Arkansas Revises Licensing Exemption

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Arkansas recently revised certain exemptions from the Fair Mortgage Lending Act. Previously, a subsidiary of a state or federally chartered bank, savings bank, savings and loan association, or credit union was exempt from the Act. Under the new revisions, however, only subsidiaries of state-chartered banks regulated by the Arkansas Bank Department will be exempt. This revision is effective July 18, 2013. Entities that were previously, but are no longer, exempt must submit the appropriate license application by this date to be in compliance with the Act.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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