Sec. 1. (a) A contract for the services of a loan broker is not enforceable unless the contract is in writing and signed by each of the contracting parties.
(b) At the time a contract for the services of a loan broker is signed, the loan broker shall provide a copy of the signed contract to each party to the contract.
(c) A contract for the services of a loan broker must include the following statement:
"No statement or representation by a loan broker is valid or enforceable unless the statement or representation is in writing.".
(d) This section does not apply to a contract that provides for the payment of referral fees by a lender or a third party.
As added by P.L.175-2019, SEC.2.