Browse Arkansas Code titles and sections
23-39-510. Licensee duties.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-39-510. Licensee duties.
(a) In addition to duties imposed by other statutory or common law, a person required to be licensed under this subchapter shall:
(1) Safeguard and account for any money received for, from, or on behalf of the borrower;
(2) Follow reasonable and lawful instructions from the borrower;
(3) Act with reasonable skill, care, and diligence;
(4) Make reasonable efforts with lenders with whom a mortgage broker regularly does business to secure a loan that is reasonably advantageous to the borrower considering all the circumstances, including the rates, charges, and repayment terms of the loan and the loan options for which the borrower qualifies with such lenders;
(5) Include the full name, address, and telephone number of the licensee in all solicitations and advertisements; and
(6)(A) Provide the Securities Commissioner with a quarterly report of mortgage activity.
(B) The commissioner may designate by rule or order the information to be provided in the quarterly report.
(b) At the time a mortgage servicer accepts assignment of servicing rights for a mortgage loan in this state, the mortgage servicer shall disclose to the borrower the following:
(1) Any notice required by the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. § 2601 et seq., as it existed on January 1, 2017, or by regulations promulgated thereunder; and
(2) A notice in a clear and conspicuous form and content that the mortgage servicer is licensed in Arkansas and that complaints about the mortgage servicer may be submitted to the commissioner.
(c) The unique identifier of a person soliciting or originating a mortgage loan shall be clearly shown on all mortgage loan application forms, solicitations, advertisements, business cards, websites, and any othe
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-39-510
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:23-39-510
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 948c3f6cbbef07c5200f42ad5f4bf1cda163db674dda45e8ab47810487524618
Source location: content.xml paragraph 18851
Stored source content
23-39-510. Licensee duties.
(a) In addition to duties imposed by other statutory or common law, a person required to be licensed under this subchapter shall:
(1) Safeguard and account for any money received for, from, or on behalf of the borrower;
(2) Follow reasonable and lawful instructions from the borrower;
(3) Act with reasonable skill, care, and diligence;
(4) Make reasonable efforts with lenders with whom a mortgage broker regularly does business to secure a loan that is reasonably advantageous to the borrower considering all the circumstances, including the rates, charges, and repayment terms of the loan and the loan options for which the borrower qualifies with such lenders;
(5) Include the full name, address, and telephone number of the licensee in all solicitations and advertisements; and
(6)(A) Provide the Securities Commissioner with a quarterly report of mortgage activity.
(B) The commissioner may designate by rule or order the information to be provided in the quarterly report.
(b) At the time a mortgage servicer accepts assignment of servicing rights for a mortgage loan in this state, the mortgage servicer shall disclose to the borrower the following:
(1) Any notice required by the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. § 2601 et seq., as it existed on January 1, 2017, or by regulations promulgated thereunder; and
(2) A notice in a clear and conspicuous form and content that the mortgage servicer is licensed in Arkansas and that complaints about the mortgage servicer may be submitted to the commissioner.
(c) The unique identifier of a person soliciting or originating a mortgage loan shall be clearly shown on all mortgage loan application forms, solicitations, advertisements, business cards, websites, and any other document or medium established by rule or order of the commissioner.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Congress finds that significant reforms in the real estate settlement process are needed to insure that consumers throughout the Nation are provided with greater and more timely information on the nature and costs of the settlement process and are protected from unnecessarily high settlement charges caused by certain abusive practices that have developed in some areas of the country. The Congress also finds that it has been over two years since the Secretary of Housing and Urban Development and the Administrator of Veterans’ Affairs submitted their joint report to the Congress on “Mortgage Settlement Costs” and that the time has come for the recommendations for Federal legislative action made in that report to be implemented.
**(b)** It is the purpose of this chapter to effect certain changes in the settlement process for residential real estate that will result—
(1) in more effective advance disclosure to home buyers and sellers of settlement costs;
(2) in the elimination of kickbacks or referral fees that tend to increase unnecessarily the costs of certain settlement services;
(3) in a reduction in the amounts home buyers are required to place in escrow accounts established to insure the payment of real estate taxes and insurance; and
(4) in significant reform and modernization of local recordkeeping of land title information.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2601
Stored review status: release_metadata_unconfirmed. The source passage cites 12 U.S.C. § 2601. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1442
TITLE 12—BANKS AND BANKING
§ 2601
shall be entitled to escheat or take custody of
the sum payable on such money order, trav-
eler’s check, or similar written instrument, to
the extent of that State’s power under its own
laws to escheat or take custody of such sum,
subject to the right of the State of purchase to
recover such sum from the State of principal
place of business if and when the law of the
State of purchase makes provision for escheat
or custodial taking of such sum.
(Pub. L. 93–495, title VI, § 603, Oct. 28, 1974, 88
Stat. 1525.)
CHAPTER 27—REAL ESTATE SETTLEMENT
PROCEDURES
Sec.
2601.
Congressional findings and purpose.
2602.
Definitions.
2603.
Uniform settlement statement.
2604.
Home buying information booklets.
2605.
Servicing of mortgage loans and administra-
tion of escrow accounts.
2606.
Exempted transactions.
2607.
Prohibition against kickbacks and unearned
fees.
2608.
Title companies; liability of seller.
2609.
Limitation on requirement of advance depos-
its in escrow accounts.
2610.
Prohibition of fees for preparation of truth-
in-lending, uniform settlement, and escrow
account statements.
2611 to 2613. Repealed.
2614.
Jurisdiction of courts; limitations.
2615.
Contracts and liens; validity.
2616.
State laws unaffected; inconsistent Federal
and State provisions.
2617.
Authority of Bureau.
§ 2601. Congressional findings and purpose
(a) The Congress finds that significant reforms
in the real estate settlement process are needed
to insure that consumers throughout the Nation
are provided with greater and more timely infor-
mation on the nature and costs of the settle-
ment process and are protected from unneces-
sarily high settlement charges caused by certain
abusive practices that have develo
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2601
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 2601. This identifies an authority to review, not proof of applicability.