Arkansas passed a bill requiring mortgage servicers licensed under the Fair Mortgage Lending Act (FMLA) to provide notice to a borrower upon accepting assignment of the servicing rights for a mortgage loan. Under the bill, a mortgage servicer that accepts the assignment of servicing rights for a mortgage loan must provide to the borrower a notice stating that the mortgage servicer is licensed in Arkansas and that complaints about the mortgage servicer may be submitted to the Securities Commissioner. The bill also amends requirements under the FMLA with respect to licensing qualification and surety bonds. The bill becomes effective 90 days after the Arkansas legislature adjourns (on or around August 03, 2017).
See Arkansas State Legislature website for the full text of the Statutes
