Disclosures required in commercial communications.

CFR · 2024-01-01 · US · Title 12

It is a violation of this rule for any mortgage assistance relief service provider to engage in the following conduct: (a) (1) “(Name of company) is not associated with the government, and our service is not approved by the government or your lender.” (2) In cases where the mortgage assistance relief service provider has represented, expressly or by implication, that consumers will receive any service or result set forth in paragraphs (2) through (6) of the definition of (3) The disclosures required by this paragraph must be made in a clear and prominent manner, and— (i) In textual communications the disclosures must appear together and be preceded by the heading “IMPORTANT NOTICE,” which must be in bold face font that is two point-type larger than the font size of the required disclosures; and (ii) In communications disseminated orally or through audible means, wholly or in part, the audio component of the required disclosures must be preceded by the statement “Before using this service, consider the following information.” (b) (1) “You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us (insert amount or method for calculating the amount) for our services.” For the purposes of this paragraph (b)(1), the amount “you will have to pay” shall consist of the total amount the consumer must

official document · source cfr-2024 · id 12:§ 1015.4