Arkansas loan officer license

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Individual Password Reset Request. Individual Email Change Request. More Details. Any person who engages in currency exchange or advertises, solicits, or holds themselves out as providing currency exchange for which the person receives revenues equal to or greater than five percent of total revenues. The Arkansas Uniform Money Services Act, generally requires a person or business to have a license to engage in money services activity in Arkansas.

This license is required for any person that engages in the business of making mortgage loans for compensation or other gain. This license is required for any person, who for compensation or other gain, or in the expectation of compensation or other gain, directly or indirectly accepts or offers to accept an application for a mortgage loan; solicits or offers to solicit an application for mortgage loan; negotiates or offers to negotiate the terms or conditions of a mortgage loan; or issues or offers to issue mortgage loan commitments or interest rate guarantee agreements to borrowers.

This license is required of any person that receives from or on behalf of a borrower funds or credits in payment for a mortgage loan, or the taxes or insurance associated with a mortgage loan. This license is required of any location that is separate and distinct from the Mortgage Servicer principal place of business and includes a net branch or any location from which business is conducted under the license or in the name of the Mortgage Servicer.

This license is required for any individual, other than exempt person, who in exchange for compensation as an employee of or who otherwise receives compensation or remuneration from a Mortgage Broker or a Mortgage Banker licensed in Arkansas; solicits or offers to solicit an application for mortgage loan; accepts or offers to accept an application for mortgage loan; negotiates or offers to negotiate the terms or conditions of a mortgage loan; or issues or offers to issue mortgage loan commitment or interest rate guarantee agreement.

A transitional loan officer license expires when:. SB does not adopt detailed application requirements for the new license, but it provides that the Commissioner may approve by rule a limited license with limitations, qualifications, or conditions.

SB made several other minor changes to the Arkansas FMLA, including a change to the definition of "control" and a revision of the exemption for manufactured home retailers.

The views and opinions contained in the articles do not constitute the views and opinions of Hudson Cook, LLP. CounselorLibrary R products and services are available directly through and from www. Toggle navigation. Home Insights Articles. The Arkansas FMLA will define "transitional loan officer" to mean: an individual who, in exchange for compensation as an employee of, or who otherwise receives compensation or remuneration from, a mortgage broker or a mortgage banker, is authorized to act as a loan officer subject to a transitional loan officer license.

A transitional loan officer license expires when: days have passed since the license was issued; the individual is no longer employed by a licensed mortgage broker or mortgage banker; or the individual receives a loan officer license.