To apply for an initial license, the applicant must submit the following to the Arkansas Securities Department (ASD):

• The required non-refundable application fee.
• FMLA Form 001, Application for License
• FMLA Form 002, Parents, Subsidiaries and Affiliates
• FMLA Form 003, Principals, Officers, Trustees, Directors and Managers
• FMLA Form 004, Managing Principal Personal Data
• FMLA Form 005, State Licensing Information
• FMLA Form 006, Branch Offices
• FMLA Form 006-A, Branch Manager Personal Data
• FMLA Form 007, Loan Officers
• FMLA Form 008, Surety Bond
• FMLA Form 009, Assignment and Escrow Agreement
• FMLA Form 010, Arkansas Consent to Service of Process

It is imperative that the licensees keep all information on file with ASD current. In case of any change in information, the licensees are required to fill the forms FMLA Form 011 and/or FMLA Form 012 that corrects the information on the file within 30 days on which the change takes place.

Each applicant must submit audited and recent (not older than one year) financial statements consisting of balance sheet, income statement, statement of changes in owner’s equity and a statement of cash flows that reflects a net worth of at least 25,000 dollars.

In the application, the applicant must indicate all business activities which the applicant intends to conduct in the state of Arkansas that requires licensing under the Fair Mortgage Lending Act. The license issued by the ASD will indicate all the activities the licensee is permitted to conduct in Arkansas.

It is required that each licensed mortgage broker and mortgage banker must maintain on file with the Arkansas Securities Commissioner a list of all loan officers employed by them.

If the applicant is a sole proprietor, the applicant shall have at least 3 years of experience in the mortgage lending industry or other equivalent training approved by the commissioner. If the applicant is a partnership, corporation or limited liability Company, at least one of the principal officers or managers shall have the required experience.

Each licensed mortgage broker, mortgage banker or mortgage servicer wishing to renew their license are required to file a renewal application with the Arkansas Securities Commissioner within 120 days after the end of the licensee’s fiscal year. The Arkansas mortgage broker license is non-transferable. In addition to other licensing requirement under the FMLA, the Arkansas Securities Commissioner may adopt rules that require continuing education of the licensees so as to enhance their professional competence and responsibility.