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Arkansas Statutes, Title 23

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Arkansas/Statutes

← All Arkansas coverage

Title 23, Public Utilities and Regulated Industries

95 chapters · 3,921 sections in this title.

All chapters in Title 233,921 Ch 63, Insurance Companies Generally230 Ch 79, Insurance Policies Generally211 Ch 99, Healthcare Providers165 Ch 4, Regulation of Rates and Charges Gene…162 Ch 18, Light, Heat, and Power Utilities154 Ch 69, Domestic Stock and Mutual Insurers109 Ch 13, Motor Carriers107 Ch 17, Telephone and Telegraph Companies97 Ch 81, Life Insurance Policies And Annuities97 Ch 112, Arkansas Motor Vehicle Commission Act97 Ch 61, State Insurance Department95 Ch 48, Organization and Operation94 Ch 51, ARKANSAS TRUST INSTITUTIONS ACT OF 202589 Ch 12, Operation and Maintenance of Railroads87

9 sections·Filtered byTitle 23✕Ch 54✕

Ark. Code Ann. § 23-54-101 Title
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This chapter shall be known and may be cited as the “Reverse Mortgage Protection Act”.
Ark. Code Ann. § 23-54-102 Applicability
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This chapter applies to reverse mortgage loans executed on or after January 1, 2006.
Ark. Code Ann. § 23-54-103 Definitions
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(1) As used in this chapter, “reverse mortgage” means a nonrecourse loan secured by a borrower's principal residence that:(1) Provides cash advances to a borrower based upon the amount of equity in the borrower's residence; and(2) Requires no payment of principal or interest unti…
Ark. Code Ann. § 23-54-104 Provisions of reverse mortgages
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(a) A reverse mortgage loan:(1) (A) Shall permit prepayment in whole or in part without penalty at any time during the term of the reverse mortgage loan.(B) For the purposes of this subdivision (a)(1), “penalty” does not include any fees, payments, or other charges that would hav…

Ark. Code Ann. § 23-54-105 Treatment of loan proceeds

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(1) To the extent that implementation of this section does not conflict with federal law:(1) Reverse mortgage loan payments made to a borrower shall be treated as proceeds from a loan and not as income for the purpose of determining eligibility and benefits under programs of aid …

Ark. Code Ann. § 23-54-106 Loan application — Disclosures

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(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 rev…

Ark. Code Ann. § 23-54-107 Lien

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(a) A reverse mortgage shall constitute a lien against the subject property to the extent of all advances made under the reverse mortgage and all interest accrued on the advances. (b) The lien shall have priority over any lien filed after recordation of the reverse mortgage.

Ark. Code Ann. § 23-54-108 Default

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(a) The reverse mortgage loan may become due and payable upon the occurrence of any one (1) of the following events:(1) The home securing the loan is sold or title to the home is otherwise transferred;(2) All borrowers cease occupying the home as a principal residence, except as …

Ark. Code Ann. § 23-54-109 Remedies

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(a) A lender who fails to make loan advances as required in the loan documents shall pay the borrower triple the amount wrongfully withheld plus interest at the maximum legal rate. (b) No arrangement, transfer, or lien subject to this chapter shall be invalidated solely because o…