Maine Revised Statutes Title 9-B Sec. 242 – Deceptive advertising
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1. Rules. The superintendent has authority to adopt rules, pursuant to section 251, defining, limiting or proscribing advertising by a financial institution authorized to do business in this State, a credit union authorized to do business in this State, an association of such institutions or a financial institution holding company, or representations made by those institutions, that is false, misleading or deceptive.
[PL 1999, c. 218, §6 (AMD).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 242
- Affiliate: means any company that controls, is controlled by, or is under common control with another company. See Maine Revised Statutes Title 9-B Sec. 131
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Credit union: means a cooperative, nonprofit corporation organized pursuant to Part 8, or under corresponding provisions of any earlier law, and subject to the conditions and limitations as shall be set forth in Part 8. See Maine Revised Statutes Title 9-B Sec. 131
- Financial institution: means a universal bank or limited purpose bank organized under the provisions of this Title, and a trust company, nondepository trust company, savings bank, industrial bank or savings and loan association organized under the prior laws of this State. See Maine Revised Statutes Title 9-B Sec. 131
- Financial institution holding company: means any company which is deemed to be a holding company pursuant to the provisions contained in chapter 101. See Maine Revised Statutes Title 9-B Sec. 131
- Insurance product: means a contract of insurance that is offered for sale by a licensed agent or broker. See Maine Revised Statutes Title 9-B Sec. 131
- Interested party: means a person having a substantial interest in, or who is or may be aggrieved by, any act or impending act, or any report, rule, regulation, amendment, decision or order of the superintendent. See Maine Revised Statutes Title 9-B Sec. 131
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
2. Orders against deceptive advertising.
A. The superintendent may issue an order in accordance with section 231 upon determining that any entity or entities described in subsection 1 has issued an advertisement or made a representation which is false, misleading or deceptive. [PL 1975, c. 500, §1 (NEW).]
B. If an entity has already issued or published such an advertisement or representation, the superintendent may order the entity to take such affirmative corrective action as he deems necessary and appropriate under the circumstances for the purpose of informing and protecting the public and other interested parties. [PL 1975, c. 500, §1 (NEW).]
C. The fact that rules and regulations have not been promulgated pursuant to this section shall not affect the validity of any order issued hereunder. [PL 1975, c. 500, §1 (NEW).]
[PL 1975, c. 500, §1 (NEW).]
3. Appeal. An interested party affected by the exercise of the superintendent’s authority in subsection 2, paragraphs A or B shall have the right to appeal such decision or order pursuant to section 233, subsection 1 and shall also be entitled to rights specified in section 233, subsection 2.
[PL 1975, c. 500, §1 (NEW).]
4. Advertisement of insurance products. In any advertisement of an insurance product offered pursuant to section 448, a financial institution or its affiliate shall include a statement that the product is not insured by the Federal Deposit Insurance Corporation or National Credit Union Administration, as applicable.
This subsection does not apply to group health and group life insurance to the extent authorized by Title 24?A, chapters 31 and 35 when the insured is enrolled in the insurance policy, credit life and health insurance to the extent authorized by Title 24?A, chapter 37, credit property insurance, credit involuntary unemployment insurance, forced placed property insurance, a vendor’s single interest policy or any other insurance product as determined by the Superintendent of Insurance.
[PL 1997, c. 315, §14 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 315, §14 (AMD). PL 1999, c. 218, §6 (AMD).