(For Effective Date, See note.) Regulations Relative to Advertising

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Financial Institutions
  5. Licensing of Mortgage Lenders and Mortgage Brokers
  6. (For Effective Date, See note.) Regulations Relative to Advertising

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In addition to such other rules, regulations, and policies as the department may promulgate to effectuate the purpose of this article, the department shall prescribe regulations governing the advertising of mortgage loans, including, without limitation, the following requirements:

    1. Advertisements for loans regulated under this article shall not be false, misleading, or deceptive. No person whose activities are regulated under this article shall advertise in any manner so as to indicate or imply that its interest rates or charges for loans are in any way "recommended," "approved," "set," or "established" by the state or this article.
    2. An advertisement shall not include an individual's loan number, loan amount, or other publicly available information unless it is clearly and conspicuously stated in boldface type at the beginning of the advertisement that the person disseminating it is not authorized by, in sponsorship with, or otherwise affiliated with the individual's lender, which shall be identified by name. Such an advertisement shall also state that the loan information contained therein was not provided by the recipient's lender; and
  2. All advertisements, including websites, disseminated by a licensee or a registrant in this state by any means shall contain the name, which shall conform to a name on record with the department, and unique identifier, which shall clearly indicate that the number was issued by the Nationwide Multistate Licensing System and Registry, of the licensee or registrant.

(Code 1981, §7-1-1016, enacted by Ga. L. 1993, p. 543, § 1; Ga. L. 1994, p. 570, § 11; Ga. L. 2002, p. 1220, § 13; Ga. L. 2007, p. 502, § 38/SB 70; Ga. L. 2009, p. 252, § 1/HB 312; Ga. L. 2016, p. 390, § 6-1/HB 811; Ga. L. 2020, p. 320, § 22/HB 781; Ga. L. 2020, p. 493, § 7/SB 429.)

Editor's notes.

- Ga. L. 2020, p. 493, § 54(e)/SB 429, not codified by the General Assembly, provides: "In the event of a conflict between a provision in Sections 1 through 53 of this Act and a provision of another Act enacted at the 2020 regular session of the General Assembly, the provision of such other Act shall control over the conflicting provision in Sections 1 through 53 of this Act to the extent of the conflict." Accordingly, the amendment to paragraph (2) of this Code section by Ga. L. 2020, p. 493, § 7(20)(V)/SB 429, was not given effect.

JUDICIAL DECISIONS

Cited in Hartford Fire Ins. Co. v. iFreedom Direct Corp., 312 Ga. App. 262, 718 S.E.2d 103 (2011).


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