As part of GoDocs’ ongoing commitment to compliance and jurisdiction-specific accuracy, we’ve introduced a new user interface enhancement for Arkansas-based transactions.
This new update ensures that your documents meet the statutory requirements under AR ST § 18-1-101 when the lender is not an FDIC-insured institution.
🔍 When Does This Apply?
This feature activates automatically when:
- The Property State is set to Arkansas, and
- The lender is not FDIC-insured (e.g., private lenders, credit unions, etc.)
🧭Step-by-Step Guide to Using the New UI
Step 1: Navigate to the “Loan” Tab
Once you begin your order and select Arkansas as the property state, go to the Loan tab.
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Step 2: Answer the New Compliance Prompt
You’ll see a new question appear:
“Are you an FDIC-insured institution?”
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Select Yes if your institution is FDIC-insured.
✅ No further action is required. The system will proceed as usual. -
Select No if your institution is not FDIC-insured.
🔓 Three new fields will appear for you to complete.
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Step 3: Enter Authorized Representative Details
If you selected No, you’ll be prompted to enter:
- Name of the representative authorized to release the lien
- Title of the representative
- Lender phone number
These fields are required and will automatically populate into the Arkansas Mortgage and Assignment of Leases and Rents templates to comply with state law.
✅ Why This Matters
This enhancement ensures that your Arkansas loan documents are fully compliant with state law when the lender is not FDIC-insured. Pursuant to AR ST § 18-1-101, any “any attachment, claim, encumbrance, financing statement, lien, mortgage, or security agreement” which places a lien on real or personal property that is filed with a county recorder needs to display the name, address, and telephone number of the lien holder, together with the name and title of the person authorized to release the lien, or the person’s successor. GoDocs has determined, based on a review of interpretations of this statute as well as an understanding of Arkansas market expectations, that this requirement is not applicable to instruments where the lien holder (the lender) is an FDIC-insured institution. This new enhancement reduces the risk of recording rejections and legal issues while maintaining GoDocs’ standard of delivering accurate, jurisdiction-specific documentation.