasks in the processing of a mortgage loan at the direction of and subject to the supervision and instruction of a licensed loan officer; (ii) An underwriter if the individual performs no activities under subdivision (11)(A) of this section; or (iii) An individual who is solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C. § 101(53D), as it existed on January 1, 2011; (12) “Make a mortgage loan” means to close a mortgage loan, to advance funds, to offer to advance funds, or to make a commitment to advance funds to a borrower under a mortgage loan; (13) “Managing principal” means a person who meets the requirements of § 23-39-508 and who agrees to be primarily responsible for the operations of a licensed mortgage broker, mortgage banker, or mortgage servicer; (14) “Mortgage banker” means a person who engages in the business of making mortgage loans for compensation or other gain; (15) “Mortgage broker” means a person who for compensation or other gain or in the expectation of compensation or other gain and, regardless of whether the acts are done directly or indirectly, through contact by telephone, by electronic means, by mail, or in person with the borrowers or potential borrowers: (A) Accepts or offers to accept an application for a mortgage loan; (B) Solicits or offers to solicit an application for a mortgage loan; (C) Negotiates or offers to negotiate the terms or conditions of a mortgage loan; or (D) Issues or offers to issue mortgage loan commitments or interest rate guarantee agreements to borrowers; (16) “Mortgage loan” means a loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, reverse mortgage, or other equivalent consensual security interest encumbering: (A) A dwelling as defined in section 1602(w) of the Truth in Lending Act, 15 U.S.C. § 1601 et seq., as it existed on January 1, 2011; or (B) Residential real estate upon which is constructed or intended to be constructed a dwelling; (17) “Mortgage servicer” means a person that receives or has the right to receive from or on behalf of a borrower: (A) Funds or credits in payment for a mortgage loan; or (B) The taxes or insurance associated with a mortgage loan; (18) “Operating subsidiary” means a separate corporation, limited liability company, or similar entity in which a national or state bank, savings and loan association, or credit union, the accounts of which are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration, maintains more than fifty percent (50%) voting rights, a controlling interest, or otherwise controls the subsidiary and no other party controls more than fifty percent (50%) of the voting rights or a controlling interest in the subsidiary; (19) “Person” means an individual, partnership, limited liability company, limited partnership, corporation, association, or other group engaged in joint business activities, however organized; (20) “Principal place of business” means a stationary construction consisting of at least one (1) enclosed room or building in which negotiations of mortgage loan transactions of others may be conducted in private or in which the primary business functions of the licensee are conducted; (21) “Reverse mortgage” means a nonrecourse loan that pays a homeowner loan proceeds drawn from accumulated home equity; (22) “Transitional loan officer” means an individual who, in exchange for compensation as an employee of, or who otherwise receives compensation or remuneration from, a mortgage broker or a mortgage banker, is authorized to act as a loan officer subject to a transitional loan officer license; (23) “Transitional loan officer license” means a license that: (A) Is issued to an individual who is employed by a mortgage banker or mortgage broker licensed under this subchapter; (B) Is limited to a term of no more than one hundred twenty (120) days; and (C) Is not subject to reapplication, renewal, or extension by the commissioner; and (24) “Unique identifier” means a number or other identifier assigned by protocols established by the automated licensing system approved by the commissioner.

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 101 — Definitions

In this title the following definitions shall apply: (1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized. (2) The term “affiliate” means— (A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or (D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement. (3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 101 — Definitions

Page 8 TITLE 11—BANKRUPTCY § 101 1 See Adjustment of Dollar Amounts notes below. Sec. 102. Rules of construction. 103. Applicability of chapters. 104. Adjustment of dollar amounts. 105. Power of court. 106. Waiver of sovereign immunity. 107. Public access to papers. 108. Extension of time. 109. Who may be a debtor. 110. Penalty for persons who negligently or fraud- ulently prepare bankruptcy petitions. 111. Nonprofit budget and credit counseling agen- cies; financial management instructional courses. 112. Prohibition on disclosure of name of minor children. Editorial Notes AMENDMENTS 2005—Pub. L. 109–8, title I, § 106(e)(2), title II, § 233(b), Apr. 20, 2005, 119 Stat. 41, 74, added items 111 and 112. 1994—Pub. L. 103–394, title III, § 308(b), Oct. 22, 1994, 108 Stat. 4137, added item 110. § 101. Definitions In this title the following definitions shall apply: (1) The term ‘‘accountant’’ means account- ant authorized under applicable law to prac- tice public accounting, and includes profes- sional accounting association, corporation, or partnership, if so authorized. (2) The term ‘‘affiliate’’ means— (A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 per- cent or more of the outstanding voting secu- rities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (B) corporation 20 percent or more of whose outstanding voting securities are di- rectly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds wit

