A New York advertisement in 2026 quotes points and omits a material limitation on the loan. Does the advertising rule cover omission of a material loan limitation?
Correct Answer
D) Within the rule: material limitations are named alongside rates
The provision reaches rates, margins, discounts, points, fees, commissions or other material information, including material limitations on such loans. Other choices: limitations are named expressly; the limb is not confined to rate limitations; and a later correction does not cure the advertisement. Source: N.Y. Banking Law § 595-a(2)(c)
Why This Is the Correct Answer
The provision reaches rates, margins, discounts, points, fees, commissions or other material information, including material limitations on such loans. Other choices: limitations are named expressly; the limb is not confined to rate limitations; and a later correction does not cure the advertisement. Source: N.Y. Banking Law § 595-a(2)(c)
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