Arkansas Administrative Code › Agency 214 - Arkansas Securities Department › Rule 214.00.09-002 - Rules of the Fair Mortgage Lending Act

Current through Register Vol. 49, No. 6, June, 2024
RULE
		  5001
TITLE.
These Rules shall be referred to as the Rules of the Fair
			 Mortgage Lending Act.
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
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)
Affiliate
means a person
		  that directly or indirectly through one or more intermediaries controls, is
		  controlled by, or is under common control with such person.
(3)
Annual Report
means a report
		  submitted by the licensee to the Commissioner, containing information regarding
		  the licensee's business activities.
(4)
APA
means the Arkansas
		  Administrative Procedures Act ("APA"), as amended, codified at Ark. Code Ann.
		  §§
								25-15-201
		  through
		  25-15-217.
(5)
Application
means the form
		  prescribed by the Commissioner for filing in connection with obtaining a
		  license as a mortgage broker, mortgage banker, mortgage servicer, or loan
		  officer, and including all amendments, papers, documents, and exhibits
		  incidental thereto.
(6)
Commissioner
means the Arkansas Securities Commissioner and
		  includes the Commissioner's designees.
(7)
Compensation or Gain
means
		  direct or indirect remuneration, benefit, or an increase in something having
		  value.
(8)
Continuing
		  education program
means an education program approved pursuant to Rule
		  5007 of these Rules.
(9)
Department
means the
		  Arkansas Securities Department.
(10)
Instructor
means an
		  individual who is employed by a provider and who is responsible for teaching a
		  continuing education program.
(11)
Lender
means the secured creditor or creditors named in the debt
		  obligation and document creating the mortgage loan.
(12)
Loan Application
or
Mortgage Loan Application
means the form(s) or document(s) used to
		  apply for a mortgage loan that provides the essential financial and personal
		  information about a borrower on which a lender will base the decision to lend
		  money.
(13)
Loan
		  Modification
means a permanent change in one or more of the terms of an
		  existing mortgage, deed of trust, or equivalent security instrument while the
		  existing promissory note and the mortgage or deed of trust will remain
		  intact.
(14)
NMLS &
		  R
means the Nationwide Mortgage Licensing System and Registry means the
		  automated mortgage licensing system developed and maintained by the Conference
		  of State Bank Supervisors and the American Association of Residential Mortgage
		  Regulators for the licensing and registration of mortgage brokers, mortgage
		  bankers, mortgage servicers, or loan officers.
(15)
Pleadings
means all forms
		  of petitions, requests, complaints, answers, responses, replies, proposals,
		  requests, notices, applications, briefs, and filings of any nature that are
		  placed before the Commissioner.
(16)
Provider
means a person
		  that offers approved continuing education programs under these Rules.
(17)
Staff
means the Staff of
		  the Arkansas Securities Department.