- (a) An advertisement includes any printed or published material, or descriptive literature concerning a mortgage loan to be solicited, processed, negotiated, or funded by a licensee or exempt entity whether disseminated by direct mail, newspaper, magazine, radio or television broadcast, electronic mail, or other electronic means, billboard, or similar display.
- (b) Advertisement does not include any disclosures, program descriptions, or other materials prepared or authorized by any state or federal government agency, nor shall such term include any material or communication which has been excluded for purposes of any regulation of the Board of Governors of the Federal Reserve System regulating consumer credit disclosures.
(c) An advertisement will be found to have violated Arkansas Code § 23-39-513(7), if the licensee engages in:
- (1) Advertising that states that mortgage loans will be made within a specified time after the mortgage loan application is received;
- (2) Advertising that makes claims that cannot reasonably be fulfilled or supported;
(3)
- (A) Advertising that indicates that mortgage loans are available to borrowers with “previous bankruptcy”, “no credit”, “bad credit”, or similar language, unless the advertisement clearly explains any limitations that apply, or states that “certain limitations apply, call for details”.
- (B) In any written advertisement, the actual limitations or warnings must appear in a font no smaller than a size eight (8) font;
- (4) Advertising that may indicate or imply that interest rates or charges for loans are in any way “recommended”, “approved”, “set”, or “established” by the State Securities Department or Fair Mortgage Lending Act, Arkansas Code § 23-39-501 et seq.;
(5) Advertising with envelopes or stationery that contain an official-looking emblem designed to resemble a government mailing that suggests:
- (A) An affiliation that does not exist and is used in such a way as to mislead the recipient to believe that the advertisement is from a state or federal government agency; or
- (B) That the product is or relates to a government benefit, or is endorsed, sponsored by, or affiliated with any government or other program;
- (6) Advertising that uses the borrower’s current loan information shall be deemed misleading unless the advertisement includes a statement that the advertiser is not affiliated with the borrower’s lender, mortgage banker, or mortgage servicer;
- (7) Advertising that indicates the consumer’s ability or likelihood to obtain a refinancing or modification of any mortgage credit product or term, including but not limited to misrepresentations concerning whether the consumer has been preapproved or guaranteed for any such refinancing or modification;
- (8) Advertising that indicates the consumer’s ability or likelihood to obtain any mortgage credit product or term, including but not limited to misrepresentations concerning whether the consumer has been preapproved or guaranteed for any such product or term; or
- (9) Any other advertising that is misleading or deceptive.