23 CAR § 301-1003. Trust accounts or escrow accounts

(a) The escrow account shall contain only those funds collected from loan applicants or borrowers. (b) The licensee shall: (1) Maintain complete and accurate escrow account records; and (2) Produce, upon request, all documents pertaining to escrow account activity, including, but not limited to: (A) Bank statements; (B) Check stubs; (C) Cancelled, voided, or unused checks; (D) Deposit tickets; and (E) Reconciliations or other comparable account records. (c) No person licensed under the Fair Mortgage Lending Act, Arkansas Code § 23-39-501 et seq., shall commingle money collected for fees from clients with its own funds or use any part of a client's money in the conduct of the licensee's business. (d) A licensee shall notify the Securities Commissioner immediately of any shortage or improper withdraw from an escrow account.