It is a violation of this chapter for a person or individual subject to this chapter to engage
in any of the following activities:
1.Directly or indirectly employ any scheme, device, or artifice to defraud or mislead
borrowers or lenders or to defraud any person.
2.Engage in any unfair or deceptive practice toward any person.
3.Obtain property by fraud or misrepresentation.
4.Solicit or enter into a contract with a borrower that provides in substance that the
person or individual subject to this chapter may earn a fee or commission through best efforts
to obtain a loan even though no loan is actually obtained for the borrower.
5.Solicit, advertise, or enter into a contract for specific interest rates, points, or other
financing terms unless the terms are actually available at the time
Free access — add to your briefcase to read the full text and ask questions with AI
It is a violation of this chapter for a person or individual subject to this chapter to engage
in any of the following activities:
1. Directly or indirectly employ any scheme, device, or artifice to defraud or mislead
borrowers or lenders or to defraud any person.
2. Engage in any unfair or deceptive practice toward any person.
3. Obtain property by fraud or misrepresentation.
4. Solicit or enter into a contract with a borrower that provides in substance that the
person or individual subject to this chapter may earn a fee or commission through best efforts
to obtain a loan even though no loan is actually obtained for the borrower.
5. Solicit, advertise, or enter into a contract for specific interest rates, points, or other
financing terms unless the terms are actually available at the time of soliciting, advertising,
or contracting.
6. Conduct any business covered by this chapter without holding a valid license as
required under this chapter, or assist or aid and abet any person in the conduct of business
under this chapter without a valid license as required under this chapter.
7. Fail to make disclosures as required by this chapter or any other applicable state or
federal law including regulations thereunder.
8. Fail to comply with this chapter or rules or regulations promulgated under this chapter,
or fail to comply with any other state or federal law, including the rules and regulations
thereunder, applicable to any business authorized or conducted under this chapter.
9. Make, in any manner, any false or deceptive statement or representation.
10. Negligently make any false statement or knowingly and willfully make any omission
of material fact in connection with any information or reports filed with a governmental
agency or the nationwide mortgage licensing system and registry or in connection with any
investigation conducted by the superintendent or another governmental agency.
11. Make any payment, threat, or promise, directly or indirectly, to any person for
the purposes of influencing the independent judgment of the person in connection with a
residential mortgage loan, or make any payment, threat, or promise, directly or indirectly, to
any appraiser of a property, for the purposes of influencing the independent judgment of the
appraiser with respect to the value of the property.
12. Collect, charge, attempt to collect or charge, or use or propose any agreement
purporting to collect or charge any fee prohibited by this chapter.
13. Cause or require a borrower to obtain property insurance coverage in an amount that
exceeds the replacement cost of the improvements as established by the property insurer.
14. Fail to truthfully account for moneys belonging to a party to a residential mortgage
loan transaction.