Section 04.02.01.200 - GENERAL RULEIt is an unfair and deceptive act or practice for a loan broker to: (3-31-22)
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. (3-31-22)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. (3-31-22)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. (3-31-22)04.Written Disclosure. Fail to provide the consumer a written contract with the following information contained therein: (3-31-22) a. The name, street address, and telephone number of the loan broker; (3-31-22)b. The maximum period of time the loan broker will take to arrange or make the loan to the consumer; and (3-31-22)c. 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. (3-31-22)
Idaho Admin. Code r. 04.02.01.200