§ 23-39-509 - Offices -- Address changes -- Location of records. - Arkansas Statutes

23-39-509. Offices -- Address changes -- Location of records.

(a) Each mortgage broker, mortgage banker, and mortgage servicer shall maintain a principal place of business.

(b) In addition, each mortgage broker, mortgage banker, and mortgage servicer shall identify the location in which all of the books, records, and files pertaining to mortgage loan transactions relating to borrowers in Arkansas are maintained.

(c) The Securities Commissioner by rule may impose terms and conditions under which the records and files shall be maintained, including whether the records must be maintained in Arkansas.

(d) (1) Each mortgage banker, mortgage broker, or mortgage servicer shall report any change of address of the principal place of business, any branch office, or any location in which the files pertaining to mortgage loan transactions relating to borrowers in Arkansas are maintained within thirty (30) days after the change.

(2) (A) Any licensee that does not comply with subdivision (d)(1) of this section shall pay a late fee of two hundred fifty dollars ($250).

(B) All or part of the late fee may be waived by the commissioner for good cause.

(3) The commissioner may revoke or suspend the license of any mortgage broker, mortgage banker, or mortgage servicer who fails to pay any late fee assessed under subdivision (d)(2) of this section.

(e) A mortgage broker, mortgage banker, or mortgage servicer that ceases to do business in this state shall:

(1) Notify the commissioner within thirty (30) days after the mortgage broker, mortgage banker, or mortgage servicer ceases to do business in this state that the mortgage broker, mortgage banker, or mortgage servicer has ceased to do business in this state; and

(2) Provide the commissioner the address where all records pertaining to loans made or serviced in this state will be maintained for the period of time required by this subchapter or any rule of the commissioner.