Title 23, Public Utilities and Regulated Industries

(a) An out-of-state trust institution desiring to establish and maintain a new trust office or acquire and maintain a trust office in this state under this chapter shall provide, or cause its home state regulator to provide, written notice of the proposed transaction to the Bank …

An out-of-state trust institution that establishes or maintains one (1) or more trust offices in this state under this subchapter may conduct any activity at each trust office that would be authorized under the laws of this state for a state trust institution to conduct at a trus…

(a) An out-of-state trust institution shall not act as a fiduciary, but may otherwise engage in a trust business, at a representative trust office as permitted by this subchapter. (b) Subject to the requirements contained in this subchapter, an out-of-state trust institution may …

(a) (1) An out-of-state trust institution may establish or acquire and maintain a representative trust office in this state.(2) An out-of-state trust institution not maintaining a trust office in this state and desiring to establish or acquire and maintain a representative trust …

This subchapter shall be known and may be cited as the “Earned Wage Access Services Act”.

(1) As used in this subchapter:(1) “Consumer” means a natural person residing in this state;(2) “Consumer-directed earned wage access services” means the business of delivering to a consumer access to earned but unpaid income based on the consumer's representation and the provide…

(a) A provider may use the mailing address provided by a consumer to determine the consumer's state of residence for purposes of this subchapter. (b) A provider shall not be deemed to be engaging in lending, money transmission, or debt collection in this state or in violation of …

This subchapter does not apply to a corporation organized under the general banking laws, savings and loan laws, or credit union laws of this state, any other state, or the United States Government.

This chapter shall be known as the “Arkansas Home Loan Protection Act”.

(a) The General Assembly finds that:(1) Abusive mortgage lending has become an increasing problem in this state, exacerbating the loss of equity in homes and causing the number of foreclosures to increase in recent years;(2) One of the most common forms of abusive lending is the …

(1) As used in this chapter:(1) “Affiliate” means any company that controls, is controlled by, or is under common control with another company, as set forth in the Bank Holding Company Act of 1956, 12 U.S.C. § 1841 et seq., as it existed on March 1, 2003, as of July 16, 2003;(2) …

(a) Insurance and Debt Cancellation Agreements. No creditor making a high-cost home loan shall finance, directly or indirectly, any credit life, credit disability, credit unemployment, or credit property insurance or any other life or health insurance or any payments directly or …

(a) Liability of Assignees and Other Holders in High-Cost Home Loans. (1) Notwithstanding any provision of any other law, the remedies provided in this chapter apply to any person or entity who personally participated in the making or approving of the high-cost home loan and who …

(a) (1) Any violation of this chapter constitutes an unconscionable or deceptive act or practice as defined under § 4-88-101 et seq. (2) (A) Except as provided in § 23-53-105(a)(2)(A) or (B), any person found by a preponderance of the evidence to have violated this chapter shall …

This chapter shall be known and may be cited as the “Reverse Mortgage Protection Act”.

This chapter applies to reverse mortgage loans executed on or after January 1, 2006.

(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…

(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…

(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 …

(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…

(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.

(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 …

(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…

This chapter may be cited as the Uniform Money Services Act.

(1) In this chapter:(1) “Applicant” means a person that files an application for a license under this chapter.(2) “Authorized delegate” means a person a licensee designates to provide money services on behalf of the licensee.(3) “Bank” means an institution organized under federal…

(1) This chapter does not apply to:(1) the United States or a department, agency, or instrumentality thereof;(2) money transmission by the United States Postal Service or by a contractor on behalf of the United States Postal Service;(3) a state, county, city, or any other governm…

(a) The Securities Commissioner shall administer this chapter. (b) The commissioner may:(1) Make, amend, and rescind any rules, forms, and orders that the commissioner deems necessary or appropriate to carry out this chapter, including without limitation rules and forms governing…

(a) A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person:(1) is licensed under this article;(2) is an authorized delegate of a person licensed under this article; or(3) is exclude…

(a) In this section, “material litigation” means litigation that according to generally accepted accounting principles or international financial reporting standards is significant to an applicant's or a licensee's financial health and would be required to be disclosed in the app…

(a) An applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond. (b) (1) The surety bond under subsection (a) shall be in a form satisfactory to the Securities Commissioner and shall run to the Stat…

(a) When an application is filed under this article, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applican…

(a) A licensee under this article shall pay an annual renewal fee of $750 no later than December 31 in order to be licensed for the next calendar year. (b) A licensee under this article shall submit a renewal report with the renewal fee, in a form prescribed by the commissioner. …

(a) A licensee shall maintain at all times a tangible net worth that is the greater of:(1) $100,000 or 3 percent of total assets for the first $100,000,000;(2) 2 percent of additional assets for $100,000,000 to $1,000,000,000; and(3) 0.5 percent of additional assets for any amoun…

(a) A person may not engage in currency exchange or advertise, solicit, or hold itself out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person:(1) is licensed under this article;(2) is licens…

(a) A person applying for a license under this article shall do so in a form and in a medium prescribed by the commissioner. The application must state or contain:(1) the legal name and residential and business addresses of the applicant, if the applicant is an individual or, if …

(a) When an application for a license is made under this article, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of…

(a) A licensee under this article shall pay an annual renewal fee of $375 no later than December 31 in order to be licensed for the next calendar year. (b) A licensee under this article shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by th…

(a) In this section, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. (b) (1) A contract between a licensee and an authorized delegate must require…

A person may not provide money services on behalf of a person not licensed under this chapter. A person that engages in that activity provides money services to the same extent as if the person were a licensee.

(a) On or before April 1 of each year, a licensee shall provide to each authorized delegate through which it engages in the business of money transmission training materials on how to:(1) recognize financial abuse and financial exploitation of an elder adult; and(2) respond appro…

(a) The Securities Commissioner or the commissioner's designee may conduct an annual examination of a licensee or of any of its authorized delegates upon 45 days' notice in a record to the licensee. (b) The commissioner may examine a licensee or its authorized delegate, at any ti…

The Securities Commissioner may consult and cooperate with other state money services regulators and agencies of the United States Government in enforcing and administering this chapter. They may jointly pursue examinations and take other official action that they are otherwise e…

(a) A licensee shall file with the commissioner within 15 business days any material changes in information provided in a licensee's application as prescribed by the commissioner. (b) A licensee shall file with the commissioner within 45 days after the end of each calendar quarte…

(a) (1) A person, or a group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the Securities Commissioner before acquiring control.(2) If an individual becomes a key individual of the licensee in the ordinary course of bu…

(a) A licensee shall maintain the following records for determining its compliance with this chapter for at least five years:(1) a record of each payment instrument, stored-value, virtual currency, or prepaid access obligation sold;(2) a general ledger posted at least monthly con…

(a) Every licensee shall comply with all state and federal laws, rules, and regulations relating to the detection and prevention of money laundering. (b) Every licensee shall maintain an anti-money laundering program in accordance with 31 C.F.R. § 103.125. The program shall be re…