Lights – Camera – Action....Violation?

Videos can provide an engaging platform through which to portray information and can be a useful tool when advertising.

However, it is important to remember that videos are considered advertisements by the Department and must comply with all advertising regulations.

Regulations that apply to print and web site advertisements also apply to video. For example, applicable regulations for Consumer Loan licensees include:

• WAC 208-620-620 How do I have to identify my business when I advertise?
• WAC 208-620-622 When I advertise using the internet or any electronic form (including, but not limited to, text messages), is there specific content my web pages much contain?
• WAC 208-620-630 What are some of the advertising restrictions I must comply with?
• RCW 31.04.027(1) Violations of chapter.
• RCW 31.04.135 Advertisements or promotions.
• Regulation Z 1026.24 Advertising

When creating advertising videos for your company, it is important to remember to include the name and NMLS license number of your company. A trade name (DBA) may be used if it is accompanied by the company’s main license name and NMLS license number. The company’s name and license number can be included in the video itself or on the web page where the video is posted.

In addition, videos, like other advertisements, cannot include misleading or deceptive statements, including referring to rates and fees as “best” or “lowest.” You must portray only accurate and true statements regarding the loan products and rates referenced in your videos.

All requirements of Regulation Z, Section 1026.24 must be followed as well, including requirements regarding trigger terms, rates, and payment amounts.

The Department encourages you to review your existing video advertisements for compliance with advertising regulations and have in place controls to ensure videos created in the future are reviewed for compliance prior to being posted.