AR HB1879

Amends the definition of "loan officer" to include individuals receiving compensation from mortgage brokers, mortgage bankers, or exempt persons registered with the commissioner, who solicit, accept, negotiate, or issue mortgage loan applications and commitments.

Establishes a registration process for exempt persons employing loan officers, requiring submission of a commissioner-prescribed form containing business addresses, director/officer names, loan officer names, and business activity descriptions.

Imposes a registration fee of $750 plus $50 per loan officer, with annual renewal fees of $350; requires registered exempt persons to maintain surety bonds and comply with loan officer employment requirements.

Prohibits simultaneous employment of loan officers by more than one registered exempt person and requires registered exempt persons to notify the commissioner within 30 days when loan officers cease employment or activities, with a $250 late fee for non-compliance.

Establishes registration expiration on December 31 annually and authorizes the commissioner to cancel or issue notices of expiration for registered exempt persons failing to maintain surety bonds or renew registrations.