Is it possible to use formatted text within the Terms of Service entry field?

When using the text entry field for the Terms of Service within the Classifieds setup the text does not remain formatted after applying the changes. The first time it is saved it appears correctly as intended on the web site. However, when I go back to edit the Terms of Service text it now displays as one long run-on paragraph with no formatting or paragraph breaks. At this point any attempt to edit this field and save the text causes it to display as one long run-on paragraph within the website. Very unprofessional and VERY frustrating! Is there any fix or work-around available for this issue?