Prohibited acts

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613096-1309.  Prohibited acts

A.  An advance fee loan broker shall not advertise, display, distribute, broadcast or televise or cause or permit to be advertised, displayed, distributed, broadcast or televised any false, misleading or deceptive statement or representation with regard to the rates, terms or conditions for loans or the likelihood of the loan or extension of credit being granted.

B.  An advance fee loan broker shall not take any note, promise to pay or instrument of security that does not disclose the amount of the loan, a schedule of payment or description of the payment schedule and the agreed rate of charge or any instruments in which blanks are left to be filled in after the loan is made.

C.  An advance fee loan broker shall not make a false promise or misrepresentation or conceal an essential or material fact in the course of the advance fee loan broker business.

D.  An advance fee loan broker shall not engage in illegal business practices.

E.  An advance fee loan broker may not pay any fees, commissions or bonuses or a gift of anything of value to any merchant, dealer, borrower, or other person for the purpose of attracting applications for loans or as consideration for referring loan business.

F.  A person is not entitled to receive any advance fees in connection with arranging for or negotiating a loan if such person is not registered pursuant to this chapter or is exempt under section 6 1302. 61309

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