23 CAR § 301-402. Qualifications for doing business

(a) History. A loan officer applicant, partner, officer, director, any person occupying a similar status or performing similar functions, any managing principal, or any person directly or indirectly controlling a mortgage broker, mortgage banker, or mortgage servicer applicant, shall provide: (1) A residential history for ten (10) years prior to the application; (2) An employment history for ten (10) years prior to the application; and (3) All criminal, civil, and administrative proceedings filed against the applicant. (b) Financial condition. (1) A mortgage banker applicant or mortgage servicer applicant shall provide audited financial statements in accordance with Arkansas Code § 23-39-505(g). (2) A mortgage broker applicant shall provide financial statements reflecting the financial condition of the applicant. (3) A loan officer applicant shall submit an authorization for an independent credit report in accordance with Arkansas Code § 23-39-505(b)(4)(B)(i).