Ark. Code § 23-32-403

Current with legislation from 2024 Fiscal and Special Sessions.

Section 23-32-403 - Transactions not considered engaging in business

Without excluding other activities which may not constitute transaction of, or engaging in, business in this state, investor companies which are engaged in investing in loans secured by real estate and which are not chartered or domesticated in this state and do not engage in a general banking business in this state shall not be considered to be transacting or engaging in business in this state under the law of this state by reason of carrying on in this state any one (1) or more of the following activities:

(1) The acquisition of, or participation in, loans secured by mortgages or deeds of trust on real property situated in Arkansas pursuant to commitment arrangements or agreements made prior to or following the origination or creation of the loans;

(2) The ownership, modification, renewal, extension, transfer, or foreclosure of such loans, or the acceptance of substitute or additional obligors thereon;

(3) The maintaining or defending of actions or suits relative to such loans, mortgages, or deeds of trust;

(4) The maintenance of bank accounts in Arkansas in connection with the collection or servicing of such loans;

(5) The making, collection, and servicing of such loans through an Arkansas agent or agency engaged in the business of servicing real estate loans for investors;

(6) The taking of deeds to the mortgaged property either in lieu of foreclosure or for the purpose of transferring title either to the Federal Housing Administration, the Department of Veterans Affairs, or other governmental agency;

(7) The acquisition of title to property under foreclosure sale or from the owner in lieu of foreclosure;

(8) The management, rental, maintenance, and sale or the operating, maintaining, renting, or otherwise dealing with, selling, or disposing of real property acquired under foreclosure sale or by agreement in lieu thereof; or

(9) The physical inspection and appraisal of property in Arkansas as security for deeds of trust or mortgage negotiations for the purchase of such loans.

Ark. Code § 23-32-403

Acts 1997, No. 88, § 3.