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1601 — Congressional findings and declaration of purpose

**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices. **(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1601 — Congressional findings and declaration of

Page 1452 TITLE 15—COMMERCE AND TRADE § 1601 Sec. 1679f. Noncompliance with this subchapter. 1679g. Civil liability. 1679h. Administrative enforcement. 1679i. Statute of limitations. 1679j. Relation to State law. SUBCHAPTER III—CREDIT REPORTING AGENCIES 1681. Congressional findings and statement of pur- pose. 1681a. Definitions; rules of construction. 1681b. Permissible purposes of consumer reports. 1681c. Requirements relating to information con- tained in consumer reports. 1681c–1. Identity theft prevention; fraud alerts and ac- tive duty alerts. 1681c–2. Block of information resulting from identity theft. 1681c–3. Adverse information in cases of trafficking. 1681d. Disclosure of investigative consumer reports. 1681e. Compliance procedures. 1681f. Disclosures to governmental agencies. 1681g. Disclosures to consumers. 1681h. Conditions and form of disclosure to con- sumers. 1681i. Procedure in case of disputed accuracy. 1681j. Charges for certain disclosures. 1681k. Public record information for employment purposes. 1681l. Restrictions on investigative consumer re- ports. 1681m. Requirements on users of consumer reports. 1681n. Civil liability for willful noncompliance. 1681o. Civil liability for negligent noncompliance. 1681p. Jurisdiction of courts; limitation of actions. 1681q. Obtaining information under false pretenses. 1681r. Unauthorized disclosures by officers or em- ployees. 1681s. Administrative enforcement. 1681s–1. Information on overdue child support obliga- tions. 1681s–2. Responsibilities of furnishers of information to consumer reporting agencies. 1681s–3. Affiliate sharing. 1681t. Relation to State laws. 1681u. Disclosures to FBI for counterintelligence purposes. 1681v. Disclosure

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 661 — Congressional declaration of policy

It is declared to be the policy of the Congress and the purpose of this chapter to improve and stimulate the national economy in general and the small-business segment thereof in particular by establishing a program to stimulate and supplement the flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply: Provided, however, That this policy shall be carried out in such manner as to insure the maximum participation of private financing sources.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 661 — Congressional declaration of policy

Page 1082 TITLE 15—COMMERCE AND TRADE § 661 Sec. 689k. Examinations. 689l. Injunctions and other orders. 689m. Additional penalties for noncompliance. 689n. Unlawful acts and omissions; breach of fidu- ciary duty. 689o. Removal or suspension of directors or offi- cers. 689p. Regulations. 689q. Authorization of appropriations. PART C—RENEWABLE FUEL CAPITAL INVESTMENT PILOT PROGRAM 690. Definitions. 690a. Purposes. 690b. Establishment. 690c. Selection of Renewable Fuel Capital Invest- ment companies. 690d. Debentures. 690e. Issuance and guarantee of trust certificates. 690f. Fees. 690g. Fee contribution. 690h. Operational assistance grants. 690i. Bank participation. 690j. Federal Financing Bank. 690k. Reporting requirement. 690l. Examinations. 690m. Miscellaneous. 690n. Removal or suspension of directors or offi- cers. 690o. Regulations. 690p. Authorizations of appropriations. 690q. Termination. SUBCHAPTER IV—STATE CHARTERED INVEST- MENT COMPANIES AND STATE DEVELOPMENT COMPANIES 691. Repealed. SUBCHAPTER IV–A—GUARANTEES PART A—COMMERCIAL OR INDUSTRIAL LEASE AND QUALIFIED CONTRACT GUARANTEES 692. Authority of Administration to guarantee payment of rentals by small business con- cerns under leases of commercial and indus- trial property. 693. Powers of Administration respecting loans; liquidation of obligations through creation of new leases, execution of subleases, and assignments of leases. 694. Repealed. 694–1. Planning design or installation of pollution control facilities. 694–2. Revolving fund for qualified contract guaran- tees; investment of idle funds. PART B—SURETY BOND GUARANTEES 694a. Definitions. 694b. Surety bond guarantees. 694c. Revolving fund for surety bond guarantees. SUB

