Title 23 — Public Utilities and Regulated Industries

(1) With the prior approval of the Savings and Loan Association Board [abolished] in accordance with § 23-37-807(a) and upon receipt of approval from all other applicable state and federal regulatory authorities having approval authority over the transaction:(1) A company may bec…

(1) With the prior approval of the Federal Home Loan Bank Board [abolished] and other applicable federal authorities in accordance with their approval authority over the transaction and without the necessary approval of the board except for the requirements under § 23-37-810:(1) …

(a) Without any prior approval of the Savings and Loan Association Board [abolished], a southern region savings and loan holding company having an Arkansas association subsidiary may acquire:(1) A southern region savings and loan holding company that does not have an Arkansas ass…

(a) Whenever an application is filed as required under § 23-37-806, or if approval of the Savings and Loan Association Board [abolished] pursuant to this section is required under § 23-37-810, the board shall approve the transaction if it is otherwise approved as required by appl…

(1) A southern region association, a southern region savings and loan holding company, an Arkansas association, or an Arkansas savings and loan holding company may acquire or control, and does not cease to be a southern region association, a southern region savings and loan holdi…

(a) Except as specifically permitted under § 23-37-812, no Arkansas association, Arkansas savings and loan holding company, southern region association, or southern region savings and loan holding company having an Arkansas association subsidiary may acquire an association or sav…

Any southern region association or southern region savings and loan holding company which directly or indirectly acquires an Arkansas association or an Arkansas savings and loan holding company is subject to all the laws of this state relating to the acquisition, ownership, expan…

(a) Each Arkansas association, Arkansas savings and loan holding company, southern region association controlling an Arkansas association, and southern region savings and loan holding company controlling an Arkansas association which engages in a transaction which requires approv…

For purposes of this subchapter, the total deposits of savings and loan associations within the region shall be determined by reference to the records of the Federal Home Loan Bank Board [abolished], Washington D.C.

(1) For purposes of this subchapter, unless the context otherwise requires:(1) “Advance fee” means any consideration which is assessed or collected prior to the closing of a loan by a loan broker;(2) “Affiliate” means any person who, directly or indirectly, through one (1) or mor…

Nothing in this subchapter limits the rights or remedies which are otherwise available to a consumer under any other law.

A principal of a loan broker shall be liable under this subchapter to the same extent as the loan broker himself or herself for any actions on behalf of the loan broker, or the loan broker's agents or employees, which violate this subchapter.

(1) It shall be unlawful for a loan broker to:(1) Assess or collect an advance fee from a borrower to provide services as a loan broker; or(2) Make or use unfair, false, misleading, or deceptive representations or to omit any material fact in the offer or sale of the services of …

(a) (1) A violation of any of the provisions of this subchapter shall constitute an unfair or deceptive act or practice as defined by the Deceptive Trade Practices Act, § 4-88-101 et seq. (2) All remedies, penalties, and authority granted to the Attorney General under the Decepti…

This subchapter may be referred to as the “Fair Mortgage Lending Act”.

(1) As used in this subchapter:(1) “Affiliate” means a person that directly or indirectly through one (1) or more intermediaries controls, is controlled by, or is under common control with the person;(2) (A) “Allowable assets for liquidity” means assets that may be used to satisf…

(a) It is unlawful for any person located in Arkansas other than an exempt person to act or attempt to act, directly or indirectly, as a mortgage broker, mortgage banker, loan officer, transitional loan officer, or mortgage servicer without first obtaining a license from the Secu…

(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 multis…

(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 commis…

(a) A licensed mortgage broker, mortgage banker, and mortgage servicer wishing to renew a license shall:(1) File a renewal application with the Securities Commissioner in the form prescribed by the commissioner between November 1 and December 31 of the calendar year;(2) Present p…

(a) In addition to the other licensing requirements under this subchapter, the Securities Commissioner may adopt rules to require continuing education of licensees under this subchapter for the purpose of enhancing the professional competence and professional responsibility of mo…

(a) (1) Each mortgage broker, mortgage banker, or mortgage servicer licensed under this subchapter shall have a managing principal who operates the business under that person's full charge, control, and supervision.(2) The managing principal shall:(A) Have at least three (3) year…

(a) A mortgage broker, mortgage banker, and mortgage servicer shall maintain a principal place of business. (b) A mortgage broker, mortgage banker, and mortgage servicer shall identify the location in which the licensee's books, records, and files pertaining to mortgage loan tran…

(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 borrowe…

(a) The Securities Commissioner shall keep a list of all applicants for licensure under this subchapter that includes:(1) The applicant's name;(2) The date of application;(3) The applicant's place of residence; and(4) Whether the license was granted or refused. (1) The applicant'…

(a) (1) Unless otherwise specified in this section, all information filed with the Securities Commissioner shall be available for public inspection.(2) The information contained in or filed with any application or report may be made available to the public under any rules the com…

