Arkansas recently amended its licensing provisions under the Fair Mortgage Lending Act (FMLA) to provide a process by which a loan officer may work remotely from an unlicensed location, which will require the Commissioner to impose by rule or order the terms and conditions for such process. Licensees under the FMLA will also be required to provide 30 days' prior notice for a change of address, which is a change from the current requirement to provide notice within 30 days after the change. Other amendments include clarifying modifications to certain definitional terms and requiring written cybersecurity policies and procedures, among others.
The amendments are effective on August 2, 2021 (or 91 days following adjournment of the current legislative session).
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