69U-100.102. Prohibited Practices

(1) A financial institution may not extend credit nor alter the terms or conditions of an extension of credit conditioned upon the customer entering into a debt cancellation product with the financial institution. (2) A financial institution may not engage in any practice or use an advertisement that could mislead or otherwise cause a reasonable person to reach an erroneous belief with respect to information that must be disclosed under rules 69U-100.101 through 69U-100.106, F.A.C. (3) A financial institution may not offer debt cancellation products that contain terms: (a) Giving the financial institution the right unilaterally to modify the debt cancellation product unless: 1. The modification is more favorable to the customer and made without additional charge to the customer; or 2. The customer is notified of any proposed change and is provided a reasonable opportunity to cancel the debt cancellation product without penalty before the change goes into effect. (b) Requiring a lump sum, single payment for the debt cancellation agreement payable at the outset of the debt cancellation agreement, where the debt subject to the debt cancellation agreement is a residential mortgage loan.