88R10603 MLH-D     By: Plesa H.B. No. 2632       A BILL TO BE ENTITLED   AN ACT   relating to false, misleading, or deceptive advertising made in   connection with a reverse mortgage loan agreement.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Subtitle B, Title 4, Finance Code, is amended by   adding Chapter 344 to read as follows:   CHAPTER 344. REVERSE MORTGAGE LOANS          Sec. 344.001.  FALSE, MISLEADING, OR DECEPTIVE ADVERTISING.   (a) A residential mortgage loan originator may not, in any manner,   advertise or cause to be advertised a false, misleading, or   deceptive statement or representation made to induce a potential   borrower into applying for or entering into a reverse mortgage loan   agreement.          (b)  A statement or representation is misleading or   deceptive under Subsection (a) if the statement or representation   has the capacity or tendency to mislead or deceive a potential   borrower, considering:                (1)  the overall impression that the statement or   representation reasonably creates; and                (2)  the particular type of potential borrower to which   the statement or representation is directed and whether the   statement or representation may be reasonably comprehended by that   potential borrower.          (c)  An advertisement relating to a reverse mortgage made or   caused to be made by a residential mortgage loan originator is   considered false, misleading, or deceptive in violation of this   section if the advertisement:                (1)  represents that:                      (A)  a reverse mortgage is a government benefit;   or                      (B)  a reverse mortgage is not a loan;                (2)  represents or implies that:                      (A)  the advertisement itself is an official   document of a governmental entity; or                      (B)  the borrower may stay in the home that is the   subject of the reverse mortgage loan agreement without paying   taxes, paying insurance premiums, or maintaining the home; or                (3)  contains an image, symbol, or emblem that creates   the impression that the advertisement is made on behalf of a   governmental entity.          (d)  This section does not prohibit a residential mortgage   loan originator from accurately advertising that the residential   mortgage loan originator is affiliated with the Federal Deposit   Insurance Corporation or the National Credit Union Association or   is an equal housing opportunity lender under the Fair Housing Act   (42 U.S.C. Section 3601 et seq.), including by inclusion or use of   an image, symbol, or emblem meant to advertise that affiliation or   status.          (e)  A violation of this section is a deceptive trade   practice under Subchapter E, Chapter 17, Business & Commerce Code,   and is actionable under that subchapter, except that Section   17.565, Business & Commerce Code, does not apply.          (f)  The commissioner shall adopt rules to implement this   section.          SECTION 2.  This Act takes effect September 1, 2023.