6-1309. Prohibited acts
A. An advance fee loan broker shall not advertise, display, distribute, broadcast
or televise or cause or permit to be advertised, displayed, distributed, broadcast or
televised any false, misleading or deceptive statement or representation with regard to
the rates, terms or conditions for loans or the likelihood of the loan or extension of
credit being granted.
B. An advance fee loan broker shall not take any note, promise to pay or instrument
of security that does not disclose the amount of the loan, a schedule of payment or
description of the payment schedule and the agreed rate of charge or any instruments in
which blanks are left to be filled in after the loan is made.
C. An advance fee loan broker shall not make a false promise or misrepresentation
or conceal an essential or material fact in the course of the advance fee loan broker
business.
D. An advance fee loan broker shall not engage in illegal business practices.
E. An advance fee loan broker may not pay any fees, commissions or bonuses or a
gift of anything of value to any merchant, dealer, borrower, or other person for the
purpose of attracting applications for loans or as consideration for referring loan
business.
F. A person is not entitled to receive any advance fees in connection with
arranging for or negotiating a loan if such person is not registered pursuant to this
chapter or is exempt under section 6-1302.
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