N.J. Admin. Code § 3:15-8.3 - Prohibited types of advertising; exceptions

Current through Register Vol. 54, No. 7, April 4, 2022

(a) No advertisement shall contain false, misleading or deceptive claims or misrepresentations. In all advertisements which make express or implied claims that are likely to be misleading in the absence of certain qualifying information such qualifying information, shall be disclosed in the advertisement in a clear and conspicuous manner. The use of any of the following types of advertising shall be deemed to be misleading or deceptive:
1. A form which has the appearance of a check, money order, draft or other instrument that is normally used for the transfer of funds;
2. Reference to loans by terms such as savings, thrift, share passbook, account, deposit, certificate or any other word or phrase of similar meaning, used individually or collectively; or
3. The placing by a business licensee of a supply of blank notes, chattel mortgages, security agreements, applications or other similar forms in any place other than a licensed office.
(b) Nothing in this section shall preclude the use of the term "mortgage banker" or "correspondent mortgage banker" by duly licensed mortgage lenders or correspondent mortgage lenders.
(c) A person who is not licensed or exempt under the Act or this chapter shall not offer residential mortgage loans in this State through direct or indirect solicitation or advertisement in print, electronic or any other medium.

Notes

N.J. Admin. Code § 3:15-8.3
Amended by R.2010 d.129, effective 6/21/2010 (operative July 31, 2010).
See: 41 N.J.R. 2829(a), 42 N.J.R. 1139(b).
Section was "Prohibited types of advertising". In the introductory paragraph of (a), inserted the first two sentences; in the introductory paragraph of (a)1, substituted a semicolon for ", except that a consumer lender may use such an instrument if:"; deleted (a)1i through (a)iv; in (a)2, substituted "; or" for a period at the end; in (a)3, substituted "The placing by a business licensee of" for "No mortgage banker, correspondent mortgage banker, mortgage broker, secondary lender, or consumer lender shall permit", and deleted "to be placed" following "forms"; and added (b) and (c).

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