Section 8.04 - Advertising Practices(1) It is an unfair or deceptive act or practice for a mortgage broker or lender to make any representation or statement of fact in an advertisement if the representation or statement is false or misleading or has the tendency or capacity to be misleading, or if the mortgage broker or lender does not have sufficient information upon which a reasonable belief in the truth of the representation or statement could be based.(2) It is an unfair or deceptive act or practice for a mortgage broker or lender to advertise without clearly and conspicuously disclosing its business name, and if required to be licensed pursuant to M.G.L. c. 255E, the words broker" or "lender", as applicable, and the license number.(3) It is an unfair or deceptive act or practice for a mortgage broker to represent in any advertisement that the mortgage broker will fund a mortgage loan.(4) It is an unfair or deceptive act or practice for a mortgage broker or lender to engage in bait advertising or to misrepresent (directly or by failure to adequately disclose) the terms, conditions or charges incident to the mortgage loan being advertised in any advertisement. Violations of 940 CMR 8.04(4) shall include, but shall not be limited to:(a) the advertisement of "immediate approval" of a loan application or "immediate closing" of a loan or words of similar import, such as "instant closing";(b) the advertisement of a "no point" mortgage loan when points are required or accepted by the lender as a condition for commitment or closing;(c) the advertisement of an incorrect specific number of points required for commitment or closing;(d) the advertisement through terms such as "bad credit no problem" or words of similar import or that an applicant will have unqualified access to credit without clearly and conspicuously disclosing the material limitations on the availability of credit that may exist, such as:1. requirements for the availability of credit (such as income);2. that a higher rate or more points may be required for a consumer with bad credit; and3. that restrictions as to the maximum principal amount of the loan offered may apply.(e) the use of "avoid foreclosure" or words of similar import in an advertisement unless the advertisement also clearly and conspicuously discloses, that:1. the borrower must refinance the mortgage in default and/or take a new mortgage loan;2. the borrower may be required to pay interest rates significantly higher than what other borrowers not facing foreclosures might pay; and3. the warning that "you may lose your home if you cannot make all the payments or if you miss any of the payments on this loan."(5) It is an unfair or deceptive act or practice for a mortgage broker or lender who advertises any finance terms to fail to comply with the applicable state and federal advertising Truth-in-lending laws, M.G.L. c. 140D, § 1, et seq. Consumer Credit Cost Disclosure, and 15 U.S.C. § 1601, et seq. Fair Debt Collection Practices Act.