Arkansas passed 2 bills (HB 1184 and HB 1466) amending the Fair Mortgage Lending Act (FMLA). Under HB 1184, a mortgage lender, broker or loan officer licensed under, or subject to, the FMLA may not use a mortgage trigger lead in a misleading or deceptive manner. The bill also sets forth requirements and restrictions with respect to mortgage trigger leads. HB 1466 amends net worth requirements for mortgage servicers licensed under, or subject to, the FMLA. The new net worth requirements vary based on whether a servicer is a “covered institution servicer” (i.e., a nonbank servicer that operates in 2 or more states and has a portfolio or 2,000 or more 1-to 4- unit residential mortgage loans serviced or subserviced for others). The bills become effective August 7, 2025.
Click to view the Arkansas House Bill 1184: https://www.tenaco.com/wp-content/uploads/2025/03/AR-HB-1184-03-14-25.pdf
Click to view the Arkansas House Bill 1466: https://www.tenaco.com/wp-content/uploads/2025/03/AR-HB1466-03-14-25.pdf
