23 CAR § 301-1003 – Trust accounts or escrow accounts

(a) The escrow account shall contain only those funds collected from loan applicants or borrowers.
(b) The licensee shall:
1. (1) Maintain complete and accurate escrow account records; and
2. (2) Produce, upon request, all documents pertaining to escrow account activity, including, but not limited to:
  1. (A) Bank statements;
  2. (B) Check stubs;
  3. (C) Cancelled, voided, or unused checks;
  4. (D) Deposit tickets; and
  5. (E) Reconciliations or other comparable account records.
(c) No person licensed under the Fair Mortgage Lending Act, Arkansas Code § 23-39-501 et seq., shall commingle money collected for fees from clients with its own funds or use any part of a client's money in the conduct of the licensee's business.
(d) A licensee shall notify the Securities Commissioner immediately of any shortage or improper withdraw from an escrow account.