COMBINED-Code of Ethics and Advisory Opinions 02132024

Texas A second mortgage lender is prohibited from advertising, displaying, or distributing mailing pieces which have a similarity or resemblance to a blank counter check, postal or express money order, U.S. currency, cash, exchange certificate, or any negotiable instrument whatsoever, or any federal, state, or local government warrant. In addition, a lender is prohibited from using an envelope which in any way indicates or implies that it is from federal, state, or local government. 7 Tex. Admin. Code § 83.855. While this law does generally not apply to first lien lenders, use of a simulated check along with other factors such as erroneous messaging or the unauthorized use of a celebrity’s likeness, could be seen as unfair and deceptive advertising. NOTE: In providing the foregoing information about federal and state laws and regulations, neither NRMLA nor the NRMLA Ethics Committee is intending to provide legal advice or guidance to NRMLA Members or others, or to express any opinions with respect to such laws or regulations. NRMLA Members and others should seek and receive the advice of qualified legal and other advisors before relying on the information provided in this Appendix, which is provided for the general information of NRMLA Members. F:\99005\001\2010‐1 Ethical Ad Advisory Op‐clean 10.6.2010.docx 40

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