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Arkansas Insurance Department rescinds several Covid-19-related bulletins
On May 11, the Arkansas Insurance Department issued a bulletin announcing the rescission of certain Covid-19 related bulletins issued under Executive Order 20-03. Among others, Bulletin 16-2020 regarding the suspension of title insurance audits and Bulletin 18-2020 regarding Covid-19 financial regulatory compliance, are suspended as of May 11, 2020.
Arkansas suspends on-site audits by title insurers
On April 9, the Arkansas Insurance Department issued Bulletin 16-2020 suspending on-site audits by title insurers. All title insurers regulated by the department are directed to suspend onsite audits of agencies appointed with the insurer for 60 days from March 11, 2020.
Arkansas issues executive order closing nonessential businesses
On April 4, the governor of Arkansas issued an executive order directing certain businesses (which do not include financial services) to close, and offering guidance on how open businesses need to conduct themselves during the Covid-19 crisis.
Arkansas Securities Department provides relief from regulatory deadlines and guidance on notarization
On April 1, the Arkansas Securities Department issued guidance providing relief from certain regulatory deadlines to licensed money services businesses and mortgage companies. The department is providing a 60-day extension to file financial statements and a 30-day extension to submit Call Reports and the MCR Standard Financial Condition Reports. Further, the guidance provides that licensed entities are authorized to use real-time audio and visual means to witness the signing of a legal document so long as the identity and physical presence of any and all witnesses and signers in Arkansas are validated at the time of execution of the document by real-time audio or visual means.
Arkansas governor issues executive order suspending certain notarization requirements
On March 30, the Arkansas governor issued an executive order suspending certain provisions of the Arkansas Code regarding notaries public for the duration of the emergency. The executive order permits an official signature or seal of a notarial certificate or seal to be executed when the principal or signer is present remotely. It also suspends provisions requiring electronic notaries public when a notary public is an Arkansas-licensed attorney, Arkansas-licensed title agent, or is employed by a financial institution registered with the Arkansas State Bank Department and the document signer or witness is present via real-time audio and visual means.
Arkansas State Bank Department releases Covid-19 contingency plan
The Arkansas State Bank Department issued a “Coronavirus Contingency Plan” on March 11, with updates on March 16, March 18, and March 23. The communications instruct banks to promptly notify the Deputy Commissioner by email if branch facilities or markets must be closed and encouraged them to work with affected customer and communities. These efforts should include, among other things, waiving fees, increasing ATM cash withdrawal limits, easing restrictions on cashing checks, increasing credit card limits, and offering payment accommodations to assist members having payment difficulty. The guidance also noted that “prudent efforts” to modify loan terms would not be subject to examiner criticism, and institutions can ease their terms for new loans consistent with prudential banking practices. The Department also committed to work with affected institutions to reduce burden when scheduling examinations and inspections, utilize off-site reviews, and work with institutions experiencing difficulties fulfilling reporting requirements.
Arkansas Securities Dept. issues Covid-19 corporate finance filings guidance
On March 20, the Arkansas Securities Department issued guidance for corporate finance filings in light of Covid-19. The guidance provides specific directions on making electronic filings. This interim guidance is in effect from March 23, 2020 through April 16, 2020 but is subject to change or withdrawal.
Arkansas Securities Dept. relaxes certain time constraints
The Arkansas Securities Department (ASD) issued a statement providing that certain time constraints in statutes and rules that regulate the securities, non-depository mortgage lending, and money services industries may prevent or hinder the Department’s ability to render maximum assistance to the citizens of Arkansas while they are adhering to guidelines to prohibit the spread of disease. The statement provides that those statutes and rules administered by the Commissioner that have specific time constraints will be relaxed through April 16, 2020 when it is shown the need is related to Covid-19.
Arkansas Securities Dept. issues work from home guidance
On March 13, the Arkansas Securities Department issued interim regulatory guidance temporarily allowing licensed mortgage loan officers to work from home even if the home is not a licensed branch location provided that the MLO working from home is in compliance with all state and federal data security requirements.