§ 703. Disclosure requirements.
(a)A student debt consultant shall\nclearly and conspicuously disclose in all advertisements:\n (1) the actual services the consultant provides to borrowers;\n (2) that borrowers may apply for consolidation loans from the United\nStates department of education at no cost, including providing a direct\nlink in all online advertising and contact information in all print\nadvertising to the application materials for a Direct Consolidation Loan\nfrom the United States department of education;\n (3) that consolidation or other services offered by the consultant may\nnot be the best or only option for borrowers;\n (4) that alternative federal student loan repayment plans, including\nincome-based programs, that do not require consolidating existing\nfederal
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§ 703. Disclosure requirements. (a) A student debt consultant shall\nclearly and conspicuously disclose in all advertisements:\n (1) the actual services the consultant provides to borrowers;\n (2) that borrowers may apply for consolidation loans from the United\nStates department of education at no cost, including providing a direct\nlink in all online advertising and contact information in all print\nadvertising to the application materials for a Direct Consolidation Loan\nfrom the United States department of education;\n (3) that consolidation or other services offered by the consultant may\nnot be the best or only option for borrowers;\n (4) that alternative federal student loan repayment plans, including\nincome-based programs, that do not require consolidating existing\nfederal student loans may be available; and\n (5) that borrowers should consider consulting their student loan\nservicer before signing any legal document concerning a student loan.\n (b) The disclosures required by subsection (a) of this section, if\ndisseminated through print media or the internet, shall be clearly and\nlegibly printed or displayed in not less than twelve-point bold type,\nor, if the advertisement is printed to be displayed in print that is\nsmaller than twelve point, in bold type print that is no smaller than\nthe print in which the text of the advertisement is printed or\ndisplayed.\n (c) The provisions of this section shall apply to all consultants who\ndisseminate advertisements in the state of New York or who intend to\ndirectly or indirectly contact a borrower who has a student loan and is\na resident of or a student in New York state. Consultants shall\nestablish and at all times maintain control over the content, form and\nmethod of dissemination of all advertisements of their services.\nFurther, all advertisements shall be sufficiently complete and clear to\navoid the possibility to mislead or deceive.\n