(1) In addition to the other activities that are prohibited under this subchapter, it is unlawful for any person other than a person described in § 23-39-502(9)(B)(vi) in the course of any mortgage loan transaction or activity:(1) To misrepresent or conceal any material fact or m…

(a) The Securities Commissioner by order may deny, suspend, revoke, or refuse to issue or renew a license of a licensee or applicant under this subchapter or may restrict or limit the activities relating to mortgage loans of any licensee or any person who owns an interest in or p…

(a) (1) Any person aggrieved by a final order of the Securities Commissioner may obtain a review of the order by filing in the Pulaski County Circuit Court within sixty (60) days after the entry of the order a written petition praying that the order be modified or set aside in wh…

(a) It is unlawful for any person to make or cause to be made in any document filed with the Securities Commissioner or in any proceeding under this subchapter any statement that is, at the time and in the light of the circumstances under which it is made, false or misleading in …

A.C.A. § 23-39-517Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved

(a) The Securities Commissioner may:(1) Enter into an arrangement, agreement, or other working relationship with federal, state, or self-regulatory authorities, the Conference of State Bank Supervisors, or a subsidiary of the Conference of State Bank Supervisors to file and maint…

(a) A covered institution servicer shall meet or exceed the minimum financial requirements of the Federal Housing Finance Agency's Eligibility Requirements for Enterprise Single-Family Seller/Servicers in order to maintain the capital and servicing liquidity as required by this s…

(a) A covered institution servicer shall establish and maintain a board of directors who are responsible for the oversight of the covered institution servicer. (b) For a covered institution servicer that is not approved to service loans by a government-sponsored enterprise, the F…

(a) A financial institution shall develop, implement, and maintain a comprehensive information security program. (b) The information security program under subsection (a) of this section shall:(1) Be written in one (1) or more readily accessible parts; and(2) Contain administrati…

(a) In order for a financial institution to develop, implement, and maintain an information security program, the financial institution shall comply with this section. (b) (1) A financial institution shall designate a qualified individual responsible for overseeing and implementi…

This subchapter does not apply to a financial institution that maintains customer information concerning fewer than five thousand (5,000) consumers.

This chapter shall be known as the “Arkansas Prepaid Funeral Benefits Law”.

The purpose of this chapter is to provide for the regulation of the sale of prepaid funeral benefits by the Insurance Commissioner.

(1) As used in this chapter:(1) “Annuity funding” means contract proceeds that are used by a seller to purchase an annuity contract that names the seller as the beneficiary of the annuity contract, the proceeds of which shall be used to pay for the funeral benefits specified in a…

Except as provided in § 23-40-112(h)(2), this chapter shall not apply to any licensed insurance company or alter or affect any provisions of the Arkansas Insurance Code.

Nothing in this chapter shall apply to organizations or associations operating in this state as burial associations pursuant to § 23-78-101 et seq.

(a) (1) An officer, director, agent, or employee of an organization subject to this chapter who makes, or attempts to make, a contract in violation of this chapter, or refuses to allow an inspection of the organization's records shall be punished by a fine of not less than one th…

(a) The Insurance Commissioner shall be responsible for the regulation of the sale of prepaid funeral benefits, and there is hereby established the Division of Prepaid Funeral Benefits within the State Insurance Department. This division shall be funded annually by the fees requi…

(a) This chapter shall be administered by the Insurance Commissioner. (b) The commissioner is authorized to prescribe reasonable rules concerning keeping and inspection of records, the filing of contracts and reports, and all other matters incidental to the orderly administration…

(a) Any individual, firm, partnership, corporation, society, association, or other entity, hereinafter called an “organization”, desiring to sell prearranged or prepaid funeral services or funeral merchandise, including caskets, grave vaults, and all other articles of merchandise…

(a) Each organization desiring to sell prepaid funeral benefits or any organization desiring to purchase an interest in or assume the liability of any contract for prepaid funeral benefits shall file an application for a permit with the Insurance Commissioner. Each initial and re…

(a) (1) The Insurance Commissioner may issue a permit conditioned upon satisfactory completion of all requirements of this chapter prior to the applicant's offering for sale or selling prepaid funeral benefits.(2) In addition, prior to the issuance of either an initial or renewal…

(a) (1) The Insurance Commissioner shall approve forms for prepaid funeral benefits contracts.(2) (A) Except as provided in subdivision (a)(2)(B) of this section, a nonguaranteed prepaid contract or a nonspecified prepaid contract shall be approved if the prepaid contract provide…

(a) The seller shall apply for change of ownership or control when:(1) The seller transfers all or a portion of the interest in any contract for prepaid funeral benefits;(2) The seller transfers one (1) or more of its establishments for providing funeral goods or services;(3) All…