(a) New loans. Payment instructions shall be issued in time to reasonably assure receipt by the customer at least fifteen (15) days before the first payment is due and shall include, but not be limited to, the following:

1. (1)

   1. (A) The name, address, and telephone number of the entity to which payments are to be made as well as the name of the person to whom inquiries should be directed.
   2. (B) Such telephone numbers shall be toll free to the customer;
2. (2) Any notice required under federal law or regulation;
3. (3) The exact amount of the monthly payment including a breakdown of the principal and interest, any escrow amounts, if applicable, and an explanation of the method of calculation that a reasonable person can understand, and a schedule of the ranges and categories of the mortgage servicer’s costs and fees for its servicing-related activities;
4. (4) A clear and conspicuous statement as to the monthly due date of each payment, regardless of the interval between the due date and assessment of any late payment penalty; and

5. (5) A notice in the form and content acceptable to the State Securities Department that:

   1. (A) The mortgage servicer is licensed in Arkansas; and
   2. (B) Complaints about the mortgage servicer may be submitted to the department.

(c) Notice of transfer.

1. (1) A mortgage servicing licensee transferring the mortgage servicing rights under a mortgage loan shall give the customer of said loan written notice of the transfer of servicing rights at least fifteen (15) days before the first payment affected by the transfer is due.

2. (2) The notice shall include, but not be limited to, the following:

   1. (A)

(i) The name, address, and telephone number of the entity to which payments are to be made as well as the name of the person to whom inquiries should be directed.

1. (ii) Such telephone numbers shall be toll free to the customer;

   1. (B) Any notice required under federal law or regulation;
   2. (C) The exact amount of the monthly payment including a breakdown of the principal and interest, any escrow amounts, if applicable, an explanation of the method of the calculation that a reasonable person can understand, and a schedule of the ranges and categories of the mortgage servicer’s costs and fees for its servicing-related activities;
   3. (D) A clear and conspicuous statement as to the monthly due date of each payment, regardless of the interval between the due date and assessment of any late payment penalty; and

   4. (E) A notice in the form and content acceptable to the department that:

      1. (i) The mortgage servicer is licensed in Arkansas; and
      2. (ii) Complaints about the mortgage servicer may be submitted to the department.