AR SB462

Amends Arkansas Code § 18-12-702 to add definition of "closing of a loan" as completion of final steps of the mortgage or deed of trust transaction

Creates new Arkansas Code § 18-12-704 requiring entities providing closing and settlement services to obtain confirmation that mortgaged property has fire protection coverage in force before conducting a loan closing

Requires the mortgagee or trustee to have paid all dues, fees, or costs due as a closing and settlement service before the loan closing can proceed

Amends Arkansas Code § 23-39-404 to make it unlawful for loan brokers to allow a loan closing when the mortgaged or deeded property is not insured against loss or damage caused by fire