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The Florida Senate

2007 Florida Statutes

Section 494.00165, Florida Statutes 2007

494.00165  Prohibited advertising; record requirements.--

(1)  It is a violation of this chapter for any person to:

(a)  Advertise that an applicant will have unqualified access to credit without disclosing what material limitations on the availability of credit exist. Such material limitations include, but are not limited to, the percentage of down payment required, that a higher rate or points could be required, or that restrictions as to the maximum principal amount of the loan offered could apply.

(b)  Advertise a mortgage loan at an expressed interest rate unless the advertisement specifically states that the expressed rate could change or not be available at commitment or closing.

(c)  Advertise mortgage loans, including rates, margins, discounts, points, fees, commissions, or other material information, including material limitations on such loans, unless such person is able to make such mortgage loans available to a reasonable number of qualified applicants.

(d)  Falsely advertise or misuse names indicating a federal agency pursuant to 18 U.S.C. s. 709.

(2)  Each person required to be licensed under this chapter shall maintain a record of samples of each of its advertisements, including commercial scripts of each radio or television broadcast, for examination by the office for a period of 2 years after the date of publication or broadcast.

History.--s. 6, ch. 99-213; s. 520, ch. 2003-261.