(A) A mortgage broker fee agreement with a mortgage broker or loan originator must contain an explicit statement that:

1. (1) the mortgage broker or loan originator is acting as the agent of the borrower in providing brokerage services to the borrower;
2. (2) when acting as agent for the borrower, it owes to that borrower a duty of utmost care, honesty, and loyalty in the transaction, including the duty of full disclosure of all material facts. If the mortgage broker or loan originator is authorized to act as an agent for any other person, the mortgage broker fee agreement must contain a statement of that fact and identification of that person;
3. (3) a detailed description of the services the mortgage broker or loan originator agrees to perform for the borrower, and a good faith estimate of any fees the mortgage broker or loan originator will receive for those services, whether paid by the borrower, the institutional lender, or both; and
4. (4) a clear and conspicuous statement of the conditions under which the borrower is obligated to pay for the services rendered under the agreement.

(B) If a mortgage broker or loan originator violates the provisions of subsection (A), the borrower may recover from the mortgage broker or loan originator charged with the violation:

1. (1) a penalty in an amount determined by the court of not less than one thousand five hundred dollars and not more than seven thousand five hundred dollars for each loan transaction;
2. (2) fees paid by the borrower to the mortgage broker or loan originator for services rendered by the agreement; and
3. (3) actual costs, including attorney's fees, for enforcing the borrower's rights under the agreement.