6.2-2218 - (Effective October 1, 2010) Advertising. - Virginia Statutes

§ 6.2-2218. (Effective October 1, 2010) Advertising.

A. No person licensed or required to be licensed under this chapter shall useor cause to be published any advertisement that (i) contains any false,misleading, or deceptive statement or representation or (ii) identifies theperson by any name other than the name set forth on the license issued by theCommission.

B. Any advertising materials used to promote the price, cost, or interestrate of motor vehicle title loans shall disclose the amount of any minimummonthly payments and a statement of finance charges, expressed as an annualpercentage rate, payable using as an example a $1,000 loan that is repaidover a 12-month period. In any print media advertisement, including any webpage, used to promote motor vehicle title loans, the disclosure shall beconspicuous. "Conspicuous" shall have the meaning set forth in subdivision(a) (14) of § 59.1-501.2. If a single advertisement consists of multiplepages, folds, or faces, the disclosure requirement applies only to one page,fold, or face. In a television advertisement used to promote motor vehicletitle loans, the visual disclosure legend shall include 20 scan lines insize. In a radio advertisement or advertisement communicated by telephoneused to promote motor vehicle title loans, the disclosure statement shalllast at least two seconds and the statement shall be spoken so that itscontents may be easily understood.

(2010, c. 477.)