(a)

1. (1) A licensee shall notify the Securities Commissioner within thirty (30) days of any material change in any document or information previously submitted to the commissioner during the application process, upon renewal, upon filing of the annual report, or otherwise filed with the commissioner.

2. (2) For purposes above, a material change includes, but is not limited to:

   1. (A) Notice of a pending administrative action by any state or federal authority to which the licensee is subject;
   2. (B) An administrative order by any state or federal authority to which the licensee is subject;
   3. (C) Notice of a pending criminal charge against a person licensed under the Fair Mortgage Lending Act, Arkansas Code § 23-39-501 et seq., for actions related to financial services;
   4. (D) A conviction or other plea agreement on a criminal charge against a person licensed under this statute for actions related to financial services;
   5. (E) Criminal felony indictment, arraignment, or conviction of a licensee or any of a licensee's officers, directors, principal stockholders, or affiliates;
   6. (F) Suspension or termination of the licensee's status as an approved seller or seller/servicer by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Government National Mortgage Association, or suspension or termination of the licensee’s status as a loan correspondent or direct endorsement mortgagee by the Federal Housing Administration;
   7. (G) Initiation of trustee process, bankruptcy filing, or any other form of attachment on any of the licensee’s assets;
   8. (H) Notice in the event of a drop below the twenty-five thousand dollar ($25,000) net worth requirement of a mortgage banker or mortgage servicer; or
   9. (I) Any change in the beneficial interest of a licensee as defined by 23 CAR § 301-403.