Current through September 2, 2024
Section 04.02.01.200 - GENERAL RULEIt is an unfair and deceptive act or practice for a loan broker to:
01.Prohibited Practices. Directly or indirectly receive any fee, interest, or other charge of any nature, including, but not limited to, payments to information providers, from a consumer until a loan or extension of credit is made to the consumer or a written commitment to loan or extend credit is delivered to the consumer by an exempt loan broker.02.Qualifying for a Loan. Advertise that all or most consumers or that consumers with bad credit or no credit histories will qualify for a loan.03.Conditions of Loan. Advertise loan brokering services without clearly and conspicuously disclosing any material restrictions regarding obtaining a loan, the cost of the service, and the maximum period of time the loan broker will take to arrange or make the loan to the consumer.04.Written Disclosure. Fail to provide the consumer a written contract with the following information contained therein: a. The name, street address, and telephone number of the loan broker;b. The maximum period of time the loan broker will take to arrange or make the loan to the consumer; andc. The following statement in at least ten point, bold face type in immediate proximity to the space reserved in the contract for the signature of the consumer: YOU THE CONSUMER ARE UNDER NO OBLIGATION TO PAY ANY FEE OR CHARGE OF ANY NATURE UNLESS AND UNTIL YOU RECEIVE THE MONEY FROM THE LOAN APPLIED FOR OR A WRITTEN COMMITMENT TO LOAN OR EXTEND CREDIT FROM A QUALIFIED LENDING INSTITUTION AS DEFINED BY IDAHO CONSUMER PROTECTION RULE 20.25, CODIFIED AT IDAPA 04.02.01.020.25.
Idaho Admin. Code r. 04.02.01.200