HB1466

House Bill 1466 proposes updates to the Fair Mortgage Lending Act in Arkansas by refining and expanding the definitions section of the law. The bill introduces new terminology, such as 'covered institution servicer', 'corporate governance', 'encryption', and 'information security program', to clarify regulatory oversight of mortgage-related entities. It updates existing exemptions for certain organizations, such as small-business investment corporations and real estate investment trusts, by referencing more current dates for federal statutes. The legislation also modifies the definition of a 'branch office' and 'exempt person' to better align with contemporary business practices in the mortgage lending industry. By standardizing these definitions, the bill aims to improve regulatory clarity and compliance oversight by the Securities Commissioner. The primary goal is to ensure that the Arkansas Code accurately reflects modern financial services, data security standards, and institutional structures.