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23-39-506. License renewal — Termination.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-39-506. License renewal — Termination.
(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) Each licensed loan officer wishing to renew a license shall:
(1) File an application with the commissioner in the form prescribed by the commissioner between November 1 and December 31 of the calendar year;
(2) Comply with the continuing education requirements as required by rules promulgated by the commissioner; and
(3) Pay an annual renewal fee of fifty dollars ($50.00).
(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 fo
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-39-506
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-39-506
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c171609622593355c3ef4c17d97590ba0b69724be1ebf6a8ee31bf3854d55b47
Source location: content.xml paragraph 18760
Stored source content
23-39-506. License renewal — Termination.
(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) Each licensed loan officer wishing to renew a license shall:
(1) File an application with the commissioner in the form prescribed by the commissioner between November 1 and December 31 of the calendar year;
(2) Comply with the continuing education requirements as required by rules promulgated by the commissioner; and
(3) Pay an annual renewal fee of fifty dollars ($50.00).
(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.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-39-505. Qualifications for licensure — Issuance.
(a)(1) A person desiring to obtain a license as a loan officer, transitional loan officer, mortgage banker, mortgage broker, or mortgage servicer shall make written application for licensure to the Securities Commissioner in the form prescribed by the commissioner.
(2) The commissioner may approve by rule or order a limited license with limitations, qualifications, or conditions.
(3) The application may require that the information be submitted in an electronic format.
(4) In addition to any other information required under this subchapter or rules adopted by the commissioner, the application shall contain information the commissioner deems necessary and shall include the following:
(A) The applicant's name, address, and Social Security number;
(B) The applicant's form of business and place of organization, including without limitation:
(i) A copy of the applicant's organizational and governance documents; and
(ii) If the applicant is a foreign entity, a copy of the certificate of authority from the Secretary of State;
(C)(i) The applicant's proposed method of and locations for doing business, if applicable.
(ii) The applicant's proposed method of doing business shall include whether the applicant is proposing to be licensed as a mortgage broker, mortgage banker, or mortgage servicer;
(D)(i) The qualifications, business history, and financial condition of the applicant and a managing principal of the applicant.
(ii) The qualifications and business history of persons under subdivision (a)(4)(D)(i) of this section shall include:
(a) A description of an injunction or administrative order, including a denial to engage in a regulated activity by any state or federal authority that had jurisdiction
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-39-505
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-39-505. This identifies an authority to review, not proof of applicability.