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 856 — Definition of real estate investment trust

**(a) In general** For purposes of this title, the term “real estate investment trust” means a corporation, trust, or association— (1) which is managed by one or more trustees or directors; (2) the beneficial ownership of which is evidenced by transferable shares, or by transferable certificates of beneficial interest; (3) which (but for the provisions of this part) would be taxable as a domestic corporation; (4) which is neither (A) a financial institution referred to in section 582(c)(2), nor (B) an insurance company to which subchapter L applies; (5) the beneficial ownership of which is held by 100 or more persons; (6) subject to the provisions of subsection (k), which is not closely held (as determined under subsection (h)); and (7) which meets the requirements of subsection (c). **(b) Determination of status** The conditions described in paragraphs (1) to (4), inclusive, of subsection (a) must be met during the entire taxable year, and the condition described in paragraph (5) must exist during at least 335 days of a taxable year of 12 months, or during a proportionate part of a taxable year of less than 12 months. **(c) Limitations** A corporation, trust, or association shall not be considered a real estate investment trust for any taxable year unless— (1) it files with its return for the taxable year an election to be a real estate investment trust or has made such election for a previous taxable year, and such election has not been terminated or revoked under subsection (g); (2) at least 95 percent (90 percent for taxable years beginning before January 1, 1980) of its gross income (excluding gross income from prohibited transactions) is derived from— (A) dividends; (B) interest; (C) rents from real property; (D) gain from the sale or other

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 856 — Definition of real estate investment trust

Page 1975 TITLE 26—INTERNAL REVENUE CODE § 856 Modernization Act of 2010, Pub. L. 111–325, to which such amendment relates, with savings provision in cer- tain cases of an election by a regulated investment company under section 852(b)(8) of this title, see sec- tion 205(f) of Pub. L. 113–295, set out as a note under section 852 of this title. EFFECTIVE DATE OF 2010 AMENDMENT Amendment by section 301(g) of Pub. L. 111–325 appli- cable to taxable years beginning after Dec. 22, 2010, see section 301(h) of Pub. L. 111–325, set out as a note under section 852 of this title. Pub. L. 111–325, title III, § 304(d), Dec. 22, 2010, 124 Stat. 3549, provided that: ‘‘The amendments made by this section [amending this section] shall apply to dis- tributions in taxable years beginning after the date of the enactment of this Act [Dec. 22, 2010].’’ EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. L. 100–647, set out as a note under section 1 of this title. EFFECTIVE DATE OF 1986 AMENDMENT Amendment by section 651(b)(1)(B) of Pub. L. 99–514 applicable to calendar years beginning after Dec. 31, 1986, see section 651(d) of Pub. L. 99–514, set out as an Effective Date note under section 4982 of this title. Amendment by section 655(a)(5) of Pub. L. 99–514 ap- plicable to taxable years beginning after Oct. 22, 1986, see section 655(b) of Pub. L. 99–514, set out as a note under section 852 of this title. EFFECTIVE DATE OF 1964 AMENDMENT Amendment by Pub. L. 88–272 applicable to taxable years of regulated investment companies ending on or after Feb. 26, 1964, see section 229(c

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Arkansas Code — all titles (historical 2020) · legal_authorities

23-39-508. Managing principals and branch managers.

23-39-508. Managing principals and branch managers. (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 licensed under this subchapter shall have a designated branch manager who is in charge of and who is responsible for the business operations of a branch office. (2) Each branch manager of a mortgage broker or mortgage banker must be licensed as a loan officer. (e) Each mortgage broker, mortgage banker, or mortgage servicer licensed under this subchapter shall file a form as prescribed by the Securities Commissioner indicating the licensee's designation of managing principal and branch manager for each branch and each individual's acceptance of the responsibility as managing principal or branch manager. (f) Each mortgage broker, mortgage banker, or mortgage servicer licensed under this subchapter shall notify the commissioner within thirty (30) days of any change in its managing principal or branch manager designated for each branch. (g)(1) A mortgage broker, mortgage banker, or mortgage servicer that does not comply w

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