Browse Arkansas Code titles and sections
23-54-106. Loan application — Disclosures.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-54-106. Loan application — Disclosures.
(a) No reverse mortgage loan application shall be taken by a lender unless the loan applicant has received from the lender the following plain language statement, in conspicuous 16-point type or larger, advising the prospective borrower about counseling prior to obtaining the reverse mortgage loan:
“IMPORTANT NOTICE TO REVERSE MORTGAGE LOAN APPLICANT THE REVERSE MORTGAGE WHICH YOU ARE CONSIDERING: / / DOES / / DOES NOT REQUIRE THAT YOU PURCHASE AN ANNUITY IN CONNECTION WITH THE REVERSE MORTGAGE TRANSACTION. A REVERSE MORTGAGE IS A COMPLEX FINANCIAL TRANSACTION THAT PROVIDES A MEANS OF USING THE EQUITY YOU HAVE BUILT UP IN YOUR HOME OR THE VALUE OF YOUR HOME AS A SOURCE OF ADDITIONAL INCOME. IF YOU DECIDE TO OBTAIN A REVERSE MORTGAGE LOAN, YOU WILL SIGN BINDING LEGAL DOCUMENTS THAT WILL HAVE IMPORTANT LEGAL AND FINANCIAL IMPLICATIONS FOR YOU AND YOUR ESTATE. IT IS THEREFORE IMPORTANT TO UNDERSTAND THE TERMS OF THE REVERSE MORTGAGE AND ITS EFFECT. AS IS TRUE BEFORE ENTERING INTO ANY COMPLEX FINANCIAL ARRANGEMENT, IT IS WISE TO SEEK THE COUNSELING AND ADVICE OF APPROPRIATE PROFESSIONALS SUCH AS ATTORNEYS, FINANCIAL ADVISERS, AND ACCOUNTANTS. COUNSELORS TRAINED ON REVERSE MORTGAGES MAY ALSO BE AVAILABLE. YOU MAY ALSO WANT TO DISCUSS YOUR DECISION WITH FAMILY MEMBERS OR OTHERS ON WHOM YOU RELY UPON FOR FINANCIAL ADVICE.”
Click to view form.
(b) Before giving the prospective borrower the statement described in subsection (a) of this section, the lender shall mark the appropriate alternative concerning annuity requirements.
(c) The lender shall be presumed to have satisfied any disclosure duty imposed by this chapter if the lender provides a disclosure statement in the same form as provided in this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-54-106
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:23-54-106
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2c6c4a39bddc05b740ceffc1173cc956eb654b9fa3b5b96f01a131a49ac58ce7
Source location: content.xml paragraph 26566
Stored source content
23-54-106. Loan application — Disclosures.
(a) No reverse mortgage loan application shall be taken by a lender unless the loan applicant has received from the lender the following plain language statement, in conspicuous 16-point type or larger, advising the prospective borrower about counseling prior to obtaining the reverse mortgage loan:
“IMPORTANT NOTICE TO REVERSE MORTGAGE LOAN APPLICANT THE REVERSE MORTGAGE WHICH YOU ARE CONSIDERING: / / DOES / / DOES NOT REQUIRE THAT YOU PURCHASE AN ANNUITY IN CONNECTION WITH THE REVERSE MORTGAGE TRANSACTION. A REVERSE MORTGAGE IS A COMPLEX FINANCIAL TRANSACTION THAT PROVIDES A MEANS OF USING THE EQUITY YOU HAVE BUILT UP IN YOUR HOME OR THE VALUE OF YOUR HOME AS A SOURCE OF ADDITIONAL INCOME. IF YOU DECIDE TO OBTAIN A REVERSE MORTGAGE LOAN, YOU WILL SIGN BINDING LEGAL DOCUMENTS THAT WILL HAVE IMPORTANT LEGAL AND FINANCIAL IMPLICATIONS FOR YOU AND YOUR ESTATE. IT IS THEREFORE IMPORTANT TO UNDERSTAND THE TERMS OF THE REVERSE MORTGAGE AND ITS EFFECT. AS IS TRUE BEFORE ENTERING INTO ANY COMPLEX FINANCIAL ARRANGEMENT, IT IS WISE TO SEEK THE COUNSELING AND ADVICE OF APPROPRIATE PROFESSIONALS SUCH AS ATTORNEYS, FINANCIAL ADVISERS, AND ACCOUNTANTS. COUNSELORS TRAINED ON REVERSE MORTGAGES MAY ALSO BE AVAILABLE. YOU MAY ALSO WANT TO DISCUSS YOUR DECISION WITH FAMILY MEMBERS OR OTHERS ON WHOM YOU RELY UPON FOR FINANCIAL ADVICE.”
Click to view form.
(b) Before giving the prospective borrower the statement described in subsection (a) of this section, the lender shall mark the appropriate alternative concerning annuity requirements.
(c) The lender shall be presumed to have satisfied any disclosure duty imposed by this chapter if the lender provides a disclosure statement in the same form as provided in this chapter.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
No explicit source connection was found. This does not mean there are no relevant authorities.