Based on my search, I found Arkansas-specific state-level advertising requirements for home equity products. Here's what applies:
Arkansas State Requirements
Arkansas Securities Department Rule 214.00.2-5013 (Prohibited Activities - Advertising) applies to mortgage brokers, mortgage bankers, and mortgage servicers licensed under the Arkansas Fair Mortgage Lending Act (Ark. Code Ann. § 23-39-501 et seq.).
Prohibited Advertising Practices
Arkansas prohibits advertising that:
- Claims loans will be made within a specified time after application is received
- Makes claims that cannot reasonably be fulfilled or supported
- Advertises loans for "previous bankruptcy," "no credit," "bad credit" or similar language UNLESS:
- The ad clearly explains any limitations that apply, OR
- States "certain limitations apply, call for details"
- In written ads, actual limitations/warnings must appear in font no smaller than 8 point
- Indicates or implies interest rates or charges are "recommended," "approved," "set," or "established" by the Arkansas Securities Department or Act
- Uses official-looking emblems resembling government mailings that suggest:
- Affiliation with state/federal agencies that doesn't exist
- Product is a government benefit or endorsed by government
- Uses the borrower's current loan information unless the ad includes a statement that the advertiser is NOT affiliated with the borrower's lender, mortgage banker, or mortgage servicer
- Indicates consumer's ability/likelihood to obtain refinancing or modification including misrepresentations about preapproval or guarantees
- Indicates consumer's ability/likelihood to obtain any mortgage product including misrepresentations about preapproval or guarantees
- Any other advertising that is misleading or deceptive
Key Points
- These requirements apply to all advertising media (direct mail, newspaper, magazine, radio, TV, electronic mail, billboards, etc.)
- Both licensees and exempt entities are responsible
- Violations are prohibited under Ark. Code Ann. § 23-39-513(7)
This is in addition to federal Regulation Z requirements for home equity advertising.
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