>> Click here for State of Arkansas Background Check Information and Forms
Arkansas: Effective 1/1/04, AR Fair Mortgage Lending Act becomes effective:
Highlights: Mortgage banker, mortgage broker and loan officer licenses all of which replace mortgage loan company and loan broker licenses;
mortgage banker: $100,000 surety bond and $25,000 net worth, $750 application fee;
mortgage broker: $50,000 surety bond and $25,000 net worth, $750 application fee;
loan officer: $50 application fee and can work for only one broker or banker
[loan officers have until 7/1/04 to register]
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