1. (a) To be enforceable, every contract for the services of a loan broker shall be in writing and signed by the contracting parties.
2. (b) At the time a contract for the services of a loan broker is signed, the loan broker shall provide a copy of the signed contract to each of the other parties to the contract.

3. (c) Every contract for the services of a loan broker must include the following statement:

   "No statement or representation by a loan broker is valid or enforceable unless the statement or representation is in writing."

4. (d) This section does not apply to a contract that provides for the payment of referral fees by a lender or a third party.

As added by P.L.235-1985, SEC.1. Amended by P.L.113-1992, SEC.5; P.L.230-2007, SEC.9.