HB1439

House Bill 1439 amends the Arkansas Fair Mortgage Lending Act to refine the regulatory framework for mortgage loan officer licensing and sponsorship. The bill provides a formal definition for a 'sponsor,' defined as a licensed mortgage broker or banker responsible for supervising loan officers. It modifies the procedures for terminating sponsorships and provides clarity on the status of loan officer licenses when a relationship with a sponsor ends, introducing an 'approved-inactive' status. Additionally, the bill mandates a $250 late fee for sponsors who fail to notify the commissioner of a terminated relationship within thirty days. It also outlines the specific requirements and fees for changing a license status from 'approved-inactive' back to 'approved' by filing a new sponsorship application. The bill maintains the prohibition against a loan officer being employed by more than one mortgage broker or banker simultaneously.