New Jersey Administrative Code
Title 3 - BANKING
Chapter 17 - CONSUMER LENDERS AND SALES FINANCE COMPANIES
Subchapter 7 - ADVERTISING
Section 3:17-7.3 - Prohibited types of advertising

Universal Citation: NJ Admin Code 3:17-7.3

Current through Register Vol. 56, No. 18, September 16, 2024

(a) No advertising shall contain false, misleading or deceptive claims or misrepresentations. In all advertisements that make express or implied claims that are likely to be misleading in the absence of certain qualifying information, such qualifying information shall be disclosed in the advertisement in a clear and conspicuous manner.

(b) The use of any of the following types of advertising shall be deemed to be misleading or deceptive:

1. A form which has the appearance of a check, money order, draft or other instrument that is normally used for the transfer of funds, except that a consumer lender may use such an instrument if:
i. The consumer lender sends this type of solicitation only to current or prior customers of the consumer lender, including customers of consumer credit affiliates of the consumer lender;

ii. Each such solicitation allows the customer an option not to receive future solicitations of this type;

iii. The instrument is negotiable for not more than six months, and the consumer is advised to destroy the instrument if it is not going to be negotiated; and

iv. The solicitation contains the following statement in a prominent place in a 10-point print: "THIS IS A SOLICITATION FOR A LOAN. READ THE ENCLOSED DISCLOSURES BEFORE SIGNING THIS CHECK!"; and

2. Reference to loans by terms such as savings, thrift, share passbook, account, deposit, certificate or any other word or phrase of similar meaning, used individually or collectively.

(c) No consumer lender shall permit a supply of blank notes, chattel mortgages, security agreements, applications or other similar forms to be placed in any place other than a licensed office.

(d) A person who is not licensed or exempt under the Act and these rules shall not offer to act as a consumer lender or sales finance company in this State through direct or indirect solicitation or advertisement in print, electronic or any other medium.

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