Arkansas Administrative Code
Agency 003 - DEPARTMENT OF COMMERCE
Division 14 - Arkansas Securities Department
Rule 003.14.07-002 - Fair Mortgage Lending Act Rules: Rule 5002 - Definitions; Rule 5007-1 - Continuing Education; and Rule 5007-2 - Requirements for Providers
Universal Citation: AR Admin Rules 003.14.07-002
Current through Register Vol. 49, No. 9, September, 2024
RULES OF THE ARKANSAS SECURITIES COMMISSIONER UNDER THE FAIR MORTGAGE LENDING ACT, ARK. CODE ANN. § 23-39-501, ET SEQ.
RULE 5001 TITLE - RESERVED
RULE 5002 DEFINITIONS
When the terms listed below are used in the Fair Mortgage Lending Act, any rules or forms promulgated under the Fair Mortgage Lending Act, or any order of the Commissioner under the Fair Mortgage Lending Act, the following definitions shall apply, unless a contrary definition is expressly provided or clearly required by the context, to the extent that they do not conflict with the definitions set forth in the Fair Mortgage Lending Act.
(1) Act. The term "Act" as used
in these Rules means the Fair Mortgage Lending Act, Ark. Code Ann. §
23-39-501 et
seq., as the same may be codified and amended from time to time.
(2) Continuing education program. The phrase
"Continuing education program" means a classroom education program approved
pursuant to Rule 5007 of these Rules.
(3) Instructor. The term "Instructor" means
an individual who is employed by a provider and who is responsible for teaching
a continuing education program.
(4)
Provider. The term "Provider" means a business corporation or entity,
professional organization, trade association, government entity, educational
institution, or non-profit organization that offers approved continuing
education programs under these Rules.
RULE 5003 LICENSE REQUIRED - LICENSEE RECORDS - RESERVED
RULE 5004 RULEMAKING AUTHORITY - RESERVED
RULE 5005 QUALIFICATIONS FOR LICENSURE-ISSUANCE - RESERVED
RULE 5006 LICENSE RENEWAL-TERMINATION - RESERVED
RULE 5007-1 CONTINUING EDUCATION
(1) Beginning
with the calendar year 2007, all loan officers that have held a loan officer
license for a period, whether consecutive or not, of one hundred eighty (180)
days or more, during the calendar year for which continuing education hours are
required shall complete eight (8) hours of continuing education annually, at
least one (1) hour of which shall be on mortgage industry ethics, by December
31; provided, however, that any continuing education approved by the
Commissioner and completed during calendar year 2006 may be applied toward the
2007 requirement.
(a) an hour of continuing
education shall consist of course instruction of fifty (50) minutes;
(b) if a licensee acquires in excess of eight
(8) approved continuing education hours in one calendar year, the excess credit
may be carried forward and applied to the continuing education requirement for
the next calendar year only up to a maximum of eight (8) hours.
(2) A licensee shall receive
credit for participation in a program if it is presented by a provider approved
by the Commissioner and the Commissioner has approved the program pursuant to
this Rule. The Commissioner shall make available to the public a current
listing of approved providers and programs.
(3) Any provider desiring to conduct a
continuing education program for which credit is to be awarded shall do the
following:
(a) at least forty-five (45) days
prior to the first date of the program, request that the Commissioner approve
the provider's qualifications and approve each program to be offered.
(b) submit an application which includes the
following information:
(i) the name and
address of the provider;
(ii) the
date(s) and location(s) at which the program is to be offered;
(iii) the qualifications and experience of
the provider's principal officers, staff, and instructor(s);
(iv) the costs of all programs for which
approval is sought; and
(v) a
description of each program for which approval is sought, and if requested by
the Staff, a copy of all course materials to be provided in connection with the
program.
(4)
A prospective provider may be approved if the Commissioner determines that its
general business experience, knowledge of, and reputation and experience in the
mortgage lending and brokerage industries, experience in the provision of
professional educational presentations and the quality of such presentations,
when taken together, warrant a belief that its continuing education programs
will enhance the professional knowledge or development of individuals
participating in the program.
(5)
Continuing education programs for loan officers must provide basic, fundamental
information and also enhance the existing professional competence of the target
group of licensees by providing updated information or more detailed or
narrowly focused information.
(6)
The Commissioner's approval of any provider or program shall expire on December
31 of each year.
(7) Upon written
request and receipt of an extension fee of fifty dollars ($50.00), the
Commissioner may allow an extension of up to one hundred eighty (180) days
beyond December 31 in order to allow a loan officer to obtain continuing
education hours and meet the requirements of this rule.
(8) The Commissioner may deny or revoke
approval of any provider or any individual program upon a finding that the
provider has refused or failed to comply with any applicable provision of these
Rules or of any condition imposed by the Commissioner, or has refused or failed
to submit in a timely manner information or properly completed forms prescribed
by the Commissioner.
(9) The
Commissioner may, for good cause shown, waive or modify, in part or in whole,
any of the requirements set forth above.
RULE 5007-2 REQUIREMENTS FOR PROVIDERS
(1) A provider shall
designate one person as its contact person who shall be available to the
Commissioner during ordinary business hours and shall be knowledgeable and have
authority to act with regard to all administrative matters concerning
instructors, scheduling, advertising, recordkeeping, and supervising all
programs offered by the provider.
(2) Providers shall take reasonable steps to
ensure that each loan officer attending a continuing education program offered
by the provider is actually present for the number of hours claimed by the loan
officer.
(3) Within thirty (30)
days following the conclusion of the program, the provider will furnish to the
Commissioner in a form acceptable to the Commissioner a listing of each loan
officer attending the program and the number of continuing education hours to
which each loan officer is entitled. Such listing shall include information
sufficient to allow the loan officers to be identified, and shall be certified
by the provider to be accurate to the best of the provider's knowledge and
belief.
(4) Providers shall retain
the following material from each program on file for a minimum of three years:
class schedules; advertisements; bulletins, catalogues, and other publications
distributed to attendees; a list of attendees' names with information
sufficient to allow each attendee to be identified; and the name of the
instructor. All files shall be made available to the Commissioner upon
request.
(5) A provider shall not
use any words, symbols or other means to indicate that either the provider or a
program has received the Commissioner's approval unless such approval has been
issued and remains in effect.
RULE 5008 MANAGING PRINCIPALS AND BRANCH MANAGERS -RESERVED
RULE 5009 OFFICES-ADDRESS CHANGES-LOCATION OF RECORDS - RESERVED
RULE 5010 LICENSEE DUTIES - RESERVED
RULE 5011 RECORDS-ESCROW FUNDS OR TRUST ACCOUNTS - RESERVED
RULE 5012 PUBLIC INSPECTION OF RECORDS-EXCEPTIONS - RESERVED
RULE 5013 PROHIBITED ACTIVITIES - RESERVED
RULE 5014 DISCIPLINARY AUTHORITY - RESERVED
RULE 5015 REVIEW OF ORDER OF THE COMMISSIONER - RESERVED
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