Arkansas passed a bill amending the Fair Mortgage Lending Act (FMLA). Under the bill, a mortgage lender, broker or servicer licensed under the FMLA must establish physical security and cybersecurity policies and procedures designed to ensure the confidentiality, integrity and availability of physical and electronic records. The bill also amends the definition of a mortgage servicer under the FMLA to include a person that makes a payment to the borrower pursuant to a reverse mortgage loan. In addition, the bill amends requirements under the FMLA with respect to license applications, license renewal, permissible office locations, and notice of a change of address. The bill becomes effective July 29, 2021.
See Arkansas State Legislature website for the full text of the Statutes: https://www.arkleg.state.ar.us/Bills/FTPDocument?path=%2FBills%2F2021R%2FPublic%2FSB149.pdf
