Idaho Amends Mortgage Advertising Regulations

The Idaho Department of Finance adopted revised rules pursuant to the Idaho Residential Mortgage Practices Act (IRMPA) that, among other things, amends the deceptive advertising provisions.  The regulations are effective immediately.

The deceptive advertising-related revisions include: (i) moving parts of the deceptive advertising provisions from its own section to the “Prohibited Practices” section; (ii) moving the definition of “advertising” to the “Definitions” section; (iii) removing the provision that made using an unlicensed business address or other non-business address in advertising a deceptive practice; and (iv) removing the provision that the business name and NMLS identifier must be on the advertisements.  Please note that the IRMPA has a separate NMLS identifier advertising disclosure requirement in “Part 3. Provisions Applicable to Mortgage Loan Originators.”