No loan broker shall: (1) Assess or collect an advance fee from a borrower under a contract to provide services for the procurement of a loan of money; (2) Willfully, either orally or in writing, misrepresent the terms, benefits, privileges, or provisions of any service contract issued or to be issued by the loan broker or by any lender; or (3) Represent or imply that the loan broker has been sponsored, recommended, or approved by the department or that the loan broker's abilities or qualifications have been passed upon by the department.
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