Browse Arkansas Code titles and sections
4-25-102. Corporate security or surety bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-25-102. Corporate security or surety bonds.
(a) Except as provided in § 23-37-314, § 23-37-511 [repealed], § 23-37-603, § 23-39-505, § 23-42-305, or § 23-55-204, if the laws of this state provide for the furnishing of a corporate security or surety bond to assure financial responsibility, the person, firm, or corporation required to provide the bond, in lieu of providing the corporate security or surety bond, may furnish the principal amount of at least the amount of the bond to be provided in the form of:
(1) Certificates of deposit issued by Arkansas banks and savings and loan associations; or
(2) Direct general obligation securities issued by:
(A) The State of Arkansas;
(B) An agency or instrumentality of the State of Arkansas;
(C) A political subdivision of this state;
(D) The United States; or
(E) An agency of the United States.
(b) It is not the intention of this section to prohibit the furnishing of personal bond or the furnishing of a property or other bond in any other such manner as is now provided by law.
(c) This section shall not apply to banks, savings and loan associations, any case where federal law requires a corporate surety bond, or in any case where performance of contractual obligations is required on the part of the person required to provide bond.
(d) Every governmental agency affected by this section is authorized and directed to issue such rules as are necessary and appropriate for the carrying out of this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-25-102
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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Record provenance
Stable record: arkansas_code:legal_authorities:4-25-102
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 495cdb1e887b63b6fdb5d2796615fdca53789e161290c873221c9f7e6532bcff
Source location: content.xml paragraph 13007
Stored source content
4-25-102. Corporate security or surety bonds.
(a) Except as provided in § 23-37-314, § 23-37-511 [repealed], § 23-37-603, § 23-39-505, § 23-42-305, or § 23-55-204, if the laws of this state provide for the furnishing of a corporate security or surety bond to assure financial responsibility, the person, firm, or corporation required to provide the bond, in lieu of providing the corporate security or surety bond, may furnish the principal amount of at least the amount of the bond to be provided in the form of:
(1) Certificates of deposit issued by Arkansas banks and savings and loan associations; or
(2) Direct general obligation securities issued by:
(A) The State of Arkansas;
(B) An agency or instrumentality of the State of Arkansas;
(C) A political subdivision of this state;
(D) The United States; or
(E) An agency of the United States.
(b) It is not the intention of this section to prohibit the furnishing of personal bond or the furnishing of a property or other bond in any other such manner as is now provided by law.
(c) This section shall not apply to banks, savings and loan associations, any case where federal law requires a corporate surety bond, or in any case where performance of contractual obligations is required on the part of the person required to provide bond.
(d) Every governmental agency affected by this section is authorized and directed to issue such rules as are necessary and appropriate for the carrying out of this section.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-37-314. Indemnity bonds of directors, officers, and employees.
(a) Every association shall maintain on file with the Supervisor of Savings and Loan Associations an effective blanket indemnity bond with a corporate surety protecting the association from loss by or through any fraud, dishonesty, forgery or alteration, larceny, theft, embezzlement, robbery, burglary, holdup, wrongful or unlawful abstraction, misappropriation, or any other dishonest or criminal action or omission by any director, officer, or employee of the association.
(b) Associations which employ collection agents, who for any reason are not covered by a bond as required in subsection (a) of this section, shall provide for the bonding of each collection agent in an amount equal to at least twice the average monthly collection of the agent. Collection agents shall be required to make settlement with the association at least monthly. No bond coverage will be required of any agent which is a bank insured by the Federal Deposit Insurance Corporation or an institution insured by the Federal Savings and Loan Insurance Corporation [abolished].
(c) The amounts and forms of the bonds and sufficiency of the surety thereupon shall be approved by the supervisor. All of the bonds shall provide that a cancellation thereof either by the surety or the insured shall not become effective unless and until thirty (30) days' notice in writing first shall have been given to the supervisor, unless he or she approves the cancellation earlier.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-37-314
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 23-37-314. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-37-511. [Repealed.]
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-37-511
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: repealed. The source passage cites 23-37-511. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-37-603. Broker's license.
(a) Application for a broker's license shall be made to the Supervisor of Savings and Loan Associations by the applicant and signed and sworn to by the applicant. The form of the application shall be prescribed by the supervisor and shall require full answers to any questions which may reasonably be necessary to determine the applicant's identity, residence, personal history, business record, experience, and other facts required by the supervisor to determine whether the applicant meets the qualifications for the license applied for.
(b) All applications shall be accompanied by the applicable license fee.
(c) As a prerequisite to issuing a broker's license, the applicant shall file with the supervisor a bond, in the form prescribed by the supervisor. This bond shall be in the principal amount of twenty thousand dollars ($20,000) with a corporate surety, conditioned on the faithful performance of the applicant's duties as a broker and the payment of all claims arising out of the performance by the applicant of his or her duties as a broker. The bond shall remain in full force and effect so long as the broker's license is outstanding.
(d) The supervisor shall promptly issue licenses applied for to persons qualified therefor in accordance with this section. The license shall state the name and address of the licensee, the date of issue, and shall provide for a termination on January 31 of each year.
(e) For the protection of the people of this state, the supervisor shall not issue, continue, or permit to exist any broker's license except in compliance with this chapter, and as to any person not possessing the following qualifications:
(1) The person must be of legal age;
(2) The person must be of good character;
(3) The person m
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-37-603
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 23-37-603. This identifies an authority to review, not proof of applicability.
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.