Iowa Administrative Code
Agency 187 - Banking Division
Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents
Rule 187-18.18 - Advertising and Representations to Potential Borrowers
Universal Citation: IA Admin Code 187-18.18
Current through Register Vol. 47, No. 6, September 18, 2024
(1) Any advertisement of mortgage loans which are offered by or through a mortgage banker or mortgage broker licensee shall conform to the following requirements:
a. An
advertisement shall be in compliance with Truth-in-Lending, Regulation Z, and
any other applicable state and federal laws and regulations.
b. An advertisement shall be made only for
such products and terms as are actually available and, if their availability is
subject to any material requirements or limitations, the advertisement shall
specify those requirements or limitations.
c. An advertisement shall not make any
statement or fail to make any statement the result of which shall present a
misleading or deceptive impression to consumers.
d. An advertisement shall clearly show the
licensee's unique NMLS identification number.
(2) A licensee receiving a verbal or written inquiry about the licensee's services shall respond accurately to any questions about the scope and nature of such services and any costs.
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