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Committee adopts securities‑sector cleanup bill requiring cybersecurity policies and licensing clarifications
Summary
The committee passed SB149, a securities department cleanup bill that requires companies to adopt written cybersecurity and compliance policies, authorizes a work‑from‑other‑than‑licensed‑location rule for loan officers, and adjusts licensing renewal timing and notification requirements for firms.
The Senate Insurance & Commerce Committee passed Senate Bill 149, which agency sponsors said mostly clarifies existing law for the securities industry and reduces regulatory friction for institutions and loan officers.
Senator Dismang, presenting the bill, highlighted three changes: a requirement that companies establish written cybersecurity and compliance policies; authority for the commissioner to adopt rules allowing loan officers to work from locations other than a licensed office (codifying a work‑from‑home practice); and an adjustment to initial license renewal rules so that officers licensed late in the year do not have to immediately renew. The bill also moves the 30‑day licensee notification obligation for address/name changes to an earlier point for companies.
During questioning Senator Elliott asked whether the work‑from‑home provision would be permanent. The sponsor answered it is intended to establish rules that could allow remote work permanently but emphasized cybersecurity safeguards and written protocols would be required. Karen Tierney of the Arkansas Securities Department joined staff at the table to clarify implementation questions.
The committee took no public testimony and passed SB149 by voice vote.
Senate staff indicated the bill was intended to harmonize Arkansas rules with other states and to reduce burdens on licensees while maintaining consumer protections.
The measure will go next to the Senate floor according to the legislative calendar.
