Illinois Compiled Statutes 205 ILCS 635/3-3 – Advertising
Current as of: 2024 | Check for updates
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In addition to such other rules and policies as the Secretary may adopt to effectuate the purpose of this Act, the Secretary shall adopt rules governing the advertising of mortgage loans, including without limitation, the following requirements:
(a) Advertising for loans transacted under this Act
(a) Advertising for loans transacted under this Act
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may not be false, misleading, or deceptive. No entity whose activities are regulated under this Act may 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 by this Act. The Secretary may issue a cease and desist order for any violation of this Section.
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(b) Mortgage loan advertisements must reference the
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Nationwide Multistate Licensing System and Registry’s Consumer Access website, except where exempted by the Secretary.
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(c) No licensee shall advertise its services in
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Illinois in any media, whether print or electronic, without including its unique identifier.
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Terms Used In Illinois Compiled Statutes 205 ILCS 635/3-3
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14