(1) A lender or broker may not accept a fee or deposit from an applicant for a mortgage loan unless at the time the lender or broker accepts the fee or deposit there is a written statement:
(a) signed by the applicant;
(b) stating whether or not the fee or deposit is refundable; and
(c) describing the conditions, if any, under which all or a portion of the fee or deposit will be refunded to the applicant.
(2) Notwithstanding Subsection (1), a lender or broker may accept a fee or deposit from an applicant for a mortgage loan if the lender or broker receives an email from the applicant acknowledging that the applicant was provided the information required by Subsections (1)(b) and (c).