(a) The Securities Commissioner may adopt any rules that he or she deems necessary to:(1) Carry out the provisions of this subchapter;(2) Provide for the protection of the borrowing public;(3) Provide any requirements necessary for the State of Arkansas to participate in a multistate automated licensing system; and(4) Instruct mortgage brokers, mortgage bankers, mortgage servicers, loan officers, and transitional loan officers in interpreting this subchapter.
(1) Carry out the provisions of this subchapter;
(2) Provide for the protection of the borrowing public;
(3) Provide any requirements necessary for the State of Arkansas to participate in a multistate automated licensing system; and
(4) Instruct mortgage brokers, mortgage bankers, mortgage servicers, loan officers, and transitional loan officers in interpreting this subchapter.
(b) The commissioner may:(1) If risk is determined by a formal review of a specific covered institution servicer to be extremely high, order or direct the covered institution servicer to satisfy additional conditions necessary to ensure that the covered institution servicer will continue to operate in a safe and sound manner and be able to continue to service loans in compliance with state law or rule and federal law or regulations;(2) If risk is determined by a formal review of a specific covered institution servicer to be extremely low, provide notice that all or part of this subchapter is not applicable to the covered institution servicer; and(3) If economic, environmental, or societal events are determined to be of severity to warrant a temporary suspension of all or certain sections of this subchapter, provide public notice of the temporary suspension.
(1) If risk is determined by a formal review of a specific covered institution servicer to be extremely high, order or direct the covered institution servicer to satisfy additional conditions necessary to ensure that the covered institution servicer will continue to operate in a safe and sound manner and be able to continue to service loans in compliance with state law or rule and federal law or regulations;
(2) If risk is determined by a formal review of a specific covered institution servicer to be extremely low, provide notice that all or part of this subchapter is not applicable to the covered institution servicer; and
(3) If economic, environmental, or societal events are determined to be of severity to warrant a temporary suspension of all or certain sections of this subchapter, provide public notice of the temporary suspension.