- (a) The Securities Commissioner or the commissioner’s designee may issue advisory opinions or other legal interpretations regarding the Fair Mortgage Lending Act, Arkansas Code § 23-39-501 et seq., this part, or any other order issued under the Fair Mortgage Lending Act or this part.
- (b) Requests for written opinions or interpretations of the Fair Mortgage Lending Act or this part shall be in writing.
(c) The request must meet the following qualifications:
- (1) An original and one (1) copy of each request;
- (2) The specific section or subsection of the particular statute, rule, or order to which the request pertains must be indicated in the request;
(3)
- (A) The names of each person and entity involved in the underlying facts.
- (B) Requests relating to unnamed persons or entities, or to hypothetical situations, will not be answered;
(4)
- (A) Requests should be limited to a particular situation involving the problem at hand and must not attempt to include every possible type of situation that may arise in the future.
- (B) The facts and representations must be specific, not general;
- (5) While it is essential that the request contain all facts necessary to reach a conclusion in the matter, the request should be concise and to the point;
- (6) An indication why the requesting party thinks a problem exists, his or her own opinion in the matter, and the basis for the opinion; and
- (7) If the requesting party seeks confidential treatment, a separate letter requesting confidential treatment and stating the basis for confidential treatment must be submitted with the request for informal advice.