1015.4 -- Disclosures required in commercial communications.

It is a violation of this rule for any mortgage assistance relief service provider to engage in the following conduct:

(a) Disclosures in All General Commercial Communications —Failing to place the following statements in every general commercial communication for any mortgage assistance relief service:

(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 Mortgage Assistance Relief Service in § 1015.2, ‘‘Even if you accept this offer and use our service, your lender may not agree to change your loan.’’

(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) Disclosures in All Consumer- Specific Commercial Communications — Failing to disclose the following information in every consumer-specific commercial communication for any mortgage assistance relief service:

(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 pay to purchase, receive, and use all of the mortgage assistance relief services that are the subject of the sales offer, including, but not limited to, all fees and charges.

(2) ‘‘(Name of company) is not associated with the government, and our service is not approved by the government or your lender.’’

(3) 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 Mortgage Assistance Relief Service in § 1015.2, ‘‘Even if you accept this offer and use our service, your lender may not agree to change your loan.’’

(4) 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’’ and, in telephone communications, must be made at the beginning of the call.

(c) Disclosures in All General Commercial Communications, Consumer-Specific Commercial Communications, and Other Communications —In cases where the mortgage assistance relief service provider has represented, expressly or by implication, in connection with the advertising, marketing, promotion, offering for sale, sale, or performance of any mortgage assistance relief service, that the consumer should temporarily or permanently discontinue payments, in whole or in part, on a dwelling loan, failing to disclose, clearly and prominently, and in close proximity to any such representation that ‘‘If you stop paying your mortgage, you could lose your home and damage your credit rating.’’