Arkansas Mortgage Brokers, Bankers and Servicers
Arkansas revised its law for mortgage brokers, bankers, and servicers. HB 1881 now states that there is no set bond amount. The Securities Commissioner now determines the bond amount based on the loan activity in the past year of the broker, banker, servicer. This needs to be of a minimum of $100,000. These bonds will also cover the employees of the broker, banker or servicer.
Cash or other securities are no longer accepted in lieu of the surety bond.
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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.