- (a) Each licensee shall be supervised by the managing principal and branch manager to insure compliance with the Fair Mortgage Lending Act, Arkansas Code § 23-39-501 et seq., and this part.
(b) The managing principal or branch manager of the licensee shall:
(1)
- (A) Establish, maintain, and enforce written procedures of the licensee.
- (B) The procedures shall be reasonably designed to achieve compliance with applicable federal and state laws and rules;
- (2) Provide a copy of the procedures to each loan officer employed by the licensee; and
- (3) Establish procedures for handling consumer complaints.